HF Advisory Group LLC Acquires 58,329 Shares of Veeva Systems Inc. $VEEV

HF Advisory Group LLC grew its holdings in Veeva Systems Inc. (NYSE:VEEV) by 2,272.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 60,896 shares of the technology company’s stock after purchasing an additional 58,329 shares during the period. Veeva Systems comprises about 0.5% of HF Advisory Group LLC’s investment portfolio, making the stock its 27th biggest holding. HF Advisory Group LLC’s holdings in Veeva Systems were worth $13,594,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position 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 valued at $4,596,522,000 after buying an additional 457,806 shares during the last quarter. Alliancebernstein L.P. lifted its stake in Veeva Systems by 4.1% during the 3rd quarter. Alliancebernstein L.P. now owns 5,941,631 shares of the technology company’s stock valued at $1,770,071,000 after acquiring an additional 235,983 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Veeva Systems by 11.2% during the 3rd quarter. Principal Financial Group Inc. now owns 3,846,877 shares of the technology company’s stock valued at $1,146,040,000 after acquiring an additional 388,864 shares during the last quarter. State Street Corp boosted its holdings in shares of Veeva Systems by 2.2% during the 3rd quarter. State Street Corp now owns 3,503,730 shares of the technology company’s stock valued at $1,043,796,000 after acquiring an additional 76,397 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Veeva Systems by 4.8% in the third quarter. JPMorgan Chase & Co. now owns 3,476,258 shares of the technology company’s stock worth $1,035,622,000 after acquiring an additional 159,984 shares during the period. 88.20% of the stock is owned by institutional investors.

Insider Buying and Selling 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 stock was sold at an average price of $231.43, for a total transaction of $231,430.00. Following the completion of the sale, the insider owned 23,204 shares in the company, valued at approximately $5,370,101.72. This trade represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 10.30% of the stock is currently owned by company insiders.

Veeva Systems Price Performance

Shares of NYSE:VEEV opened at $172.81 on Thursday. The company has a market capitalization of $28.23 billion, a P/E ratio of 31.94, a P/E/G ratio of 1.16 and a beta of 1.10. Veeva Systems Inc. has a 1-year low of $168.13 and a 1-year high of $310.50. The firm’s 50 day simple moving average is $187.52 and its two-hundred day simple moving average is $235.01.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Wednesday, March 4th. The technology company reported $2.06 earnings per share (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 13.80%. The firm had revenue of $835.95 million during the quarter, compared to analysts’ expectations of $810.95 million. During the same period in the prior year, the company posted $1.74 earnings per share. The company’s revenue for the quarter 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. On average, sell-side analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Veeva Systems declared that its board has approved a stock repurchase program on Monday, January 5th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 5.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on VEEV. Weiss Ratings cut shares of Veeva Systems from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, January 12th. Wall Street Zen downgraded Veeva Systems from a “buy” rating to a “hold” rating in a research note on Sunday, March 22nd. Barclays reduced their price objective on Veeva Systems from $305.00 to $250.00 and set an “overweight” rating for the company in a research report on Wednesday, February 25th. Citigroup dropped their target price on Veeva Systems from $319.00 to $291.00 and set a “buy” rating on the stock in a research report on Monday, March 9th. Finally, Stifel Nicolaus upped their price target on shares of Veeva Systems from $212.00 to $245.00 and gave the company a “buy” rating 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. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $283.70.

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.