Veeva Systems Gains Fresh Wall Street Support as Institutions Expand Stakes
Veeva Systems received a new $400 price target from Wells Fargo, while multiple institutional investors expanded their holdings following strong quarterly earnings and steady profit estimates.
Wells Fargo analyst Stan Berenshteyn assigned a Buy rating to Veeva Systems Inc. with a price target of $400.00, according to a report published today. The target arrives as market consensus remains positive, with MarketBeat reporting an overall Moderate Buy rating based on 19 Buys, eight Holds, and one Sell. Across different market aggregators, average price targets for the life sciences software provider currently range between $314.50 and $320.22.
The stock has attracted heightened interest from retail and institutional market participants alike. Zacks reported that Veeva has been among its most searched tickers recently, noting that its shares rose 2.5% over the past month while the broader S&P 500 composite retreated 2.4%. Zacks currently assigns Veeva a Rank #3 (Hold), citing stable consensus estimates that project current fiscal year earnings of $9.22 per share and next fiscal year earnings of $10.16 per share.
Institutional funds have notably expanded their stakes in the cloud provider. Third-quarter regulatory disclosures show Allspring Global Investments Holdings LLC increased its position by 183.6%, acquiring 92,844 shares to build a $40,430,000 stake. Hohimer Wealth Management LLC also established a new position valued at approximately $1,451,000. Overall, institutional investors control 88.20% of Veeva's outstanding shares.
The institutional interest follows Veeva's recent quarterly performance, where the company reported earnings of $2.35 per share on revenue of $927.96 million, beating consensus expectations. Quarterly revenue grew 17.6% year over year, while net margin reached 29.34%. For the upcoming period, company guidance projects earnings of 2.330 per share for the third quarter of 2027.
Meanwhile, company insiders have trimmed holdings. Senior Vice President Jonathan Faddis sold 5,198 shares in October for $1,557,944.56 under a pre-arranged Rule 10b5-1 trading plan. Executive Vice President Daniel Rizzo also disposed of 4,841 shares in October for $1,338,584.91 to satisfy tax withholding obligations. Company insiders retain an aggregate 10.60% ownership stake.