Fulcrum Equity Management Cuts Position in Veeva Systems Inc. (NYSE:VEEV)


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Fulcrum Equity Management lowered its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 9.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,901 shares of the technology company’s stock after selling 732 shares during the quarter. Fulcrum Equity Management’s holdings in Veeva Systems were worth $1,803,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of VEEV. Engineers Gate Manager LP increased its position in shares of Veeva Systems by 16.9% during the third quarter. Engineers Gate Manager LP now owns 8,887 shares of the technology company’s stock worth $2,499,000 after acquiring an additional 1,283 shares during the period. ExodusPoint Capital Management LP purchased a new position in Veeva Systems in the third quarter valued at $2,741,000. Lombard Odier Asset Management Switzerland SA purchased a new position in Veeva Systems in the third quarter valued at $485,000. AQR Capital Management LLC increased its holdings in Veeva Systems by 159.2% in the third quarter. AQR Capital Management LLC now owns 306,704 shares of the technology company’s stock valued at $86,227,000 after buying an additional 188,380 shares during the last quarter. Finally, Kiwi Wealth Investments Limited Partnership purchased a new position in Veeva Systems in the third quarter valued at $4,469,000. 77.54% of the stock is currently owned by institutional investors and hedge funds.

VEEV has been the topic of several recent analyst reports. Morgan Stanley increased their target price on Veeva Systems from $332.00 to $340.00 and gave the company an “overweight” rating in a report on Tuesday, March 9th. KeyCorp upped their price objective on shares of Veeva Systems from $332.00 to $353.00 and gave the company an “overweight” rating in a research note on Wednesday, February 17th. Citigroup upped their price objective on shares of Veeva Systems from $320.00 to $335.00 and gave the company a “buy” rating in a research note on Wednesday, March 10th. JPMorgan Chase & Co. downgraded shares of Veeva Systems from a “neutral” rating to an “underweight” rating and set a $297.00 price objective for the company. in a research note on Wednesday, December 9th. Finally, SVB Leerink upped their price objective on shares of Veeva Systems from $282.00 to $294.00 and gave the company a “market perform” rating in a research note on Tuesday, March 9th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $299.04.

In other Veeva Systems news, Director Paul Edward Chamberlain sold 100 shares of Veeva Systems stock in a transaction on Wednesday, March 31st. The shares were sold at an average price of $255.37, for a total value of $25,537.00. Following the transaction, the director now owns 15,750 shares in the company, valued at approximately $4,022,077.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CMO Eleni Nitsa Zuppas sold 352 shares of Veeva Systems stock in a transaction on Monday, April 5th. The shares were sold at an average price of $265.98, for a total transaction of $93,624.96. Following the completion of the transaction, the chief marketing officer now owns 9,071 shares in the company, valued at approximately $2,412,704.58. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,564 shares of company stock valued at $2,908,213. 14.38% of the stock is currently owned by corporate insiders.

Veeva Systems stock traded up $5.27 during mid-day trading on Thursday, reaching $265.65. The company had a trading volume of 8,099 shares, compared to its average volume of 1,002,926. Veeva Systems Inc. has a 1 year low of $152.24 and a 1 year high of $325.54. The company has a market capitalization of $40.24 billion, a P/E ratio of 121.67, a P/E/G ratio of 9.41 and a beta of 0.84. The stock’s 50-day simple moving average is $270.06 and its 200-day simple moving average is $279.14.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Monday, March 1st. The technology company reported $0.78 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.10. Veeva Systems had a net margin of 24.88% and a return on equity of 15.73%. The company had revenue of $396.80 million during the quarter, compared to analysts’ expectations of $380.20 million. During the same period last year, the company posted $0.54 earnings per share. The firm’s quarterly revenue was up 27.4% compared to the same quarter last year. On average, analysts anticipate that Veeva Systems Inc. will post 1.95 earnings per share for the current fiscal year.

About Veeva Systems

Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, commercial data warehouse, allocation and alignment applications, master data management application, and data and services; 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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