Schwab Charles Investment Management Inc. decreased its position in Veeva Systems Inc (NYSE:VEEV) by 24.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 332,728 shares of the technology company’s stock after selling 106,383 shares during the period. Schwab Charles Investment Management Inc. owned approximately 0.24% of Veeva Systems worth $18,770,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. increased its holdings in Veeva Systems by 44.9% in the 2nd quarter. BlackRock Inc. now owns 5,812,749 shares of the technology company’s stock worth $356,379,000 after acquiring an additional 1,801,439 shares in the last quarter. FMR LLC boosted its position in shares of Veeva Systems by 50.9% during the 2nd quarter. FMR LLC now owns 3,456,402 shares of the technology company’s stock valued at $211,912,000 after acquiring an additional 1,166,372 shares during the last quarter. State Street Corp boosted its position in shares of Veeva Systems by 52.1% during the 2nd quarter. State Street Corp now owns 1,856,894 shares of the technology company’s stock valued at $113,851,000 after acquiring an additional 635,842 shares during the last quarter. Koch Industries Inc. bought a new position in shares of Veeva Systems during the 2nd quarter valued at approximately $408,000. Finally, Sumitomo Mitsui Trust Holdings Inc. bought a new stake in Veeva Systems in the second quarter worth $21,806,000. Institutional investors own 70.90% of the company’s stock.
VEEV has been the subject of a number of analyst reports. Zacks Investment Research downgraded Veeva Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, October 24th. BidaskClub upgraded Veeva Systems from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 20th. Canaccord Genuity restated a “buy” rating and set a $70.00 price target on shares of Veeva Systems in a research note on Wednesday, December 6th. Stifel Nicolaus reiterated a “buy” rating and issued a $67.00 target price on shares of Veeva Systems in a research note on Friday, October 13th. Finally, Needham & Company LLC reiterated a “buy” rating on shares of Veeva Systems in a research note on Thursday, October 12th. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $67.45.
Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Tuesday, December 5th. The technology company reported $0.25 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.09. Veeva Systems had a return on equity of 12.21% and a net margin of 19.97%. The business had revenue of $176.10 million for the quarter, compared to analyst estimates of $171.99 million. During the same quarter in the prior year, the company posted $0.22 EPS. The company’s quarterly revenue was up 23.3% on a year-over-year basis. research analysts forecast that Veeva Systems Inc will post 0.68 EPS for the current year.
In other Veeva Systems news, Director Gordon Ritter sold 9,600 shares of the company’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $61.03, for a total transaction of $585,888.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Eleni Nitsa Zuppas sold 13,000 shares of the company’s stock in a transaction dated Friday, October 13th. The stock was sold at an average price of $58.96, for a total value of $766,480.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 188,929 shares of company stock worth $10,908,720. 17.50% of the stock is owned by corporate insiders.
About Veeva Systems
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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