Veeva Systems will join S&P 500 index, replacing Coterra Energy
FILE PHOTO: Veeva Systems Founder and CEO Peter Gassner gives an interview at the New York Stock Exchange.
Brendan McDermid | Reuters
Veeva SystemsThe company, which sells cloud software to life sciences companies and pharmaceutical manufacturers, joins the S&P 500, becoming the latest technology company added to the benchmark.
The stock rose nearly 10% in extended trading Thursday following S&P Dow Jones Indices’ announcement. Veeva will enter the index before trading begins on May 7. Coterra Energybeing purchased by Devon Energy.
Companies often see their stocks rise when they are added to major indexes because fund managers who follow the benchmarks are forced to buy shares to adjust for the changes.
AppLovin, Datadog, Door Indicator And robinhood It is among the technology companies that joined the S&P 500 last year.
While Veeva rebounded from Thursday’s announcement, shares, along with other cloud software vendors, have been rising this year as investors worry that artificial intelligence will disrupt their business. Veeva is down 30% in 2026 as of Thursday’s close, while the S&P 500 is up 5% in the period.
Veeva was founded in 2007 by Peter Gassner and Matt Wallach and went public on the New York Stock Exchange in 2013. Gassner has served as CEO since its founding.
Veeva in March reported Quarterly profit of $244 million was generated on revenue of approximately $836 million, up approximately 16% from the previous year. Competitors include: Amazon, iqvia, Microsoft, Seer And sales force.
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