Veeva Systems Inc (NYSE:VEEV) Shares Sold by Virginia Retirement Systems ET AL

Virginia Retirement Systems ET AL lessened its holdings in shares of Veeva Systems Inc (NYSE:VEEV) by 35.8% during the 2nd quarter, Holdings Channel.com reports. The fund owned 30,300 shares of the technology company’s stock after selling 16,900 shares during the period. Virginia Retirement Systems ET AL’s holdings in Veeva Systems were worth $4,912,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. First Personal Financial Services increased its position in Veeva Systems by 241.7% during the first quarter. First Personal Financial Services now owns 205 shares of the technology company’s stock worth $26,000 after buying an additional 145 shares during the period. Hanson McClain Inc. increased its position in Veeva Systems by 67.2% during the first quarter. Hanson McClain Inc. now owns 224 shares of the technology company’s stock worth $28,000 after buying an additional 90 shares during the period. First Command Financial Services Inc. acquired a new position in Veeva Systems during the second quarter worth approximately $32,000. Bremer Bank National Association acquired a new position in Veeva Systems during the first quarter worth approximately $44,000. Finally, Machina Capital S.A.S. acquired a new position in Veeva Systems during the second quarter worth approximately $45,000. 77.49% of the stock is currently owned by institutional investors and hedge funds.

Shares of Veeva Systems stock traded down $2.14 during trading on Friday, reaching $161.16. The company’s stock had a trading volume of 15,249 shares, compared to its average volume of 1,329,988. The company has a quick ratio of 3.73, a current ratio of 3.73 and a debt-to-equity ratio of 0.01. Veeva Systems Inc has a 12-month low of $79.26 and a 12-month high of $176.90. The firm has a market capitalization of $23.73 billion, a P/E ratio of 129.93, a P/E/G ratio of 8.10 and a beta of 1.39. The business’s 50 day simple moving average is $167.09.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Wednesday, May 29th. The technology company reported $0.37 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.08). Veeva Systems had a net margin of 28.41% and a return on equity of 17.61%. The business had revenue of $244.75 million during the quarter, compared to analysts’ expectations of $238.69 million. During the same quarter last year, the firm earned $0.33 earnings per share. The firm’s quarterly revenue was up 25.2% compared to the same quarter last year. Analysts predict that Veeva Systems Inc will post 1.6 EPS for the current fiscal year.

Several research analysts have commented on the company. Stifel Nicolaus lifted their price target on Veeva Systems from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, May 22nd. Bank of America lifted their price target on Veeva Systems from $160.00 to $192.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. Goldman Sachs Group started coverage on Veeva Systems in a research report on Friday, June 7th. They set a “neutral” rating and a $151.00 price target on the stock. Deutsche Bank boosted their target price on Veeva Systems from $115.00 to $135.00 and gave the company a “hold” rating in a report on Thursday, May 30th. Finally, Barclays boosted their target price on Veeva Systems from $144.00 to $151.00 and gave the company an “equal weight” rating in a report on Thursday, May 30th. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $149.94.

In related news, CFO Timothy S. Cabral sold 42,500 shares of Veeva Systems stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $157.50, for a total value of $6,693,750.00. Following the sale, the chief financial officer now directly owns 22,500 shares in the company, valued at $3,543,750. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Eleni Nitsa Zuppas sold 5,180 shares of Veeva Systems stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $154.66, for a total value of $801,138.80. Following the completion of the sale, the insider now owns 12,238 shares in the company, valued at $1,892,729.08. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 75,839 shares of company stock worth $12,124,173. Company insiders own 14.38% of the company’s stock.

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 and data 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.

See Also: P/E Growth (PEG)

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

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