Essex Investment Management Co. LLC Has $1.58 Million Stake in Veeva Systems Inc. (VEEV)

Essex Investment Management Co. LLC grew its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 97.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,018 shares of the technology company’s stock after buying an additional 13,837 shares during the quarter. Essex Investment Management Co. LLC’s holdings in Veeva Systems were worth $1,580,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of VEEV. BlackRock Inc. grew its holdings in shares of Veeva Systems by 24,931.6% during the first quarter. BlackRock Inc. now owns 4,011,310 shares of the technology company’s stock valued at $205,701,000 after buying an additional 3,995,285 shares during the last quarter. FMR LLC grew its holdings in shares of Veeva Systems by 50.9% during the second quarter. FMR LLC now owns 3,456,402 shares of the technology company’s stock valued at $211,912,000 after buying an additional 1,166,372 shares during the last quarter. State Street Corp grew its holdings in shares of Veeva Systems by 52.1% during the second quarter. State Street Corp now owns 1,856,894 shares of the technology company’s stock valued at $113,851,000 after buying an additional 635,842 shares during the last quarter. Koch Industries Inc. acquired a new position in shares of Veeva Systems during the second quarter valued at about $408,000. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of Veeva Systems during the second quarter valued at about $21,806,000. Hedge funds and other institutional investors own 71.91% of the company’s stock.

In other Veeva Systems news, CFO Timothy S. Cabral sold 40,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $58.82, for a total value of $2,352,800.00. Following the sale, the chief financial officer now owns 30,000 shares in the company, valued at approximately $1,764,600. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Gordon Ritter sold 5,100 shares of the company’s stock in a transaction that occurred on Tuesday, September 26th. The stock was sold at an average price of $54.55, for a total value of $278,205.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 304,425 shares of company stock worth $17,776,992. Insiders own 19.17% of the company’s stock.

A number of research firms recently weighed in on VEEV. Zacks Investment Research lowered shares of Veeva Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, October 24th. BidaskClub raised shares of Veeva Systems from a “buy” rating to a “strong-buy” rating in a research report on Friday, October 20th. Stifel Nicolaus reissued a “buy” rating and set a $67.00 price target on shares of Veeva Systems in a research report on Friday, October 13th. Needham & Company LLC reissued a “buy” rating on shares of Veeva Systems in a research report on Thursday, October 12th. Finally, JMP Securities reissued a “buy” rating and set a $70.00 price target on shares of Veeva Systems in a research report on Saturday, August 26th. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Veeva Systems currently has an average rating of “Buy” and an average target price of $65.75.

Shares of Veeva Systems Inc. (VEEV) opened at $61.62 on Friday. The company has a market cap of $8.66 billion, a PE ratio of 103.31, a price-to-earnings-growth ratio of 4.99 and a beta of 1.64. Veeva Systems Inc. has a 12-month low of $37.34 and a 12-month high of $68.07.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Thursday, August 24th. The technology company reported $0.23 EPS for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.03. The firm had revenue of $166.59 million for the quarter, compared to analyst estimates of $164.26 million. Veeva Systems had a return on equity of 12.77% and a net margin of 18.98%. Veeva Systems’s revenue for the quarter was up 26.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.15 earnings per share. equities analysts predict that Veeva Systems Inc. will post 0.65 earnings per share for the current fiscal year.

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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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Institutional Ownership by Quarter for Veeva Systems (NYSE:VEEV)

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