Spire Wealth Management Sells 20,516 Shares of Veeva Systems Inc. $VEEV

Spire Wealth Management reduced its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 97.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 448 shares of the technology company’s stock after selling 20,516 shares during the period. Spire Wealth Management’s holdings in Veeva Systems were worth $100,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. GPS Wealth Strategies Group LLC boosted its holdings 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 valued at $25,000 after purchasing an additional 55 shares in the last quarter. Raiffeisen Bank International AG acquired a new position in shares of Veeva Systems in the 3rd quarter worth approximately $28,000. OLD Second National Bank of Aurora acquired a new position in shares of Veeva Systems in the 3rd quarter worth approximately $30,000. Board of the Pension Protection Fund bought a new position in shares of Veeva Systems during the 4th quarter worth approximately $27,000. Finally, Cary Street Partners Investment Advisory LLC boosted its stake in Veeva Systems by 58.3% in the 2nd quarter. Cary Street Partners Investment Advisory LLC now owns 133 shares of the technology company’s stock valued at $38,000 after buying an additional 49 shares in the last quarter. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Trading Down 0.0%

Shares of NYSE VEEV opened at $173.91 on Friday. Veeva Systems Inc. has a 1-year low of $168.13 and a 1-year high of $310.50. The company has a 50-day moving average of $185.54 and a two-hundred day moving average of $233.87. The company has a market cap of $28.40 billion, a PE ratio of 32.15, a P/E/G ratio of 1.15 and a beta of 1.10.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Wednesday, March 4th. The technology company reported $2.06 EPS for the quarter, beating the consensus estimate of $1.94 by $0.12. Veeva Systems had a net margin of 28.44% and a return on equity of 13.80%. 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 prior year, the firm earned $1.74 earnings per share. Veeva Systems’s 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. As a group, equities research analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Veeva Systems announced that its Board of Directors has approved a stock repurchase program on Monday, January 5th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the technology company to buy up to 5.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Oppenheimer lowered 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. TD Cowen reduced their target price on shares of Veeva Systems from $380.00 to $300.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. Wells Fargo & Company lowered their target price on shares of Veeva Systems from $333.00 to $317.00 and set an “overweight” rating on the stock in a report on Thursday, March 5th. Citigroup dropped 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 report on Monday, March 9th. Finally, Piper Sandler reduced their price target on shares of Veeva Systems from $355.00 to $285.00 and set an “overweight” rating on the stock in a research report on Thursday, March 5th. Seventeen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Veeva Systems has an average rating of “Moderate Buy” and an average target price of $283.70.

Insider Activity at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,000 shares of Veeva Systems stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $231.43, for a total value of $231,430.00. Following the completion of the sale, the insider directly owned 23,204 shares of the company’s stock, valued at approximately $5,370,101.72. This trade represents a 4.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 10.30% of the company’s stock.

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.