Westpac Banking Corp Increases Position in Veeva Systems Inc (NYSE:VEEV)

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Westpac Banking Corp lifted its position in Veeva Systems Inc (NYSE:VEEV) by 100.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,081 shares of the technology company’s stock after purchasing an additional 10,042 shares during the period. Westpac Banking Corp’s holdings in Veeva Systems were worth $3,255,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC increased its holdings in Veeva Systems by 15.9% in the fourth quarter. Geode Capital Management LLC now owns 1,307,248 shares of the technology company’s stock valued at $116,693,000 after purchasing an additional 179,262 shares during the period. Dimensional Fund Advisors LP increased its holdings in Veeva Systems by 1.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 266,853 shares of the technology company’s stock valued at $23,834,000 after purchasing an additional 4,441 shares during the period. Mercer Global Advisors Inc. ADV acquired a new stake in Veeva Systems in the first quarter valued at $211,000. Pennsylvania Trust Co acquired a new stake in Veeva Systems during the 1st quarter worth about $1,698,000. Finally, Meeder Asset Management Inc. grew its holdings in Veeva Systems by 26.9% during the 1st quarter. Meeder Asset Management Inc. now owns 6,253 shares of the technology company’s stock worth $793,000 after acquiring an additional 1,326 shares during the period. 77.50% of the stock is owned by hedge funds and other institutional investors.

In related news, CAO Michele O’connor sold 833 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $157.69, for a total value of $131,355.77. Following the transaction, the chief accounting officer now owns 833 shares of the company’s stock, valued at approximately $131,355.77. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Alan Mateo sold 4,539 shares of the firm’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $154.35, for a total transaction of $700,594.65. Following the completion of the transaction, the executive vice president now directly owns 22,174 shares in the company, valued at approximately $3,422,556.90. The disclosure for this sale can be found here. In the last ninety days, insiders sold 78,839 shares of company stock worth $12,607,413. 14.38% of the stock is owned by insiders.

A number of analysts have weighed in on VEEV shares. Goldman Sachs Group started coverage on Veeva Systems in a report on Friday, June 7th. They set a “neutral” rating and a $151.00 price target for the company. Stephens upgraded Veeva Systems from an “equal” rating to an “overweight” rating and increased their price target for the stock from $130.00 to $155.00 in a report on Thursday, May 30th. Canaccord Genuity increased their price objective on shares of Veeva Systems from $115.00 to $135.00 and gave the stock a “hold” rating in a research report on Thursday, May 30th. Stifel Nicolaus increased their price objective on shares of Veeva Systems from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, May 22nd. Finally, KeyCorp increased their price objective on shares of Veeva Systems from $133.00 to $172.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $149.94.

VEEV stock opened at $160.34 on Friday. The stock has a market capitalization of $23.10 billion, a PE ratio of 129.31, a price-to-earnings-growth ratio of 7.92 and a beta of 1.39. The company’s 50-day moving average is $166.52 and its 200-day moving average is $142.78. The company has a debt-to-equity ratio of 0.01, a current ratio of 3.73 and a quick ratio of 3.73. Veeva Systems Inc has a 1 year low of $79.26 and a 1 year high of $176.90.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Wednesday, May 29th. The technology company reported $0.37 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.08). Veeva Systems had a return on equity of 17.61% and a net margin of 28.41%. The company had revenue of $244.75 million for the quarter, compared to the consensus estimate of $238.69 million. During the same period last year, the company earned $0.33 EPS. Veeva Systems’s revenue for the quarter was up 25.2% compared to the same quarter last year. On average, analysts anticipate that Veeva Systems Inc will post 1.6 earnings per share for the current fiscal year.

Veeva Systems Company 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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