IFM Investors Pty Ltd boosted its position in Veeva Systems Inc (NYSE:VEEV) by 26.8% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 6,098 shares of the technology company’s stock after purchasing an additional 1,290 shares during the period. IFM Investors Pty Ltd’s holdings in Veeva Systems were worth $664,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of VEEV. Flagship Harbor Advisors LLC bought a new position in shares of Veeva Systems during the 2nd quarter valued at approximately $149,000. Global Trust Asset Management LLC bought a new position in shares of Veeva Systems during the 3rd quarter valued at approximately $163,000. Mutual of America Capital Management LLC bought a new position in shares of Veeva Systems during the 2nd quarter valued at approximately $169,000. Cerebellum GP LLC grew its position in shares of Veeva Systems by 1,645.0% during the 2nd quarter. Cerebellum GP LLC now owns 2,251 shares of the technology company’s stock valued at $173,000 after acquiring an additional 2,122 shares during the period. Finally, XR Securities LLC bought a new position in shares of Veeva Systems during the 2nd quarter valued at approximately $215,000. 75.55% of the stock is owned by institutional investors and hedge funds.
In other Veeva Systems news, EVP Alan Mateo sold 46,547 shares of the stock in a transaction that occurred on Monday, August 13th. The shares were sold at an average price of $85.42, for a total value of $3,976,044.74. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, President Matthew J. Wallach sold 12,000 shares of the stock in a transaction that occurred on Friday, October 12th. The stock was sold at an average price of $91.13, for a total transaction of $1,093,560.00. Following the completion of the sale, the president now owns 12,000 shares in the company, valued at $1,093,560. The disclosure for this sale can be found here. Insiders have sold a total of 172,476 shares of company stock worth $16,528,424 over the last 90 days. 15.97% of the stock is currently owned by corporate insiders.
Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Thursday, August 23rd. The technology company reported $0.39 EPS for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.05. The company had revenue of $209.60 million for the quarter, compared to analysts’ expectations of $203.50 million. Veeva Systems had a net margin of 21.23% and a return on equity of 13.58%. Veeva Systems’s revenue was up 24.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.23 EPS. As a group, research analysts predict that Veeva Systems Inc will post 1.1 earnings per share for the current fiscal year.
A number of research firms have recently weighed in on VEEV. Morgan Stanley reduced their target price on shares of Veeva Systems from $113.00 to $109.00 and set an “overweight” rating for the company in a research report on Tuesday, October 23rd. Canaccord Genuity increased their target price on shares of Veeva Systems from $85.00 to $98.00 and gave the company a “buy” rating in a research report on Friday, August 24th. They noted that the move was a valuation call. DA Davidson increased their target price on shares of Veeva Systems to $105.00 and gave the company a “buy” rating in a research report on Friday, August 24th. KeyCorp restated a “buy” rating on shares of Veeva Systems in a research note on Thursday, August 23rd. Finally, Stifel Nicolaus upped their price target on shares of Veeva Systems from $95.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, October 5th. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $99.07.
About Veeva Systems
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 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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