Tran Capital Management L.P. Cuts Stake in Veeva Systems Inc. $VEEV
by Doug Wharley · The Cerbat GemTran Capital Management L.P. reduced its holdings in shares of Veeva Systems Inc. (NYSE:VEEV – Free Report) by 44.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 46,069 shares of the technology company’s stock after selling 36,978 shares during the period. Veeva Systems comprises approximately 1.2% of Tran Capital Management L.P.’s portfolio, making the stock its 24th biggest holding. Tran Capital Management L.P.’s holdings in Veeva Systems were worth $10,284,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in VEEV. Investment Research & Advisory Group Inc. lifted its stake in Veeva Systems by 1.0% in the fourth quarter. Investment Research & Advisory Group Inc. now owns 14,837 shares of the technology company’s stock worth $3,312,000 after purchasing an additional 153 shares during the last quarter. Aberdeen Group plc increased its holdings in shares of Veeva Systems by 5.9% in the fourth quarter. Aberdeen Group plc now owns 86,098 shares of the technology company’s stock worth $19,220,000 after buying an additional 4,832 shares during the period. HF Advisory Group LLC lifted its stake in shares of Veeva Systems by 2,272.3% in the 4th quarter. HF Advisory Group LLC now owns 60,896 shares of the technology company’s stock valued at $13,594,000 after acquiring an additional 58,329 shares during the last quarter. Frank Rimerman Advisors LLC purchased a new stake in Veeva Systems during the 4th quarter valued at about $340,000. Finally, Rockland Trust Co. grew its position in Veeva Systems by 19.8% during the 4th quarter. Rockland Trust Co. now owns 119,208 shares of the technology company’s stock worth $26,611,000 after acquiring an additional 19,703 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors.
Insider Transactions at Veeva Systems
In other Veeva Systems news, insider Thomas D. Schwenger sold 1,000 shares of the 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 transaction, the insider owned 23,204 shares in the company, valued at approximately $5,370,101.72. This represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 10.30% of the company’s stock.
Analyst Ratings Changes
A number of research firms have recently weighed in on VEEV. Needham & Company LLC dropped their price objective on Veeva Systems from $355.00 to $270.00 and set a “buy” rating for the company in a research note on Thursday, March 5th. Truist Financial reissued 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. Citigroup decreased their price objective on shares of Veeva Systems from $319.00 to $291.00 and set a “buy” rating on the stock in a research report on Monday, March 9th. Barclays dropped their target price on shares of Veeva Systems from $305.00 to $250.00 and set an “overweight” rating for the company in a report on Wednesday, February 25th. Finally, Piper Sandler cut their target price on Veeva Systems from $355.00 to $285.00 and set an “overweight” rating on the stock in a research note 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, Veeva Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $283.70.
Check Out Our Latest Research Report on VEEV
Veeva Systems Price Performance
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 stock has a market capitalization of $28.40 billion, a P/E ratio of 32.15, a P/E/G ratio of 1.15 and a beta of 1.10. The company’s 50-day moving average is $185.54 and its 200 day moving average is $233.59.
Veeva Systems (NYSE:VEEV – Get Free Report) last posted its quarterly earnings data on Wednesday, March 4th. The technology company reported $2.06 earnings per share for the quarter, beating the consensus estimate 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 firm posted $1.74 EPS. The business’s revenue was up 16.0% on a year-over-year basis. Veeva Systems has set its FY 2027 guidance at 8.850- EPS and its Q1 2027 guidance at 2.130-2.14 EPS. Research analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current year.
Veeva Systems declared that its Board of Directors has initiated a stock buyback program on Monday, January 5th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the technology company to repurchase up to 5.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its shares are undervalued.
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.
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