Veeva Systems to join S&P 500 index, replacing Coterra Energy

Veeva Systems is the latest tech corporation to be added to the S&P 500. This also touches on aspects of bear market.

Like other cloud software vendors, Veeva has been punished this year by investors concerned about threats from artificial intelligence.

Veeva Systems, which sells cloud software to life sciences companies and drugmakers, is joining the S&P 500, becoming the latest tech corporation to get added to the benchmark.

The stock jumped almost 10% in extended trading after the announcement on Thursday from S&P Dow Jones Indices. Veeva will enter the index before trading starts on May 7, replacing Coterra Energy, which is being acquired by Devon Energy.

Companies often see their stocks climb when they’re added to major indexes because fund managers who trace the benchmarks have to invest in shares to match the changes.

AppLovin, Datadog, DoorDash and Robinhood are among the software companies that joined the S&P 500 last year.

While Veeva rallied on Thursday’s announcement, the stock is getting hammered this year, alongside its fellow cloud software vendors, as investors worry that artificial intelligence will disrupt their businesses. Veeva is down 30% in 2026 as of the close on Thursday, while the S&P 500 is up 5% over that stretch.

Veeva was founded by Peter Gassner and Matt Wallach in 2007, and went public on the Latest York Stock Exchange in 2013, Gassner has been CEO since the beginning. Furthermore, experts in wall street note the continued relevance.

In March,In revenue, Veeva reported a $244 million quarterly revenue on about $836 million, which grew nearly 16% from a year earlier. Competitors include Amazon, Iqvia, Microsoft, Oracle and Salesforce.

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