Veeva Systems (NYSE:VEEV) Hits New 12-Month High – Here’s What Happened

Veeva Systems Inc. (NYSE:VEEV)’s stock price hit a new 52-week high during trading on Tuesday. The stock traded as high as $308.38 and last traded at $304.9830, with a volume of 182,412 shares changing hands. The stock had previously closed at $295.85.

Wall Street Analysts Forecast Growth

VEEV has been the subject of a number of research analyst reports. Canaccord Genuity Group boosted their target price on Veeva Systems from $220.00 to $260.00 and gave the company a “hold” rating in a research note on Thursday, August 27th. Citigroup raised their price target on Veeva Systems from $190.00 to $273.00 and gave the stock a “neutral” rating in a research report on Friday, August 28th. Royal Bank Of Canada lifted their price objective on Veeva Systems from $275.00 to $325.00 and gave the company an “outperform” rating in a report on Thursday, August 27th. TD Cowen boosted their price objective on Veeva Systems from $235.00 to $283.00 and gave the company a “buy” rating in a research report on Monday, August 24th. Finally, Piper Sandler boosted their price objective on Veeva Systems from $295.00 to $320.00 and gave the company an “overweight” rating in a research report on Thursday, August 27th. Nineteen research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Veeva Systems presently has a consensus rating of “Moderate Buy” and an average target price of $284.88.

Veeva Systems Stock Up 2.5%

The company has a market capitalization of $49.08 billion, a P/E ratio of 49.99, a price-to-earnings-growth ratio of 1.26 and a beta of 0.93. The business has a fifty day moving average price of $262.80 and a 200 day moving average price of $204.53.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings data on Wednesday, August 26th. The technology company reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.23 by $0.12. The business had revenue of $927.96 million during the quarter, compared to the consensus estimate of $905.38 million. Veeva Systems had a return on equity of 14.25% and a net margin of 29.34%. Veeva Systems’s quarterly revenue was up 17.6% on a year-over-year basis. During the same period last year, the company earned $1.99 earnings per share. Veeva Systems has set its FY 2027 guidance at 9.210-9.210 EPS and its Q3 2027 guidance at 2.330-2.340 EPS. As a group, equities analysts forecast that Veeva Systems Inc. will post 6.70 earnings per share for the current year.

Insiders Place Their Bets

In other Veeva Systems news, insider Thomas Schwenger sold 36,000 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $250.23, for a total transaction of $9,008,280.00. Following the completion of the transaction, the insider owned 19,449 shares of the company’s stock, valued at $4,866,723.27. This represents a 64.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Daniel Rizzo sold 4,841 shares of the firm’s stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $276.51, for a total transaction of $1,338,584.91. Following the transaction, the executive vice president directly owned 7,665 shares of the company’s stock, valued at $2,119,449.15. This represents a 38.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 51,591 shares of company stock valued at $13,355,945 in the last quarter. 10.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. boosted its stake in shares of Veeva Systems by 7.0% during the 1st quarter. Principal Financial Group Inc. now owns 4,141,545 shares of the technology company’s stock worth $727,513,000 after buying an additional 271,252 shares during the last quarter. Swedbank AB grew its holdings in shares of Veeva Systems by 43.5% in the 1st quarter. Swedbank AB now owns 1,645,128 shares of the technology company’s stock valued at $288,983,000 after acquiring an additional 498,971 shares in the last quarter. Pictet Asset Management Holding SA grew its holdings in shares of Veeva Systems by 43.6% in the 1st quarter. Pictet Asset Management Holding SA now owns 1,593,795 shares of the technology company’s stock valued at $279,970,000 after acquiring an additional 483,720 shares in the last quarter. Amundi grew its holdings in shares of Veeva Systems by 8.0% in the 1st quarter. Amundi now owns 992,977 shares of the technology company’s stock valued at $174,426,000 after acquiring an additional 73,510 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Veeva Systems by 203.0% in the first quarter. Arrowstreet Capital Limited Partnership now owns 913,281 shares of the technology company’s stock valued at $160,427,000 after acquiring an additional 611,868 shares during the last quarter. Institutional investors own 88.20% of the company’s stock.

About Veeva Systems

Veeva Systems Inc is a cloud software company that provides applications and services for the life sciences industry. Its customers include pharmaceutical, biotechnology, medical device and other organizations involved in developing, manufacturing and commercializing regulated products.

The company’s product portfolio includes the Veeva Vault platform, which supports areas such as clinical operations, regulatory affairs, quality management, safety and medical communications. Veeva also offers commercial and customer relationship management applications, data and analytics products, and services designed to help life sciences companies manage relationships with healthcare professionals, oversee content and improve operational efficiency.

Founded in 2007, Veeva serves customers globally and has expanded its offerings from commercial software into research, development, manufacturing and quality processes.