VEEV US - Accumulate Between $150-$200; Consider 10% Trailing Stop.

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Analysis by Alex King for Cestrian Capital Research, Inc;

DISCLOSURE: Cestrian Capital Research, Inc staff personal accounts hold long position(s) in VEEV.

Veeva Systems (VEEV) is the leading provider of vertical market software to the life sciences industry. Following a 52% peak to trough drawdown from October 2025 to April 2026, a casualty of the “we can just vibe code enterprise software” meme, the stock has proven out multi-month support in the high $140s.

Fundamentals are rock solid; 16% TTM revenue growth, 48% TTM unlevered pretax FCF margins and $7bn net cash on the balance sheet. AI is a tailwind for this stock in my view; contra the vibe-coding narrative I think it more likely that the prevalence of AI in the end-market will lead to increased software adoption. Veeva has very limited competition in this regard.

The volume x price profile indicates institutional accumulation between $155-$200. The 200-day SMA is close overhead and whilst this may prove temporary resistance, I think the stock can overcome this and punch up significantly higher. A new ATH (>$310) is possible in a supportive market; any genuine switch to bearishness in the US equity indices will kill that potential of course.