State Street Corp decreased its stake in Veeva Systems Inc. (NYSE:VEEV) by 0.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,835,306 shares of the technology company’s stock after selling 2,072 shares during the period. State Street Corp owned 1.88% of Veeva Systems worth $797,260,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Americana Partners LLC raised its stake in Veeva Systems by 2.2% during the 3rd quarter. Americana Partners LLC now owns 1,611 shares of the technology company’s stock valued at $452,000 after acquiring an additional 34 shares in the last quarter. Patten Group Inc. grew its holdings in Veeva Systems by 2.4% during the third quarter. Patten Group Inc. now owns 1,701 shares of the technology company’s stock worth $478,000 after acquiring an additional 40 shares during the period. Shepherd Financial Partners LLC grew its holdings in Veeva Systems by 0.8% in the second quarter. Shepherd Financial Partners LLC now owns 6,034 shares of the technology company’s stock valued at $1,414,000 after purchasing an additional 45 shares during the last quarter. Endurance Wealth Management Inc. boosted its stake in shares of Veeva Systems by 26.3% during the third quarter. Endurance Wealth Management Inc. now owns 221 shares of the technology company’s stock valued at $62,000 after acquiring an additional 46 shares during the last quarter. Finally, IFG Advisory LLC boosted its stake in shares of Veeva Systems by 0.6% during the second quarter. IFG Advisory LLC now owns 8,951 shares of the technology company’s stock valued at $2,098,000 after acquiring an additional 50 shares during the last quarter. 79.56% of the stock is currently owned by institutional investors and hedge funds.
In other news, EVP Alan Mateo sold 2,666 shares of the firm’s stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $259.35, for a total value of $691,427.10. Following the completion of the sale, the executive vice president now directly owns 11,638 shares of the company’s stock, valued at approximately $3,018,315.30. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Jonathan Faddis sold 261 shares of the firm’s stock in a transaction dated Wednesday, October 14th. The stock was sold at an average price of $307.22, for a total transaction of $80,184.42. Following the completion of the sale, the senior vice president now directly owns 1,412 shares of the company’s stock, valued at $433,794.64. The disclosure for this sale can be found here. In the last three months, insiders sold 24,128 shares of company stock worth $6,748,344. Insiders own 14.38% of the company’s stock.
Shares of VEEV stock opened at $274.25 on Friday. Veeva Systems Inc. has a 52-week low of $118.11 and a 52-week high of $313.99. The company has a 50-day simple moving average of $285.94 and a two-hundred day simple moving average of $253.70. The company has a market capitalization of $41.36 billion, a price-to-earnings ratio of 133.13, a PEG ratio of 10.89 and a beta of 0.91.
Veeva Systems (NYSE:VEEV) last issued its quarterly earnings data on Thursday, August 27th. The technology company reported $0.72 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.08. The business had revenue of $353.68 million during the quarter, compared to the consensus estimate of $340.00 million. Veeva Systems had a net margin of 25.60% and a return on equity of 15.77%. The firm’s quarterly revenue was up 32.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.55 EPS. As a group, research analysts predict that Veeva Systems Inc. will post 1.82 earnings per share for the current fiscal year.
Several brokerages recently commented on VEEV. DA Davidson raised their target price on Veeva Systems from $235.00 to $325.00 and gave the company a “buy” rating in a report on Friday, August 28th. Zacks Investment Research cut Veeva Systems from a “buy” rating to a “hold” rating and set a $280.00 price target for the company. in a research report on Monday, August 24th. Needham & Company LLC boosted their price target on Veeva Systems from $235.00 to $310.00 and gave the company a “buy” rating in a research note on Friday, August 28th. Stifel Nicolaus upped their price objective on Veeva Systems from $225.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, August 28th. Finally, Bank of America increased their price target on Veeva Systems from $230.00 to $302.00 and gave the stock a “buy” rating in a research report on Friday, August 28th. One analyst has rated the stock with a sell rating, nine have given a hold rating and fourteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $275.28.
Veeva Systems Company Profile
Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, commercial data warehouse, allocation and alignment applications, master data management application, and data and services; 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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