Rockland Trust Co. Has $26.61 Million Stock Holdings in Veeva Systems Inc. $VEEV

Rockland Trust Co. raised its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 19.8% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 119,208 shares of the technology company’s stock after buying an additional 19,703 shares during the period. Veeva Systems comprises about 1.0% of Rockland Trust Co.’s investment portfolio, making the stock its 27th biggest holding. Rockland Trust Co. owned 0.07% of Veeva Systems worth $26,611,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of VEEV. GPS Wealth Strategies Group LLC increased its stake in shares of Veeva Systems by 196.4% in the third quarter. GPS Wealth Strategies Group LLC now owns 83 shares of the technology company’s stock worth $25,000 after acquiring an additional 55 shares during the last quarter. Board of the Pension Protection Fund acquired a new stake in Veeva Systems during the fourth quarter valued at $27,000. Raiffeisen Bank International AG acquired a new stake in Veeva Systems during the third quarter valued at $28,000. OLD Second National Bank of Aurora purchased a new position in Veeva Systems in the third quarter valued at about $30,000. Finally, Cary Street Partners Investment Advisory LLC grew its stake in Veeva Systems by 58.3% in the second quarter. Cary Street Partners Investment Advisory LLC now owns 133 shares of the technology company’s stock valued at $38,000 after purchasing an additional 49 shares in the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Stock Performance

Shares of VEEV stock opened at $175.67 on Wednesday. The stock’s 50 day simple moving average is $188.46 and its 200 day simple moving average is $235.44. Veeva Systems Inc. has a twelve month low of $168.13 and a twelve month high of $310.50. The company has a market capitalization of $28.69 billion, a price-to-earnings ratio of 32.47, a PEG ratio of 1.16 and a beta of 1.09.

Veeva Systems (NYSE:VEEV) last announced its earnings results on Wednesday, March 4th. The technology company reported $2.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.94 by $0.12. Veeva Systems had a return on equity of 13.80% and a net margin of 28.44%.The firm had revenue of $835.95 million during the quarter, compared to analysts’ expectations of $810.95 million. During the same quarter in the prior year, the business earned $1.74 earnings per share. The company’s revenue was up 16.0% on a year-over-year basis. Veeva Systems has set its FY 2027 guidance at 8.850- EPS and its Q1 2027 guidance at 2.130-2.14 EPS. On average, analysts forecast that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Veeva Systems declared that its board has authorized a share buyback program on Monday, January 5th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the technology company to buy up to 5.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, insider Thomas D. Schwenger sold 1,000 shares of the company’s stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $231.43, for a total transaction of $231,430.00. Following the completion of the sale, the insider directly owned 23,204 shares of the company’s stock, valued at approximately $5,370,101.72. This represents a 4.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 10.30% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on VEEV. Barclays cut their price target on Veeva Systems from $305.00 to $250.00 and set an “overweight” rating for the company in a research note on Wednesday, February 25th. Stifel Nicolaus boosted their price target on Veeva Systems from $212.00 to $245.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Royal Bank Of Canada dropped their price objective on Veeva Systems from $330.00 to $275.00 and set an “outperform” rating on the stock in a report on Thursday, March 5th. TD Cowen cut their price objective on shares of Veeva Systems from $380.00 to $300.00 and set a “buy” rating on the stock in a research report on Thursday, March 5th. Finally, Weiss Ratings cut shares of Veeva Systems from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, January 12th. Seventeen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $283.70.

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.