Brevan Howard Capital Management LP Lowers Stock Holdings in Veeva Systems Inc. $VEEV

Brevan Howard Capital Management LP cut its position in Veeva Systems Inc. (NYSE:VEEV) by 62.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,040 shares of the technology company’s stock after selling 20,134 shares during the quarter. Brevan Howard Capital Management LP’s holdings in Veeva Systems were worth $3,587,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Alphinity Investment Management Pty Ltd acquired a new position in Veeva Systems in the 3rd quarter valued at about $422,241,000. Norges Bank acquired a new stake in shares of Veeva Systems during the second quarter worth about $384,265,000. Durable Capital Partners LP acquired a new stake in shares of Veeva Systems during the second quarter worth about $281,351,000. AQR Capital Management LLC boosted its stake in shares of Veeva Systems by 111.7% in the second quarter. AQR Capital Management LLC now owns 1,838,046 shares of the technology company’s stock valued at $526,508,000 after purchasing an additional 969,905 shares during the period. Finally, Schroder Investment Management Group boosted its stake in shares of Veeva Systems by 1,039.4% in the second quarter. Schroder Investment Management Group now owns 1,014,974 shares of the technology company’s stock valued at $292,292,000 after purchasing an additional 925,896 shares during the period. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. KeyCorp reaffirmed a “sector weight” rating on shares of Veeva Systems in a research note on Friday, December 12th. Needham & Company LLC decreased their price target on shares of Veeva Systems from $355.00 to $270.00 and set a “buy” rating for the company in a research report on Thursday, March 5th. The Goldman Sachs Group began coverage on shares of Veeva Systems in a research note on Tuesday, January 13th. They issued a “sell” rating and a $215.00 price target for the company. Citigroup cut their price objective 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, Jefferies Financial Group reiterated a “buy” rating and issued a $330.00 price objective on shares of Veeva Systems in a research note on Monday, November 24th. Seventeen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Veeva Systems has an average rating of “Moderate Buy” and an average target price of $283.70.

Veeva Systems Trading Up 3.7%

VEEV stock opened at $185.49 on Tuesday. The stock has a market cap of $30.49 billion, a P/E ratio of 34.29, a PEG ratio of 1.19 and a beta of 1.09. Veeva Systems Inc. has a twelve month low of $168.13 and a twelve month high of $310.50. The company’s 50 day moving average is $199.10 and its two-hundred day moving average is $242.72.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Wednesday, March 4th. The technology company reported $2.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.94 by $0.12. The business had revenue of $835.95 million during the quarter, compared to analysts’ expectations of $810.95 million. Veeva Systems had a net margin of 28.44% and a return on equity of 14.11%. The company’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.74 EPS. 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, equities research analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Veeva Systems announced that its board has authorized a stock buyback plan on Monday, January 5th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the technology company to repurchase up to 5.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Veeva Systems

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,000 shares of the company’s stock in a transaction on Tuesday, January 13th. The shares were 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 $5,370,101.72. This represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 10.30% of the stock is owned by corporate insiders.

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.