California Public Employees Retirement System Raises Holdings in Veeva Systems Inc. $VEEV

California Public Employees Retirement System lifted its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 5.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 270,392 shares of the technology company’s stock after purchasing an additional 13,534 shares during the period. California Public Employees Retirement System owned about 0.16% of Veeva Systems worth $80,552,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in VEEV. GPS Wealth Strategies Group LLC increased its position in Veeva Systems by 196.4% during the third quarter. GPS Wealth Strategies Group LLC now owns 83 shares of the technology company’s stock worth $25,000 after buying an additional 55 shares during the period. Raiffeisen Bank International AG purchased a new stake in Veeva Systems in the third quarter valued at approximately $28,000. OLD Second National Bank of Aurora acquired a new stake in shares of Veeva Systems in the third quarter valued at approximately $30,000. Cary Street Partners Investment Advisory LLC boosted its holdings in shares of 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 acquiring an additional 49 shares during the period. Finally, Elevation Point Wealth Partners LLC purchased a new position in shares of Veeva Systems during the second quarter worth approximately $41,000. 88.20% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on VEEV. Jefferies Financial Group reiterated a “buy” rating and issued a $330.00 price target on shares of Veeva Systems in a research report on Monday, November 24th. Canaccord Genuity Group lowered their price objective on shares of Veeva Systems from $280.00 to $235.00 and set a “hold” rating on the stock in a research report on Thursday, March 5th. Wells Fargo & Company reduced their target price on shares of Veeva Systems from $333.00 to $317.00 and set an “overweight” rating for the company in a report on Thursday, March 5th. Wall Street Zen upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a research note on Saturday. Finally, Needham & Company LLC dropped their price target on Veeva Systems from $355.00 to $270.00 and set a “buy” rating on the stock in a research report on Thursday, March 5th. Seventeen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $283.70.

Insider Transactions at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,000 shares of the stock in a transaction dated 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 transaction, the insider directly owned 23,204 shares of the company’s stock, valued at $5,370,101.72. This represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 10.30% of the stock is owned by corporate insiders.

Veeva Systems Stock Performance

Shares of VEEV opened at $185.49 on Tuesday. The stock has a market capitalization of $30.49 billion, a P/E ratio of 34.29, a P/E/G ratio of 1.19 and a beta of 1.09. The company’s fifty day moving average is $199.10 and its two-hundred day moving average is $242.72. Veeva Systems Inc. has a 1 year low of $168.13 and a 1 year high of $310.50.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Wednesday, March 4th. The technology company reported $2.06 EPS for the quarter, topping analysts’ consensus estimates of $1.94 by $0.12. Veeva Systems had a net margin of 28.44% and a return on equity of 14.11%. The company had revenue of $835.95 million during the quarter, compared to the consensus estimate of $810.95 million. During the same quarter in the prior year, the firm earned $1.74 EPS. Veeva Systems’s quarterly 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. Sell-side analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current year.

Veeva Systems declared that its board has initiated a stock buyback program on Monday, January 5th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the technology company to reacquire up to 5.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

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.