Brown Capital Management’s Small Company Fund argues that Veeva Systems is relatively well insulated from AI-driven disruption because its cloud-based software is deeply embedded in specialized regulatory, clinical, and commercial workflows for the life sciences industry. The fund notes that Veeva’s platform relies on proprietary, highly structured data tied to drug development and compliance, making it less susceptible to commoditization by AI trained on public data. It also highlights that Veeva operates as a system of record for regulated content, unlike more easily disrupted interface-driven systems of engagement. Despite these defensive qualities, the stock is trading at a 55% discount to its historical price-to-sales ratio, which the fund attributes largely to an AI-related derating. Veeva Systems closed at $159.71 per share on June 23, 2026, with a market capitalization of $25.94 billion, and its shares have lost 42.86% over the past 52 weeks.
Veeva Systems Inc Class AFund argues stock is undervalued at 55% discount to historical P/S, implying a buying opportunity.