Russell Investments Group Ltd. Raises Stake in Veeva Systems Inc. (NYSE:VEEV)

Russell Investments Group Ltd. boosted its position in Veeva Systems Inc. (NYSE:VEEV) by 89.6% during the second quarter, Holdings Channel reports. The institutional investor owned 252,705 shares of the technology company’s stock after buying an additional 119,438 shares during the period. Russell Investments Group Ltd.’s holdings in Veeva Systems were worth $15,495,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in VEEV. Morgan Stanley boosted its stake in Veeva Systems by 113.2% in the first quarter. Morgan Stanley now owns 8,439,930 shares of the technology company’s stock worth $432,800,000 after buying an additional 4,482,021 shares in the last quarter. BlackRock Inc. boosted its stake in Veeva Systems by 24,931.6% in the first quarter. BlackRock Inc. now owns 4,011,310 shares of the technology company’s stock worth $205,701,000 after buying an additional 3,995,285 shares in the last quarter. FMR LLC boosted its stake in Veeva Systems by 398.1% in the first quarter. FMR LLC now owns 2,290,030 shares of the technology company’s stock worth $117,433,000 after buying an additional 1,830,270 shares in the last quarter. Vanguard Group Inc. boosted its stake in Veeva Systems by 16.9% in the first quarter. Vanguard Group Inc. now owns 8,835,128 shares of the technology company’s stock worth $453,066,000 after buying an additional 1,276,901 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in Veeva Systems by 22.8% in the first quarter. Wellington Management Group LLP now owns 4,858,775 shares of the technology company’s stock worth $249,158,000 after buying an additional 902,330 shares in the last quarter. Institutional investors and hedge funds own 79.24% of the company’s stock.

Shares of Veeva Systems Inc. (NYSE:VEEV) traded down 4.6525% during midday trading on Thursday, reaching $60.6887. The company’s stock had a trading volume of 840,520 shares. The stock has a market capitalization of $8.48 billion, a PE ratio of 97.7274 and a beta of 1.63. Veeva Systems Inc. has a 12 month low of $36.55 and a 12 month high of $68.07. The stock’s 50 day moving average is $62.90 and its 200 day moving average is $54.44.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Thursday, May 25th. The technology company reported $0.14 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by $0.04. The company had revenue of $157.90 million during the quarter, compared to the consensus estimate of $151.82 million. Veeva Systems had a net margin of 15.86% and a return on equity of 12.28%. Veeva Systems’s quarterly revenue was up 31.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.15 EPS. On average, analysts forecast that Veeva Systems Inc. will post $0.83 EPS for the current fiscal year.

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A number of equities research analysts recently weighed in on VEEV shares. Stifel Nicolaus restated a “buy” rating and issued a $67.00 price target (up previously from $60.00) on shares of Veeva Systems in a report on Sunday, May 21st. Morgan Stanley cut Veeva Systems from an “overweight” rating to an “equal weight” rating and upped their price target for the stock from $53.00 to $68.00 in a report on Monday, June 5th. They noted that the move was a valuation call. Needham & Company LLC restated a “buy” rating and issued a $75.00 price target (up previously from $48.00) on shares of Veeva Systems in a report on Sunday, May 28th. Bank of America Corporation upgraded Veeva Systems from a “neutral” rating to a “buy” rating and upped their price target for the stock from $48.00 to $70.00 in a report on Friday, May 26th. Finally, Zacks Investment Research upgraded Veeva Systems from a “hold” rating to a “buy” rating and set a $75.00 price target on the stock in a report on Wednesday, May 31st. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $62.00.

In other Veeva Systems news, Director Gordon Ritter sold 10,200 shares of the company’s stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $62.91, for a total value of $641,682.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Alan Mateo sold 8,025 shares of the company’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $56.57, for a total value of $453,974.25. Following the completion of the transaction, the executive vice president now directly owns 14,445 shares in the company, valued at approximately $817,153.65. The disclosure for this sale can be found here. Insiders sold 292,258 shares of company stock worth $18,468,436 in the last ninety days. 19.17% of the stock is owned by corporate insiders.

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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Institutional Ownership by Quarter for Veeva Systems (NYSE:VEEV)

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