Taylor Hoffman Wealth Management boosted its position in shares of Veeva Systems Inc (NYSE:VEEV) by 33.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,579 shares of the technology company’s stock after buying an additional 641 shares during the quarter. Taylor Hoffman Wealth Management’s holdings in Veeva Systems were worth $394,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in VEEV. Bath Savings Trust Co boosted its position in shares of Veeva Systems by 34.4% in the 2nd quarter. Bath Savings Trust Co now owns 2,325 shares of the technology company’s stock worth $377,000 after buying an additional 595 shares in the last quarter. DNB Asset Management AS increased its stake in shares of Veeva Systems by 0.9% during the 2nd quarter. DNB Asset Management AS now owns 23,339 shares of the technology company’s stock valued at $3,783,000 after acquiring an additional 210 shares during the last quarter. Spence Asset Management increased its stake in shares of Veeva Systems by 0.6% during the 2nd quarter. Spence Asset Management now owns 47,234 shares of the technology company’s stock valued at $7,657,000 after acquiring an additional 284 shares during the last quarter. Valeo Financial Advisors LLC increased its stake in shares of Veeva Systems by 46.7% during the 2nd quarter. Valeo Financial Advisors LLC now owns 594 shares of the technology company’s stock valued at $96,000 after acquiring an additional 189 shares during the last quarter. Finally, XR Securities LLC acquired a new position in shares of Veeva Systems during the 2nd quarter valued at about $249,000. 76.77% of the stock is owned by institutional investors and hedge funds.
A number of research firms have recently commented on VEEV. Barclays upped their price objective on shares of Veeva Systems from $151.00 to $165.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 28th. DA Davidson upped their price objective on shares of Veeva Systems from $165.00 to $200.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. JPMorgan Chase & Co. upped their price objective on shares of Veeva Systems from $150.00 to $183.00 and gave the company a “neutral” rating in a research note on Wednesday, August 28th. Morgan Stanley dropped their target price on shares of Veeva Systems from $154.00 to $150.00 and set an “equal weight” rating for the company in a research report on Thursday, October 3rd. Finally, ValuEngine downgraded shares of Veeva Systems from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $168.11.
Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Tuesday, August 27th. The technology company reported $0.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.03. The firm had revenue of $266.90 million during the quarter, compared to analysts’ expectations of $259.35 million. Veeva Systems had a return on equity of 18.10% and a net margin of 29.72%. Veeva Systems’s quarterly revenue was up 27.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.39 EPS. As a group, sell-side analysts expect that Veeva Systems Inc will post 1.62 EPS for the current fiscal year.
In other news, insider Eleni Nitsa Zuppas sold 3,000 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $161.08, for a total transaction of $483,240.00. Following the completion of the transaction, the insider now directly owns 13,498 shares in the company, valued at approximately $2,174,257.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Timothy S. Cabral sold 15,000 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $167.57, for a total value of $2,513,550.00. Following the transaction, the chief financial officer now owns 586 shares of the company’s stock, valued at $98,196.02. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 75,506 shares of company stock valued at $11,809,495. Company insiders own 14.38% of the company’s stock.
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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