1623 Capital LLC lifted its stake in shares of Veeva Systems Inc. (NYSE:VEEV – Free Report) by 7.0% during the first quarter, Holdings Channel.com reports. The fund owned 32,100 shares of the technology company’s stock after purchasing an additional 2,100 shares during the period. Veeva Systems accounts for about 3.8% of 1623 Capital LLC’s holdings, making the stock its 12th biggest holding. 1623 Capital LLC’s holdings in Veeva Systems were worth $5,900,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. DnB Asset Management AS increased its stake in Veeva Systems by 4.6% in the 1st quarter. DnB Asset Management AS now owns 25,596 shares of the technology company’s stock valued at $4,704,000 after buying an additional 1,117 shares during the period. Global Retirement Partners LLC grew its stake in Veeva Systems by 739.5% in the first quarter. Global Retirement Partners LLC now owns 5,104 shares of the technology company’s stock valued at $909,000 after purchasing an additional 4,496 shares in the last quarter. Moran Wealth Management LLC acquired a new position in Veeva Systems in the 4th quarter worth about $4,498,000. BOKF NA raised its stake in shares of Veeva Systems by 20.9% during the 1st quarter. BOKF NA now owns 14,851 shares of the technology company’s stock worth $2,729,000 after purchasing an additional 2,564 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Veeva Systems by 5.9% during the 4th quarter. Russell Investments Group Ltd. now owns 189,230 shares of the technology company’s stock valued at $30,621,000 after buying an additional 10,490 shares during the last quarter. Institutional investors own 80.07% of the company’s stock.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on VEEV. Royal Bank of Canada reaffirmed an “outperform” rating and set a $225.00 price objective on shares of Veeva Systems in a research report on Thursday. Morgan Stanley downgraded Veeva Systems from an “equal weight” rating to an “underweight” rating and set a $181.00 price target on the stock. in a research report on Wednesday, June 28th. Guggenheim raised Veeva Systems from a “neutral” rating to a “buy” rating and set a $226.00 price objective for the company in a research report on Thursday, June 1st. Stifel Nicolaus raised their target price on Veeva Systems from $205.00 to $211.00 and gave the company a “buy” rating in a report on Thursday. Finally, Canaccord Genuity Group increased their price target on shares of Veeva Systems from $170.00 to $210.00 and gave the company a “hold” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Veeva Systems currently has an average rating of “Moderate Buy” and an average price target of $213.43.
In related news, Director Timothy S. Cabral sold 12,036 shares of Veeva Systems stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $200.05, for a total value of $2,407,801.80. Following the transaction, the director now directly owns 71,078 shares of the company’s stock, valued at $14,219,153.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Timothy S. Cabral sold 12,036 shares of the business’s stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $200.05, for a total transaction of $2,407,801.80. Following the sale, the director now owns 71,078 shares in the company, valued at approximately $14,219,153.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Michele O’connor sold 3,137 shares of Veeva Systems stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $197.95, for a total value of $620,969.15. Following the sale, the chief accounting officer now directly owns 8,433 shares in the company, valued at $1,669,312.35. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,425 shares of company stock worth $3,078,109. Corporate insiders own 10.98% of the company’s stock.
Veeva Systems Trading Up 8.4 %
Shares of Veeva Systems stock traded up $16.11 during trading hours on Thursday, reaching $208.70. 2,770,336 shares of the company’s stock were exchanged, compared to its average volume of 963,882. The company has a 50 day moving average of $197.00 and a two-hundred day moving average of $184.34. The stock has a market cap of $33.44 billion, a P/E ratio of 64.98, a P/E/G ratio of 3.48 and a beta of 0.96. Veeva Systems Inc. has a fifty-two week low of $151.02 and a fifty-two week high of $211.95.
Veeva Systems (NYSE:VEEV – Get Free Report) last issued its earnings results on Wednesday, August 30th. The technology company reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.08. The business had revenue of $590.23 million for the quarter, compared to the consensus estimate of $582.28 million. Veeva Systems had a net margin of 23.85% and a return on equity of 10.88%. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.56 earnings per share. As a group, analysts expect that Veeva Systems Inc. will post 2.7 earnings per share for the current fiscal year.
Veeva Systems Company Profile
Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and data solutions, such as Veeva customer relationship management (CRM) that enable customer-facing employees at pharmaceutical and biotechnology companies; Veeva Vault PromoMats, an end-to-end content and digital asset management solution; Veeva Vault Medical that provides source of medical content across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a customer reference data solution; Veeva Link, a data application that allows link to generate real-time intelligence; and Veeva Compass includes de-identified and longitudinal patient data for the United States.
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