Panagora Asset Management Inc. Raises Stake in Veeva Systems Inc. $VEEV

Panagora Asset Management Inc. increased its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 24.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 464,214 shares of the technology company’s stock after purchasing an additional 90,720 shares during the quarter. Panagora Asset Management Inc.’s holdings in Veeva Systems were worth $103,626,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new position in Veeva Systems during the fourth quarter valued at approximately $332,412,000. Durable Capital Partners LP acquired a new stake in shares of Veeva Systems in the second quarter worth $281,351,000. AQR Capital Management LLC raised its stake in shares of Veeva Systems by 31.2% in the 3rd quarter. AQR Capital Management LLC now owns 2,412,210 shares of the technology company’s stock valued at $706,078,000 after acquiring an additional 574,164 shares during the period. Vanguard Group Inc. raised its stake in shares of Veeva Systems by 3.1% in the 3rd quarter. Vanguard Group Inc. now owns 15,429,231 shares of the technology company’s stock valued at $4,596,522,000 after acquiring an additional 457,806 shares during the period. Finally, Thrivent Financial for Lutherans lifted its holdings in shares of Veeva Systems by 10,109.4% during the 4th quarter. Thrivent Financial for Lutherans now owns 356,920 shares of the technology company’s stock valued at $79,675,000 after acquiring an additional 353,424 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Analyst Upgrades and Downgrades

VEEV has been the subject of a number of research reports. Robert W. Baird upped their price target on shares of Veeva Systems from $250.00 to $260.00 and gave the stock an “outperform” rating in a research report on Thursday, June 4th. Evercore restated an “outperform” rating and set a $185.00 price objective on shares of Veeva Systems in a research note on Thursday, June 4th. Stifel Nicolaus decreased their target price on Veeva Systems from $245.00 to $230.00 and set a “buy” rating for the company in a research report on Thursday, June 4th. BMO Capital Markets lowered their target price on Veeva Systems from $220.00 to $175.00 and set a “market perform” rating for the company in a research note on Thursday, June 4th. Finally, JPMorgan Chase & Co. dropped their target price on Veeva Systems from $330.00 to $296.00 and set an “overweight” rating on the stock in a report on Friday, February 20th. Eighteen investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $250.96.

Veeva Systems Stock Down 0.1%

Shares of NYSE VEEV opened at $159.44 on Monday. Veeva Systems Inc. has a fifty-two week low of $148.05 and a fifty-two week high of $310.50. The business has a 50 day moving average price of $165.06 and a two-hundred day moving average price of $191.80. The firm has a market cap of $25.90 billion, a PE ratio of 28.42, a price-to-earnings-growth ratio of 0.69 and a beta of 0.95.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Wednesday, June 3rd. The technology company reported $2.24 EPS for the quarter, topping the consensus estimate of $2.14 by $0.10. The company had revenue of $882.95 million during the quarter, compared to analyst estimates of $857.73 million. Veeva Systems had a return on equity of 13.72% and a net margin of 28.37%.The business’s revenue was up 16.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.97 EPS. Veeva Systems has set its FY 2027 guidance at 9.050-9.050 EPS and its Q2 2027 guidance at 2.210-2.220 EPS. On average, analysts anticipate that Veeva Systems Inc. will post 6.65 earnings per share for the current year.

Insider Activity at Veeva Systems

In other news, Director Priscilla Hung sold 750 shares of Veeva Systems stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $155.64, for a total value of $116,730.00. Following the completion of the transaction, the director owned 3,253 shares in the company, valued at approximately $506,296.92. This trade represents a 18.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 10.60% of the company’s stock.

Veeva Systems Company Profile

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.