EFG Asset Management North America Corp. Sells 3,379 Shares of Veeva Systems Inc. $VEEV

EFG Asset Management North America Corp. cut its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 13.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 21,848 shares of the technology company’s stock after selling 3,379 shares during the period. Veeva Systems comprises approximately 0.8% of EFG Asset Management North America Corp.’s holdings, making the stock its 25th largest position. EFG Asset Management North America Corp.’s holdings in Veeva Systems were worth $6,511,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of VEEV. Vanguard Group Inc. grew its holdings in shares of Veeva Systems by 1.4% in the second quarter. Vanguard Group Inc. now owns 14,971,425 shares of the technology company’s stock worth $4,311,471,000 after acquiring an additional 210,859 shares during the period. Alliancebernstein L.P. lifted its holdings in Veeva Systems by 3.7% in the second quarter. Alliancebernstein L.P. now owns 5,705,648 shares of the technology company’s stock valued at $1,643,113,000 after acquiring an additional 205,997 shares during the period. JPMorgan Chase & Co. boosted its position in Veeva Systems by 2.6% in the second quarter. JPMorgan Chase & Co. now owns 3,316,274 shares of the technology company’s stock worth $955,030,000 after purchasing an additional 85,516 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Veeva Systems by 3.8% during the 2nd quarter. Geode Capital Management LLC now owns 3,092,539 shares of the technology company’s stock valued at $888,108,000 after purchasing an additional 114,003 shares during the period. Finally, AQR Capital Management LLC grew its stake in shares of Veeva Systems by 111.7% during the 2nd quarter. AQR Capital Management LLC now owns 1,838,046 shares of the technology company’s stock valued at $526,508,000 after purchasing an additional 969,905 shares during the period. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on VEEV shares. BMO Capital Markets initiated coverage on shares of Veeva Systems in a research note on Thursday, November 13th. They issued a “market perform” rating and a $300.00 price objective on the stock. UBS Group decreased their price target on shares of Veeva Systems from $310.00 to $280.00 and set a “neutral” rating on the stock in a research report on Friday, November 21st. Canaccord Genuity Group reissued a “buy” rating on shares of Veeva Systems in a research report on Tuesday, November 25th. Robert W. Baird upped their price objective on Veeva Systems from $314.00 to $319.00 and gave the stock an “outperform” rating in a research note on Friday, November 21st. Finally, Truist Financial upgraded Veeva Systems from a “hold” rating to a “buy” rating in a research report on Thursday, January 8th. Eighteen analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $308.04.

Insider Activity

In other news, insider Thomas D. Schwenger sold 1,000 shares of Veeva Systems stock in a transaction that occurred 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 sale, the insider owned 23,204 shares in the company, valued at $5,370,101.72. This trade represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 10.30% of the stock is currently owned by insiders.

Veeva Systems Stock Up 0.8%

NYSE:VEEV opened at $223.72 on Tuesday. The business’s 50-day simple moving average is $231.51 and its two-hundred day simple moving average is $266.40. Veeva Systems Inc. has a 52 week low of $201.54 and a 52 week high of $310.50. The stock has a market cap of $36.78 billion, a PE ratio of 43.53, a P/E/G ratio of 1.64 and a beta of 1.07.

Veeva Systems (NYSE:VEEV) last released its earnings results on Thursday, November 20th. The technology company reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $0.09. The firm had revenue of $0.81 million during the quarter, compared to analysts’ expectations of $792.37 million. Veeva Systems had a return on equity of 13.68% and a net margin of 27.93%.The firm’s revenue was up 16.0% on a year-over-year basis. During the same quarter last year, the business posted $1.75 earnings per share. Veeva Systems has set its FY 2026 guidance at 7.930-7.93 EPS and its Q4 2026 guidance at 1.920-1.920 EPS. Sell-side analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Veeva Systems announced that its Board of Directors has initiated a share repurchase plan on Monday, January 5th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the technology company to purchase up to 5.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Veeva Systems 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.