Robeco Institutional Asset Management B.V. increased its position in shares of Veeva Systems Inc (NYSE:VEEV) by 422.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,652 shares of the technology company’s stock after buying an additional 6,996 shares during the period. Robeco Institutional Asset Management B.V.’s holdings in Veeva Systems were worth $941,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Xact Kapitalforvaltning AB increased its holdings in Veeva Systems by 7.9% in the second quarter. Xact Kapitalforvaltning AB now owns 21,735 shares of the technology company’s stock valued at $1,671,000 after purchasing an additional 1,600 shares during the period. Bank of Montreal Can boosted its position in Veeva Systems by 29.2% during the second quarter. Bank of Montreal Can now owns 75,039 shares of the technology company’s stock valued at $5,768,000 after acquiring an additional 16,948 shares during the last quarter. Hartford Investment Management Co. bought a new stake in Veeva Systems during the second quarter valued at $480,000. Cornerstone Wealth Management LLC bought a new stake in Veeva Systems during the second quarter valued at $905,000. Finally, BNP Paribas Arbitrage SA boosted its position in Veeva Systems by 42.7% during the second quarter. BNP Paribas Arbitrage SA now owns 26,607 shares of the technology company’s stock valued at $2,045,000 after acquiring an additional 7,963 shares during the last quarter. Hedge funds and other institutional investors own 77.42% of the company’s stock.
A number of brokerages have commented on VEEV. Canaccord Genuity cut shares of Veeva Systems from a “buy” rating to a “hold” rating and upped their price target for the company from $98.00 to $105.00 in a research report on Monday, October 1st. Zacks Investment Research raised shares of Veeva Systems from a “hold” rating to a “strong-buy” rating and set a $117.00 price target on the stock in a research report on Wednesday, August 29th. ValuEngine raised shares of Veeva Systems from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 28th. Bank of America upped their price target on shares of Veeva Systems from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, October 5th. Finally, Needham & Company LLC upped their price target on shares of Veeva Systems from $100.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, October 5th. 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’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $99.07.
Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Thursday, August 23rd. The technology company reported $0.39 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.05. The company had revenue of $209.60 million for the quarter, compared to analysts’ expectations of $203.50 million. Veeva Systems had a net margin of 21.23% and a return on equity of 13.58%. The business’s revenue was up 24.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.23 EPS. On average, research analysts forecast that Veeva Systems Inc will post 1.1 earnings per share for the current fiscal year.
In other news, CFO Timothy S. Cabral sold 50,000 shares of the stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $101.49, for a total transaction of $5,074,500.00. Following the transaction, the chief financial officer now owns 30,000 shares of the company’s stock, valued at approximately $3,044,700. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jonathan Faddis sold 612 shares of the stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $103.52, for a total transaction of $63,354.24. Following the transaction, the senior vice president now directly owns 3,961 shares in the company, valued at approximately $410,042.72. The disclosure for this sale can be found here. Insiders have sold a total of 125,929 shares of company stock worth $12,626,180 in the last three months. 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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