Los Angeles Capital Management & Equity Research Inc. increased its holdings in Veeva Systems Inc (NYSE:VEEV) by 42.5% during the first quarter, HoldingsChannel.com reports. The fund owned 121,554 shares of the technology company’s stock after buying an additional 36,230 shares during the period. Los Angeles Capital Management & Equity Research Inc.’s holdings in Veeva Systems were worth $15,420,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also made changes to their positions in the company. FMR LLC grew its position in Veeva Systems by 63.4% in the 4th quarter. FMR LLC now owns 5,926,515 shares of the technology company’s stock valued at $529,357,000 after buying an additional 2,300,472 shares during the last quarter. First Trust Advisors LP grew its position in Veeva Systems by 4.5% in the 4th quarter. First Trust Advisors LP now owns 2,407,957 shares of the technology company’s stock valued at $215,079,000 after buying an additional 102,884 shares during the last quarter. Geode Capital Management LLC grew its position in Veeva Systems by 15.9% in the 4th quarter. Geode Capital Management LLC now owns 1,307,248 shares of the technology company’s stock valued at $116,693,000 after buying an additional 179,262 shares during the last quarter. Norges Bank purchased a new position in Veeva Systems in the 4th quarter valued at $97,108,000. Finally, Two Sigma Advisers LP grew its position in Veeva Systems by 56.1% in the 4th quarter. Two Sigma Advisers LP now owns 1,036,900 shares of the technology company’s stock valued at $92,616,000 after buying an additional 372,700 shares during the last quarter. 77.72% of the stock is currently owned by institutional investors and hedge funds.
In related news, SVP Jonathan Faddis sold 1,667 shares of the business’s stock in a transaction dated Monday, February 4th. The shares were sold at an average price of $113.95, for a total value of $189,954.65. Following the sale, the senior vice president now directly owns 2,740 shares in the company, valued at approximately $312,223. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Timothy S. Cabral sold 48,765 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $113.91, for a total transaction of $5,554,821.15. Following the completion of the sale, the chief financial officer now owns 23,074 shares in the company, valued at $2,628,359.34. The disclosure for this sale can be found here. Insiders sold a total of 116,516 shares of company stock worth $13,857,648 over the last quarter. Insiders own 15.97% of the company’s stock.
Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Tuesday, February 26th. The technology company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.31 by $0.04. Veeva Systems had a net margin of 26.66% and a return on equity of 16.91%. The business had revenue of $232.32 million for the quarter, compared to analyst estimates of $227.15 million. During the same period in the previous year, the firm earned $0.23 EPS. The business’s revenue for the quarter was up 24.9% compared to the same quarter last year. As a group, sell-side analysts predict that Veeva Systems Inc will post 1.53 earnings per share for the current fiscal year.
A number of equities analysts recently weighed in on VEEV shares. SunTrust Banks lifted their price objective on shares of Veeva Systems to $140.00 and gave the company a “buy” rating in a research report on Wednesday, February 27th. DA Davidson lifted their price objective on shares of Veeva Systems to $140.00 and gave the company a “buy” rating in a research report on Wednesday, February 27th. Needham & Company LLC restated a “buy” rating and set a $135.00 target price (up from $110.00) on shares of Veeva Systems in a research report on Wednesday, February 27th. Zacks Investment Research upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating and set a $126.00 target price on the stock in a research report on Saturday, February 9th. Finally, Stephens assumed coverage on shares of Veeva Systems in a research report on Wednesday, January 16th. They set an “equal weight” rating and a $113.00 target price on the stock. Seven analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $119.71.
Veeva Systems Company 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 and data 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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