ClariVest Asset Management LLC Sells 300 Shares of Veeva Systems Inc (NYSE:VEEV)

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ClariVest Asset Management LLC lessened its position in Veeva Systems Inc (NYSE:VEEV) by 1.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,400 shares of the technology company’s stock after selling 300 shares during the period. ClariVest Asset Management LLC’s holdings in Veeva Systems were worth $3,096,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Marvin & Palmer Associates Inc. bought a new stake in shares of Veeva Systems in the 1st quarter valued at about $5,610,000. Northern Trust Corp grew its position in shares of Veeva Systems by 7.8% in the 1st quarter. Northern Trust Corp now owns 866,620 shares of the technology company’s stock valued at $109,939,000 after buying an additional 62,872 shares during the last quarter. Commonwealth Equity Services LLC grew its position in shares of Veeva Systems by 34.1% in the 1st quarter. Commonwealth Equity Services LLC now owns 47,107 shares of the technology company’s stock valued at $5,975,000 after buying an additional 11,971 shares during the last quarter. OppenheimerFunds Inc. grew its position in shares of Veeva Systems by 3,084.6% in the 1st quarter. OppenheimerFunds Inc. now owns 134,867 shares of the technology company’s stock valued at $17,109,000 after buying an additional 130,632 shares during the last quarter. Finally, Sheets Smith Wealth Management grew its position in shares of Veeva Systems by 81.0% in the 1st quarter. Sheets Smith Wealth Management now owns 7,813 shares of the technology company’s stock valued at $991,000 after buying an additional 3,496 shares during the last quarter. 78.11% of the stock is owned by institutional investors and hedge funds.

In related news, SVP Jonathan Faddis sold 1,667 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $127.29, for a total transaction of $212,192.43. Following the transaction, the senior vice president now directly owns 2,740 shares of the company’s stock, valued at approximately $348,774.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Alan Mateo sold 487 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $163.95, for a total value of $79,843.65. Following the transaction, the executive vice president now directly owns 20,022 shares in the company, valued at $3,282,606.90. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 104,126 shares of company stock worth $15,453,935. 14.38% of the stock is owned by company insiders.

Shares of Veeva Systems stock opened at $167.02 on Thursday. Veeva Systems Inc has a one year low of $73.47 and a one year high of $167.92. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.73 and a current ratio of 3.73. The stock has a market cap of $23.75 billion, a P/E ratio of 134.69, a price-to-earnings-growth ratio of 6.64 and a beta of 1.50.

Veeva Systems (NYSE:VEEV) last announced its earnings results on Wednesday, May 29th. The technology company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.08). Veeva Systems had a net margin of 28.41% and a return on equity of 17.61%. The business had revenue of $244.75 million for the quarter, compared to the consensus estimate of $238.69 million. During the same quarter in the previous year, the company earned $0.33 EPS. The firm’s revenue for the quarter was up 25.2% on a year-over-year basis. Equities research analysts expect that Veeva Systems Inc will post 1.6 earnings per share for the current fiscal year.

A number of research firms have commented on VEEV. Deutsche Bank upped their price target on Veeva Systems from $115.00 to $135.00 and gave the company a “hold” rating in a research report on Thursday, May 30th. SunTrust Banks upped their price target on Veeva Systems to $150.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. Barclays upped their price target on Veeva Systems from $144.00 to $151.00 and gave the company an “equal weight” rating in a research report on Thursday, May 30th. Canaccord Genuity upped their price target on Veeva Systems from $115.00 to $135.00 and gave the company a “hold” rating in a research report on Thursday, May 30th. Finally, KeyCorp upped their price target on Veeva Systems from $133.00 to $172.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Seven research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $147.00.

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Veeva Systems Profile

Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, and internationally. The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, data solutions, and master data management solutions; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including medical, sales, and marketing, as well as research and development functions, such as clinical, regulatory, quality, and safety.

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

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