PNC Financial Services Group Inc. lowered its stake in Veeva Systems Inc. (NYSE:VEEV) by 8.2% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 9,727 shares of the company’s stock after selling 869 shares during the period. PNC Financial Services Group Inc.’s holdings in Veeva Systems were worth $332,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of VEEV. Teachers Advisors Inc. boosted its position in Veeva Systems by 26.6% in the first quarter. Teachers Advisors Inc. now owns 66,421 shares of the company’s stock worth $1,663,000 after buying an additional 13,946 shares during the period. Norges Bank acquired a new position in Veeva Systems during the fourth quarter valued at approximately $11,094,000. DekaBank Deutsche Girozentrale acquired a new position in Veeva Systems during the second quarter valued at approximately $1,486,000. Parametrica Management Ltd acquired a new position in Veeva Systems during the first quarter valued at approximately $202,000. Finally, Quantitative Investment Management LLC raised its position in Veeva Systems by 161.2% in the second quarter. Quantitative Investment Management LLC now owns 75,500 shares of the company’s stock valued at $2,576,000 after buying an additional 46,600 shares during the last quarter. 70.67% of the stock is owned by hedge funds and other institutional investors.
Shares of Veeva Systems Inc. (NYSE:VEEV) traded down 0.48% during midday trading on Thursday, hitting $41.48. The stock had a trading volume of 506,406 shares. The firm has a market cap of $5.65 billion, a price-to-earnings ratio of 112.11 and a beta of 1.59. The firm has a 50-day moving average price of $40.11 and a 200-day moving average price of $33.30. Veeva Systems Inc. has a 1-year low of $19.97 and a 1-year high of $42.58.
Veeva Systems (NYSE:VEEV) last released its earnings results on Tuesday, August 30th. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. Veeva Systems had a net margin of 11.33% and a return on equity of 11.26%. The company had revenue of $131.30 million for the quarter, compared to analysts’ expectations of $126.61 million. During the same quarter last year, the business earned $0.13 EPS. The firm’s revenue was up 33.8% compared to the same quarter last year. On average, equities analysts anticipate that Veeva Systems Inc. will post $0.60 EPS for the current fiscal year.
Several equities analysts recently commented on VEEV shares. Stifel Nicolaus upped their target price on Veeva Systems from $40.00 to $43.00 and gave the company a “buy” rating in a research note on Wednesday, August 31st. Morgan Stanley reiterated a “buy” rating and issued a $44.00 target price on shares of Veeva Systems in a research note on Tuesday, August 16th. Needham & Company LLC reiterated a “buy” rating and issued a $38.00 target price on shares of Veeva Systems in a research note on Thursday, June 30th. Canaccord Genuity upped their target price on Veeva Systems from $35.00 to $43.00 and gave the company a “buy” rating in a research note on Wednesday, August 31st. Finally, Pacific Crest set a $42.00 target price on Veeva Systems and gave the company a “buy” rating in a research note on Wednesday, August 31st. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Veeva Systems currently has an average rating of “Buy” and a consensus price target of $40.33.
In other news, CFO Timothy S. Cabral sold 42,441 shares of Veeva Systems stock in a transaction that occurred on Thursday, September 8th. The shares were sold at an average price of $41.42, for a total transaction of $1,757,906.22. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Alan Mateo sold 2,716 shares of Veeva Systems stock in a transaction that occurred on Wednesday, September 14th. The shares were sold at an average price of $39.90, for a total transaction of $108,368.40. Following the sale, the executive vice president now owns 9,150 shares in the company, valued at approximately $365,085. The disclosure for this sale can be found here. Company insiders own 19.17% of the company’s stock.
Veeva Systems Company Profile
Veeva Systems Inc (Veeva) is a provider of cloud-based software solutions for the global life sciences industry. The Company offers solutions for a range of requirements within life sciences companies, including multichannel customer relationship management, regulated content and information management, master data management and customer data.
Want to see what other hedge funds are holding VEEV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Veeva Systems Inc. (NYSE:VEEV).
Receive News & Ratings for Veeva Systems Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veeva Systems Inc. and related companies with MarketBeat.com's FREE daily email newsletter.