Fmr LLC Increases Position in Veeva Systems Inc (VEEV)

Fmr LLC boosted its stake in Veeva Systems Inc (NYSE:VEEV) by 38.7% during the second quarter, Holdings Channel reports. The institutional investor owned 3,274,017 shares of the technology company’s stock after buying an additional 914,357 shares during the period. Fmr LLC’s holdings in Veeva Systems were worth $251,641,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in VEEV. First Trust Advisors LP grew its stake in Veeva Systems by 24.2% in the 2nd quarter. First Trust Advisors LP now owns 2,553,247 shares of the technology company’s stock valued at $196,243,000 after buying an additional 497,318 shares during the last quarter. BlackRock Inc. grew its stake in Veeva Systems by 5.4% in the 2nd quarter. BlackRock Inc. now owns 6,503,202 shares of the technology company’s stock valued at $499,836,000 after buying an additional 330,441 shares during the last quarter. Fred Alger Management Inc. grew its stake in Veeva Systems by 17.9% in the 2nd quarter. Fred Alger Management Inc. now owns 1,125,066 shares of the technology company’s stock valued at $86,473,000 after buying an additional 170,754 shares during the last quarter. Jag Capital Management LLC acquired a new position in Veeva Systems in the 2nd quarter valued at about $9,744,000. Finally, Sei Investments Co. grew its stake in Veeva Systems by 57.1% in the 2nd quarter. Sei Investments Co. now owns 318,784 shares of the technology company’s stock valued at $24,501,000 after buying an additional 115,897 shares during the last quarter. Institutional investors and hedge funds own 75.55% of the company’s stock.

In other Veeva Systems news, EVP Alan Mateo sold 981 shares of the business’s stock in a transaction dated Tuesday, October 16th. The shares were sold at an average price of $92.07, for a total value of $90,320.67. Following the completion of the sale, the executive vice president now owns 14,342 shares of the company’s stock, valued at approximately $1,320,467.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Timothy S. Cabral sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $101.49, for a total transaction of $5,074,500.00. Following the sale, the chief financial officer now directly owns 30,000 shares of the company’s stock, valued at approximately $3,044,700. The disclosure for this sale can be found here. Insiders sold a total of 172,476 shares of company stock valued at $16,528,424 in the last three months. Insiders own 15.97% of the company’s stock.

NYSE VEEV opened at $91.35 on Thursday. The stock has a market capitalization of $11.96 billion, a price-to-earnings ratio of 99.29, a price-to-earnings-growth ratio of 3.94 and a beta of 1.54. Veeva Systems Inc has a 12-month low of $52.17 and a 12-month high of $109.05.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings data on Thursday, August 23rd. The technology company reported $0.39 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.05. The firm had revenue of $209.60 million during the quarter, compared to the consensus estimate of $203.50 million. Veeva Systems had a net margin of 21.23% and a return on equity of 13.58%. The business’s revenue for the quarter was up 24.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.23 EPS. On average, equities research analysts expect that Veeva Systems Inc will post 1.1 earnings per share for the current fiscal year.

VEEV has been the topic of a number of research reports. Zacks Investment Research upgraded shares of Veeva Systems from a “hold” rating to a “strong-buy” rating and set a $117.00 price target on the stock in a research note on Wednesday, August 29th. ValuEngine upgraded shares of Veeva Systems from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 28th. DA Davidson set a $120.00 price target on shares of Veeva Systems and gave the company a “buy” rating in a research note on Friday, October 5th. Morgan Stanley upped their price target on shares of Veeva Systems from $91.00 to $100.00 and gave the company an “overweight” rating in a research note on Friday, August 24th. They noted that the move was a valuation call. Finally, Guggenheim began coverage on shares of Veeva Systems in a report on Tuesday, August 7th. They issued a “buy” rating and a $100.00 price objective for the company. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $99.07.

Veeva Systems Profile

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

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