CIBC Private Wealth Group LLC Has $77.41 Million Stake in Veeva Systems Inc. $VEEV

CIBC Private Wealth Group LLC trimmed its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 2.0% in the third quarter, Holdings Channel reports. The fund owned 259,837 shares of the technology company’s stock after selling 5,364 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Veeva Systems were worth $77,408,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently made changes to their positions in VEEV. Linden Thomas Advisory Services LLC lifted its position in shares of Veeva Systems by 0.3% during the 3rd quarter. Linden Thomas Advisory Services LLC now owns 12,444 shares of the technology company’s stock worth $3,707,000 after purchasing an additional 35 shares during the last quarter. Personal CFO Solutions LLC grew its holdings in Veeva Systems by 3.5% in the 3rd quarter. Personal CFO Solutions LLC now owns 1,163 shares of the technology company’s stock valued at $346,000 after buying an additional 39 shares during the last quarter. AFT Forsyth & Company Inc. increased its position in Veeva Systems by 4.2% in the 3rd quarter. AFT Forsyth & Company Inc. now owns 984 shares of the technology company’s stock worth $293,000 after buying an additional 40 shares during the period. Williams Jones Wealth Management LLC. lifted its holdings in shares of Veeva Systems by 0.4% during the third quarter. Williams Jones Wealth Management LLC. now owns 9,419 shares of the technology company’s stock worth $2,806,000 after buying an additional 40 shares during the last quarter. Finally, Private Trust Co. NA boosted its position in shares of Veeva Systems by 17.1% in the third quarter. Private Trust Co. NA now owns 281 shares of the technology company’s stock valued at $84,000 after acquiring an additional 41 shares during the period. 88.20% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,000 shares of Veeva Systems 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 sale, the insider directly owned 23,204 shares in the company, valued at approximately $5,370,101.72. The trade was a 4.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 10.30% of the company’s stock.

Analyst Ratings Changes

VEEV has been the topic of a number of research reports. Wall Street Zen raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a research report on Saturday, March 14th. BTIG Research reissued a “buy” rating and issued a $340.00 price target on shares of Veeva Systems in a report on Friday, November 21st. Needham & Company LLC dropped their price objective on shares of Veeva Systems from $355.00 to $270.00 and set a “buy” 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 for the company in a research report on Thursday, March 5th. Finally, Citigroup reduced their target price on shares of Veeva Systems from $319.00 to $291.00 and set a “buy” rating for the company in a research note on Monday, March 9th. Seventeen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $283.70.

Veeva Systems Trading Down 1.3%

Shares of NYSE VEEV opened at $184.27 on Thursday. The firm has a market capitalization of $30.29 billion, a price-to-earnings ratio of 34.06, a PEG ratio of 1.24 and a beta of 1.09. Veeva Systems Inc. has a one year low of $168.13 and a one year high of $310.50. The business has a fifty day simple moving average of $196.98 and a 200 day simple moving average of $241.73.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Wednesday, March 4th. The technology company reported $2.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.94 by $0.12. The firm had revenue of $835.95 million for the quarter, compared to the consensus estimate of $810.95 million. Veeva Systems had a net margin of 28.44% and a return on equity of 14.11%. The business’s revenue was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.74 earnings per share. 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, research analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Veeva Systems announced that its board has authorized a stock 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 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.