Parkside Financial Bank & Trust lowered its stake in Veeva Systems Inc. (NYSE:VEEV) by 3.1% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 1,723 shares of the technology company’s stock after selling 56 shares during the period. Parkside Financial Bank & Trust’s holdings in Veeva Systems were worth $106,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in VEEV. Vanguard Group Inc. increased its stake in shares of 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 during the period. Morgan Stanley increased its stake in shares of 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 during the period. Brown Capital Management LLC increased its stake in shares of Veeva Systems by 3.4% in the first quarter. Brown Capital Management LLC now owns 7,423,513 shares of the technology company’s stock worth $380,678,000 after buying an additional 246,816 shares during the period. Wellington Management Group LLP increased its stake in shares of 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 during the period. Finally, William Blair Investment Management LLC increased its stake in shares of Veeva Systems by 12.7% in the first quarter. William Blair Investment Management LLC now owns 4,376,516 shares of the technology company’s stock worth $224,428,000 after buying an additional 493,514 shares during the period. 80.22% of the stock is owned by hedge funds and other institutional investors.
Shares of Veeva Systems Inc. (NYSE VEEV) opened at 61.98 on Thursday. The stock has a market capitalization of $8.66 billion, a P/E ratio of 99.81 and a beta of 1.63. The stock has a 50 day moving average price of $62.47 and a 200 day moving average price of $53.75. Veeva Systems Inc. has a 12-month low of $36.55 and a 12-month high of $68.07.
Veeva Systems (NYSE:VEEV) last issued its earnings results on Thursday, May 25th. The technology company reported $0.14 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.18 by $0.04. Veeva Systems had a return on equity of 12.28% and a net margin of 15.86%. The business had revenue of $157.90 million during the quarter, compared to the consensus estimate of $151.82 million. During the same period in the prior year, the business earned $0.15 EPS. The business’s revenue was up 31.8% on a year-over-year basis. On average, equities analysts anticipate that Veeva Systems Inc. will post $0.83 earnings per share for the current fiscal year.
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VEEV has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded Veeva Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 27th. Canaccord Genuity reaffirmed a “buy” rating and set a $70.00 price target (up from $48.00) on shares of Veeva Systems in a report on Friday, May 26th. Stifel Nicolaus reaffirmed a “buy” rating and set a $67.00 price target on shares of Veeva Systems in a report on Monday, July 10th. Citigroup Inc. lifted their price target on Veeva Systems from $61.00 to $67.00 and gave the stock a “neutral” rating in a report on Tuesday, May 30th. Finally, Pacific Crest reaffirmed an “overweight” rating and set a $70.00 price target (up from $61.00) on shares of Veeva Systems in a report on Sunday, May 28th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $62.00.
In other news, Director Gordon Ritter sold 10,200 shares of Veeva Systems stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $63.60, for a total transaction of $648,720.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, President Matthew J. Wallach sold 24,000 shares of Veeva Systems stock in a transaction that occurred on Tuesday, May 9th. The shares were sold at an average price of $55.11, for a total value of $1,322,640.00. Following the sale, the president now directly owns 24,000 shares in the company, valued at approximately $1,322,640. The disclosure for this sale can be found here. Insiders sold 276,958 shares of company stock worth $17,322,976 in the last three months. 17.50% of the stock is currently owned by corporate insiders.
Veeva Systems Company Profile
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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