Los Angeles Capital Management & Equity Research Inc. trimmed its holdings in Veeva Systems Inc (NYSE:VEEV) by 35.9% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 293,111 shares of the technology company’s stock after selling 164,060 shares during the quarter. Los Angeles Capital Management & Equity Research Inc.’s holdings in Veeva Systems were worth $31,911,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in VEEV. Rockefeller Capital Management L.P. bought a new stake in Veeva Systems during the 3rd quarter valued at $134,000. Flagship Harbor Advisors LLC bought a new stake in Veeva Systems during the 2nd quarter valued at $149,000. Global Trust Asset Management LLC bought a new stake in Veeva Systems during the 3rd quarter valued at $163,000. Mutual of America Capital Management LLC bought a new stake in Veeva Systems during the 2nd quarter valued at $169,000. Finally, Parallel Advisors LLC bought a new stake in Veeva Systems during the 3rd quarter valued at $198,000. Hedge funds and other institutional investors own 75.37% of the company’s stock.
A number of research firms recently commented on VEEV. JMP Securities upped their price target on shares of Veeva Systems from $80.00 to $95.00 and gave the company a “market perform” rating in a report on Friday, August 24th. They noted that the move was a valuation call. DA Davidson upped their price target on shares of Veeva Systems to $105.00 and gave the company a “buy” rating in a report on Friday, August 24th. Zacks Investment Research upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating and set a $92.00 price target for the company in a report on Tuesday, July 17th. Guggenheim began coverage on shares of Veeva Systems in a report on Tuesday, August 7th. They set a “buy” rating and a $100.00 price target for the company. Finally, Needham & Company LLC reiterated a “buy” rating and set a $100.00 price target (up from $90.00) on shares of Veeva Systems in a report on Friday, August 24th. Six research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $99.07.
Shares of Veeva Systems stock opened at $97.15 on Thursday. The firm has a market cap of $13.20 billion, a price-to-earnings ratio of 105.60, a P/E/G ratio of 4.33 and a beta of 1.64. Veeva Systems Inc has a 12-month low of $52.17 and a 12-month high of $109.05.
Veeva Systems (NYSE:VEEV) last issued its quarterly earnings data on Thursday, August 23rd. The technology company reported $0.39 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.05. The business had revenue of $209.60 million for the quarter, compared to the consensus estimate of $203.50 million. Veeva Systems had a net margin of 21.23% and a return on equity of 13.58%. The company’s quarterly revenue was up 24.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.23 EPS. As a group, equities research analysts predict that Veeva Systems Inc will post 1.1 earnings per share for the current year.
In other news, EVP Alan Mateo sold 981 shares of the company’s stock in a transaction dated Tuesday, October 16th. The shares were sold at an average price of $92.07, for a total value of $90,320.67. Following the sale, the executive vice president now directly owns 14,342 shares of the company’s stock, valued at approximately $1,320,467.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Timothy S. Cabral sold 50,000 shares of the company’s stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $101.49, for a total transaction of $5,074,500.00. Following the completion of the sale, the chief financial officer now directly owns 30,000 shares in the company, valued at $3,044,700. The disclosure for this sale can be found here. Over the last three months, insiders have sold 172,476 shares of company stock worth $16,528,424. Insiders own 15.97% of the company’s stock.
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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