Tower Research Capital LLC TRC Decreases Holdings in Veeva Systems Inc. (NYSE:VEEV)

Tower Research Capital LLC TRC cut its holdings in shares of Veeva Systems Inc. (NYSE:VEEV – Get Rating) by 49.8% during the 3rd quarter, HoldingsChannel reports. The fund owned 1,888 shares of the technology company’s stock after selling 1,875 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Veeva Systems were worth $311,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its stake in shares of Veeva Systems by 14.3% in the second quarter. Price T Rowe Associates Inc. MD now owns 16,414,343 shares of the technology company’s stock worth $3,250,696,000 after buying an additional 2,056,275 shares during the period. Vanguard Group Inc. increased its stake in shares of Veeva Systems by 1.0% in the first quarter. Vanguard Group Inc. now owns 12,888,204 shares of the technology company’s stock worth $2,738,229,000 after buying an additional 132,560 shares during the period. Artisan Partners Limited Partnership increased its stake in shares of Veeva Systems by 6.4% in the third quarter. Artisan Partners Limited Partnership now owns 9,393,531 shares of the technology company’s stock worth $1,548,805,000 after buying an additional 563,361 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Veeva Systems by 49.9% in the second quarter. Goldman Sachs Group Inc. now owns 1,518,174 shares of the technology company’s stock worth $300,659,000 after buying an additional 505,361 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of Veeva Systems by 1,578.4% in the first quarter. Wellington Management Group LLP now owns 1,504,355 shares of the technology company’s stock worth $319,616,000 after buying an additional 1,414,726 shares during the period. 78.76% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, CEO Peter P. Gassner sold 29,260 shares of the company’s stock in a transaction dated Wednesday, December 14th. The shares were sold at an average price of $179.54, for a total transaction of $5,253,340.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Veeva Systems news, Director Matthew J. Wallach sold 10,000 shares of the company’s stock in a transaction dated Monday, December 5th. The shares were sold at an average price of $169.13, for a total transaction of $1,691,300.00. Following the transaction, the director now owns 2,846 shares in the company, valued at approximately $481,343.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Peter P. Gassner sold 29,260 shares of the company’s stock in a transaction dated Wednesday, December 14th. The shares were sold at an average price of $179.54, for a total transaction of $5,253,340.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 318,610 shares of company stock worth $53,449,824. Company insiders own 13.23% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Oppenheimer decreased their target price on shares of Veeva Systems from $250.00 to $225.00 and set an “outperform” rating on the stock in a research note on Thursday, January 12th. Guggenheim downgraded shares of Veeva Systems from a “buy” rating to a “neutral” rating in a research report on Thursday, February 23rd. SVB Leerink reduced their price objective on shares of Veeva Systems from $242.00 to $233.00 and set an “outperform” rating on the stock in a research report on Friday, December 2nd. Robert W. Baird reduced their price objective on shares of Veeva Systems from $233.00 to $223.00 and set an “outperform” rating on the stock in a research report on Monday. Finally, Raymond James reduced their price objective on shares of Veeva Systems from $215.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, January 17th. Eleven research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, Veeva Systems has a consensus rating of “Moderate Buy” and a consensus price target of $206.83.

Veeva Systems Price Performance

Shares of Veeva Systems stock opened at $166.13 on Thursday. The stock has a market cap of $25.86 billion, a price-to-earnings ratio of 67.81, a PEG ratio of 3.90 and a beta of 0.86. The firm’s 50-day moving average is $167.22 and its 200 day moving average is $173.91. Veeva Systems Inc. has a 1 year low of $151.02 and a 1 year high of $232.76.

Veeva Systems (NYSE:VEEV – Get Rating) last announced its quarterly earnings results on Thursday, December 1st. The technology company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.03. The company had revenue of $552.35 million for the quarter, compared to analysts’ expectations of $545.78 million. Veeva Systems had a net margin of 19.08% and a return on equity of 12.81%. On average, equities analysts expect that Veeva Systems Inc. will post 2.52 EPS for the current fiscal year.

Veeva Systems Profile

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Veeva Systems, Inc engages in the provision of industry cloud solutions for the global life sciences industry. Its solutions enable pharmaceutical and other life sciences companies to realize the benefits of modern cloud-based architectures and mobile applications for their most critical business functions, without compromising industry-specific functionality or regulatory compliance.