Key Points
- Director Priscilla Hung sold 750 shares on April 10 at $153.50 for $115,125 under a pre-arranged Rule 10b5-1 plan, reducing her stake to 4,003 shares (a 15.78% decrease).
- The board has authorized a $2.0 billion share buyback (up to about 5.5% of outstanding shares), a move that typically signals management believes the stock is undervalued.
- Veeva beat recent quarterly estimates (EPS $2.06 vs. $1.94; revenue $835.95M, +16% YoY), though several brokers have trimmed price targets and the consensus is a "Moderate Buy" with a $278.70 target.
Veeva Systems Inc. (NYSE:VEEV - Get Free Report) Director Priscilla Hung sold 750 shares of the business's stock in a transaction dated Friday, April 10th. The shares were sold at an average price of $153.50, for a total value of $115,125.00. Following the completion of the sale, the director owned 4,003 shares in the company, valued at $614,460.50. This represents a 15.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Veeva Systems Stock Performance
Shares of Veeva Systems stock opened at $159.09 on Wednesday. Veeva Systems Inc. has a 52-week low of $148.05 and a 52-week high of $310.50. The stock's 50-day simple moving average is $179.00 and its 200 day simple moving average is $227.50. The stock has a market capitalization of $25.98 billion, a P/E ratio of 29.41, a P/E/G ratio of 1.04 and a beta of 1.10.
Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings data on Wednesday, March 4th. The technology company reported $2.06 earnings per share (EPS) for the quarter, beating 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 business had revenue of $835.95 million for the quarter, compared to analysts' expectations of $810.95 million. During the same period in the previous year, the business posted $1.74 EPS. The firm's quarterly revenue was up 16.0% compared to the same quarter last year. Veeva Systems has set its FY 2027 guidance at 8.850- EPS and its Q1 2027 guidance at 2.130-2.14 EPS. Equities research analysts forecast that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.
Veeva Systems announced that its Board of Directors has initiated a share buyback plan on Monday, January 5th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 5.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its stock is undervalued.
Institutional Investors Weigh In On Veeva Systems
Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in shares of Veeva Systems by 3.1% during the third quarter. Vanguard Group Inc. now owns 15,429,231 shares of the technology company's stock worth $4,596,522,000 after purchasing an additional 457,806 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of Veeva Systems by 4.1% during the third quarter. Alliancebernstein L.P. now owns 5,941,631 shares of the technology company's stock worth $1,770,071,000 after purchasing an additional 235,983 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Veeva Systems by 0.6% during the fourth quarter. Principal Financial Group Inc. now owns 3,870,293 shares of the technology company's stock worth $863,978,000 after purchasing an additional 23,416 shares in the last quarter. State Street Corp grew its holdings in shares of Veeva Systems by 2.4% during the fourth quarter. State Street Corp now owns 3,589,425 shares of the technology company's stock worth $801,267,000 after purchasing an additional 85,695 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Veeva Systems by 4.8% during the third quarter. JPMorgan Chase & Co. now owns 3,476,258 shares of the technology company's stock worth $1,035,622,000 after purchasing an additional 159,984 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
A number of brokerages recently issued reports on VEEV. TD Cowen lowered their price objective on Veeva Systems from $380.00 to $300.00 and set a "buy" rating on the stock in a research note on Thursday, March 5th. Piper Sandler decreased their price target on Veeva Systems from $355.00 to $285.00 and set an "overweight" rating on the stock in a research report on Thursday, March 5th. Truist Financial reiterated a "buy" rating and set a $262.00 price target (down from $275.00) on shares of Veeva Systems in a research report on Thursday, March 5th. Needham & Company LLC decreased 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. Finally, Oppenheimer decreased their price target on Veeva Systems from $325.00 to $275.00 and set an "outperform" rating on the stock in a research report on Tuesday, February 24th. Sixteen equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Veeva Systems presently has an average rating of "Moderate Buy" and a consensus target price of $278.70.
View Our Latest Research Report on VEEV
Veeva Systems Company Profile
(
Get Free Report)
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.
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