Seven Eight Capital LP raised its holdings in shares of Veeva Systems Inc (NYSE:VEEV) by 94.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,321 shares of the technology company’s stock after acquiring an additional 8,900 shares during the period. Seven Eight Capital LP’s holdings in Veeva Systems were worth $1,995,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Winslow Capital Management LLC purchased a new position in shares of Veeva Systems during the second quarter valued at $131,215,000. FMR LLC lifted its position in shares of Veeva Systems by 38.7% in the second quarter. FMR LLC now owns 3,274,017 shares of the technology company’s stock worth $251,641,000 after buying an additional 914,357 shares during the last quarter. Morgan Stanley lifted its position in shares of Veeva Systems by 4.5% in the second quarter. Morgan Stanley now owns 13,129,295 shares of the technology company’s stock worth $1,009,118,000 after buying an additional 565,589 shares during the last quarter. First Trust Advisors LP lifted its position in shares of Veeva Systems by 24.2% in the second quarter. First Trust Advisors LP now owns 2,553,247 shares of the technology company’s stock worth $196,243,000 after buying an additional 497,318 shares during the last quarter. Finally, United Services Automobile Association lifted its position in shares of Veeva Systems by 2,735.0% during the 2nd quarter. United Services Automobile Association now owns 509,924 shares of the technology company’s stock worth $43,808,000 after purchasing an additional 491,937 shares during the last quarter. Institutional investors own 75.54% of the company’s stock.
Several equities analysts recently issued reports on the company. ValuEngine upgraded Veeva Systems from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 28th. Morgan Stanley upped their price objective on Veeva Systems from $85.00 to $91.00 and gave the company an “overweight” rating in a research note on Thursday, August 16th. Zacks Investment Research raised Veeva Systems from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a report on Tuesday, July 24th. Bank of America boosted their target price on Veeva Systems from $100.00 to $110.00 and gave the stock a “buy” rating in a report on Friday, October 5th. Finally, JPMorgan Chase & Co. upped their price objective on Veeva Systems from $81.00 to $95.00 and gave the stock a “neutral” rating in a report on Friday, August 24th. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $98.47.
In related news, President Matthew J. Wallach sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $84.57, for a total transaction of $1,014,840.00. Following the sale, the president now directly owns 12,000 shares in the company, valued at approximately $1,014,840. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Alan Mateo sold 981 shares of the company’s stock in a transaction that occurred on Tuesday, October 16th. The shares were sold at an average price of $92.07, for a total transaction of $90,320.67. Following the sale, the executive vice president now owns 14,342 shares in the company, valued at $1,320,467.94. The disclosure for this sale can be found here. Over the last three months, insiders have sold 172,476 shares of company stock valued at $16,528,424. 15.97% of the stock is currently owned by insiders.
Shares of NYSE:VEEV opened at $91.62 on Tuesday. The firm has a market cap of $13.14 billion, a PE ratio of 99.59, a price-to-earnings-growth ratio of 4.31 and a beta of 1.54. Veeva Systems Inc has a 52 week low of $52.17 and a 52 week high of $109.05.
Veeva Systems (NYSE:VEEV) last released its earnings results on Thursday, August 23rd. The technology company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.05. Veeva Systems had a net margin of 21.23% and a return on equity of 13.58%. The business had revenue of $209.60 million for the quarter, compared to analyst estimates of $203.50 million. During the same quarter in the previous year, the business earned $0.23 earnings per share. Veeva Systems’s revenue for the quarter was up 24.9% on a year-over-year basis. Research analysts forecast that Veeva Systems Inc will post 1.1 EPS for the current year.
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 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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