Veeva Systems Inc (VEEV) Position Boosted by Virginia Retirement Systems ET AL

Virginia Retirement Systems ET AL increased its holdings in Veeva Systems Inc (NYSE:VEEV) by 64.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 112,900 shares of the technology company’s stock after buying an additional 44,200 shares during the quarter. Virginia Retirement Systems ET AL owned about 0.08% of Veeva Systems worth $12,291,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Morgan Stanley lifted its position in 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 purchasing an additional 565,589 shares during the period. BlackRock Inc. lifted its position in Veeva Systems by 5.4% in the second quarter. BlackRock Inc. now owns 6,503,202 shares of the technology company’s stock worth $499,836,000 after purchasing an additional 330,441 shares during the period. Federated Investors Inc. PA lifted its position in Veeva Systems by 4.0% in the second quarter. Federated Investors Inc. PA now owns 4,022,406 shares of the technology company’s stock worth $309,162,000 after purchasing an additional 155,953 shares during the period. FMR LLC lifted its position in 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 purchasing an additional 914,357 shares during the period. Finally, First Trust Advisors LP lifted its position in 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 purchasing an additional 497,318 shares during the period. 75.37% of the stock is owned by institutional investors and hedge funds.

VEEV has been the subject of a number of research analyst reports. Zacks Investment Research upgraded Veeva Systems from a “hold” rating to a “buy” rating and set a $92.00 target price for the company in a research report on Tuesday, July 17th. Needham & Company LLC restated a “buy” rating and issued a $100.00 target price (up from $90.00) on shares of Veeva Systems in a research report on Friday, August 24th. DA Davidson upped their target price on Veeva Systems to $105.00 and gave the stock a “buy” rating in a research report on Friday, August 24th. Canaccord Genuity upped their target price on Veeva Systems from $85.00 to $98.00 and gave the stock a “buy” rating in a research report on Friday, August 24th. They noted that the move was a valuation call. Finally, Stifel Nicolaus upped their target price on Veeva Systems from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Friday, August 24th. Six analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $99.07.

In other news, President Matthew J. Wallach sold 12,000 shares of the stock in a transaction on Friday, October 12th. The stock was sold at an average price of $91.13, for a total transaction of $1,093,560.00. Following the completion of the sale, the president now owns 12,000 shares in the company, valued at approximately $1,093,560. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Alan Mateo sold 555 shares of the stock in a transaction on Wednesday, September 5th. The shares were sold at an average price of $103.52, for a total value of $57,453.60. Following the completion of the sale, the executive vice president now owns 13,147 shares of the company’s stock, valued at approximately $1,360,977.44. The disclosure for this sale can be found here. Insiders have sold a total of 172,476 shares of company stock valued at $16,528,424 in the last quarter. Insiders own 15.97% of the company’s stock.

Shares of NYSE:VEEV opened at $97.15 on Thursday. Veeva Systems Inc has a one year low of $52.17 and a one year high of $109.05. The firm has a market cap of $13.20 billion, a PE ratio of 105.60, a P/E/G ratio of 4.33 and a beta of 1.64.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Thursday, August 23rd. The technology company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.05. Veeva Systems had a return on equity of 13.58% and a net margin of 21.23%. The company had revenue of $209.60 million during the quarter, compared to the consensus estimate of $203.50 million. During the same quarter in the prior year, the firm earned $0.23 EPS. The company’s quarterly revenue was up 24.9% compared to the same quarter last year. Sell-side analysts forecast that Veeva Systems Inc will post 1.1 earnings per share for the current fiscal year.

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About Veeva Systems

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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Institutional Ownership by Quarter for Veeva Systems (NYSE:VEEV)

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