Royal Bank of Canada Grows Stock Position in Veeva Systems Inc. $VEEV

Royal Bank of Canada increased its stake in Veeva Systems Inc. (NYSE:VEEV) by 2.7% in the first quarter, HoldingsChannel reports. The fund owned 870,281 shares of the technology company’s stock after purchasing an additional 23,117 shares during the period. Royal Bank of Canada’s holdings in Veeva Systems were worth $152,873,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. SHP Wealth Management bought a new position in Veeva Systems during the 4th quarter worth approximately $26,000. Newbridge Financial Services Group Inc. lifted its position in Veeva Systems by 322.6% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 131 shares of the technology company’s stock valued at $29,000 after purchasing an additional 100 shares during the last quarter. Activest Wealth Management boosted its stake in shares of Veeva Systems by 3,175.0% during the fourth quarter. Activest Wealth Management now owns 131 shares of the technology company’s stock valued at $29,000 after purchasing an additional 127 shares during the period. MV Capital Management Inc. bought a new position in shares of Veeva Systems in the fourth quarter worth approximately $30,000. Finally, Reflection Asset Management bought a new position in shares of Veeva Systems in the fourth quarter worth approximately $32,000. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on VEEV. BMO Capital Markets lowered their price target on shares of Veeva Systems from $220.00 to $175.00 and set a “market perform” rating for the company in a report on Thursday, June 4th. Oppenheimer reissued an “outperform” rating on shares of Veeva Systems in a report on Monday, July 20th. Wall Street Zen upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a research report on Sunday, July 26th. Weiss Ratings raised shares of Veeva Systems from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, July 10th. Finally, Robert W. Baird increased their target price on shares of Veeva Systems from $250.00 to $260.00 and gave the stock an “outperform” rating in a report on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $247.08.

Veeva Systems Trading Down 2.8%

Shares of Veeva Systems stock opened at $202.06 on Friday. The firm has a market capitalization of $32.82 billion, a P/E ratio of 36.02, a P/E/G ratio of 0.89 and a beta of 0.94. The business has a fifty day simple moving average of $177.69 and a two-hundred day simple moving average of $180.24. Veeva Systems Inc. has a 12 month low of $148.05 and a 12 month high of $310.50.

Veeva Systems (NYSE:VEEV) last announced its earnings results on Wednesday, June 3rd. The technology company reported $2.24 EPS for the quarter, beating analysts’ consensus estimates of $2.14 by $0.10. The firm had revenue of $882.95 million for the quarter, compared to analysts’ expectations of $857.73 million. Veeva Systems had a net margin of 28.37% and a return on equity of 13.72%. The company’s quarterly revenue was up 16.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.97 EPS. Veeva Systems has set its FY 2027 guidance at 9.050-9.050 EPS and its Q2 2027 guidance at 2.210-2.220 EPS. Analysts predict that Veeva Systems Inc. will post 6.65 earnings per share for the current year.

About Veeva Systems

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.