Riverbridge Partners LLC Lowers Stock Holdings in Veeva Systems Inc. $VEEV

Riverbridge Partners LLC reduced its position in Veeva Systems Inc. (NYSE:VEEV) by 6.8% in the first quarter, Holdings Channel.com reports. The fund owned 307,717 shares of the technology company’s stock after selling 22,426 shares during the quarter. Veeva Systems makes up about 1.3% of Riverbridge Partners LLC’s holdings, making the stock its 24th biggest holding. Riverbridge Partners LLC’s holdings in Veeva Systems were worth $54,054,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Williams Jones Wealth Management LLC. lifted its stake in Veeva Systems by 0.4% in the 3rd quarter. Williams Jones Wealth Management LLC. now owns 9,419 shares of the technology company’s stock worth $2,806,000 after purchasing an additional 40 shares in the last quarter. Personal CFO Solutions LLC boosted its holdings in Veeva Systems by 4.3% in the 4th quarter. Personal CFO Solutions LLC now owns 1,213 shares of the technology company’s stock valued at $271,000 after purchasing an additional 50 shares during the period. Rafferty Asset Management LLC grew its position in shares of Veeva Systems by 0.7% during the 2nd quarter. Rafferty Asset Management LLC now owns 6,881 shares of the technology company’s stock valued at $1,982,000 after purchasing an additional 51 shares in the last quarter. Brown Brothers Harriman & Co. grew its position in shares of Veeva Systems by 8.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 719 shares of the technology company’s stock valued at $214,000 after purchasing an additional 54 shares in the last quarter. Finally, Northwest Wealth Management LLC increased its holdings in shares of Veeva Systems by 6.1% in the fourth quarter. Northwest Wealth Management LLC now owns 956 shares of the technology company’s stock worth $213,000 after purchasing an additional 55 shares during the period. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Performance

Shares of NYSE:VEEV opened at $159.57 on Wednesday. The firm has a market capitalization of $25.92 billion, a PE ratio of 28.44, a price-to-earnings-growth ratio of 0.66 and a beta of 0.95. Veeva Systems Inc. has a 52-week low of $148.05 and a 52-week high of $310.50. The firm has a fifty day moving average of $163.64 and a 200 day moving average of $187.69.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Wednesday, June 3rd. The technology company reported $2.24 earnings per share for the quarter, beating analysts’ consensus estimates of $2.14 by $0.10. The business had revenue of $882.95 million for the quarter, compared to the consensus estimate of $857.73 million. Veeva Systems had a return on equity of 13.72% and a net margin of 28.37%.The company’s revenue for the quarter was up 16.3% on a year-over-year basis. During the same quarter last year, the business posted $1.97 earnings per share. 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, sell-side analysts forecast that Veeva Systems Inc. will post 6.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on VEEV shares. Wells Fargo & Company lifted their price objective on Veeva Systems from $317.00 to $320.00 and gave the company an “overweight” rating in a research note on Thursday, June 4th. Piper Sandler lowered their price target on Veeva Systems from $285.00 to $235.00 and set an “overweight” rating on the stock in a report on Thursday, June 4th. BTIG Research reiterated a “buy” rating and set a $340.00 price target on shares of Veeva Systems in a research report on Thursday, June 4th. The Goldman Sachs Group cut their price objective on Veeva Systems from $190.00 to $165.00 and set a “sell” rating for the company in a report on Thursday, June 4th. Finally, Morgan Stanley upped their price objective on shares of Veeva Systems from $205.00 to $215.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 5th. Eighteen investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $250.96.

Insider Transactions at Veeva Systems

In other Veeva Systems news, Director Priscilla Hung sold 750 shares of the stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $155.64, for a total transaction of $116,730.00. Following the transaction, the director directly owned 3,253 shares in the company, valued at $506,296.92. This trade represents a 18.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.60% of the stock is currently owned by corporate insiders.

About Veeva Systems

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.