Vanguard Group Inc. boosted its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 26.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,180,083 shares of the company’s stock after buying an additional 1,276,212 shares during the period. Vanguard Group Inc. owned approximately 4.59% of Veeva Systems worth $210,865,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Emerald Mutual Fund Advisers Trust increased its stake in shares of Veeva Systems by 3.8% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 1,038,773 shares of the company’s stock worth $35,443,000 after buying an additional 37,926 shares during the last quarter. Teachers Advisors Inc. increased its stake in shares of 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 last quarter. DekaBank Deutsche Girozentrale bought a new stake in shares of Veeva Systems during the second quarter worth approximately $1,486,000. William Blair Investment Management LLC bought a new stake in shares of Veeva Systems during the second quarter worth approximately $75,081,000. Finally, Quantitative Investment Management LLC increased its stake in shares of Veeva Systems by 161.2% in the second quarter. Quantitative Investment Management LLC now owns 75,500 shares of the company’s stock worth $2,576,000 after buying an additional 46,600 shares during the last quarter. 70.67% of the stock is currently owned by institutional investors and hedge funds.
Shares of Veeva Systems Inc. (NYSE:VEEV) opened at 37.88 on Friday. The firm has a market cap of $5.16 billion, a PE ratio of 102.38 and a beta of 1.58. Veeva Systems Inc. has a 12-month low of $19.97 and a 12-month high of $42.58. The company has a 50 day moving average price of $40.17 and a 200 day moving average price of $34.38.
Veeva Systems (NYSE:VEEV) last released its earnings results on Tuesday, August 30th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.02. Veeva Systems had a return on equity of 11.26% and a net margin of 11.33%. The company had revenue of $131.30 million for the quarter, compared to analysts’ expectations of $126.61 million. During the same quarter in the previous year, the firm posted $0.13 EPS. The firm’s quarterly revenue was up 33.8% on a year-over-year basis. On average, analysts forecast that Veeva Systems Inc. will post $0.60 earnings per share for the current fiscal year.
A number of brokerages have recently commented on VEEV. Stifel Nicolaus upped their target price on Veeva Systems from $43.00 to $45.00 and gave the stock a “buy” rating in a research note on Friday, September 30th. Bank of America Corp. reiterated a “hold” rating and set a $44.00 price target on shares of Veeva Systems in a research report on Friday, September 30th. Needham & Company LLC reiterated a “buy” rating and set a $46.00 price target (up previously from $43.00) on shares of Veeva Systems in a research report on Friday, September 30th. Goldman Sachs Group Inc. assumed coverage on Veeva Systems in a research report on Tuesday, October 4th. They set a “neutral” rating and a $43.00 price target on the stock. Finally, Pacific Crest set a $42.00 price target on Veeva Systems and gave the stock a “buy” rating in a research report on Wednesday, August 31st. Nine research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $41.46.
In other news, President Matthew J. Wallach sold 84,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 28th. The stock was sold at an average price of $41.47, for a total transaction of $3,483,480.00. Following the sale, the president now owns 42,000 shares of the company’s stock, valued at approximately $1,741,740. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gordon Ritter sold 19,200 shares of the business’s stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $37.41, for a total value of $718,272.00. The disclosure for this sale can be found here. Company insiders own 19.17% of the company’s stock.
About Veeva Systems
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.
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