Vanguard Group Inc. Raises Stock Position in Veeva Systems Inc (NYSE:VEEV)

Vanguard Group Inc. boosted its holdings in Veeva Systems Inc (NYSE:VEEV) by 1.3% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 12,120,296 shares of the technology company’s stock after buying an additional 156,746 shares during the period. Vanguard Group Inc. owned 8.23% of Veeva Systems worth $1,964,821,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. BlackRock Inc. boosted its holdings in shares of Veeva Systems by 16.3% during the 2nd quarter. BlackRock Inc. now owns 8,770,784 shares of the technology company’s stock valued at $1,421,833,000 after purchasing an additional 1,231,904 shares during the last quarter. FMR LLC boosted its holdings in shares of Veeva Systems by 5.8% during the 1st quarter. FMR LLC now owns 6,269,463 shares of the technology company’s stock valued at $795,344,000 after purchasing an additional 342,948 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Veeva Systems by 15.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 3,704,172 shares of the technology company’s stock valued at $594,557,000 after purchasing an additional 488,681 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Veeva Systems by 15.9% during the 4th quarter. Geode Capital Management LLC now owns 1,307,248 shares of the technology company’s stock valued at $116,693,000 after purchasing an additional 179,262 shares during the last quarter. Finally, Champlain Investment Partners LLC boosted its holdings in shares of Veeva Systems by 2.4% during the 1st quarter. Champlain Investment Partners LLC now owns 1,187,335 shares of the technology company’s stock valued at $150,625,000 after purchasing an additional 28,335 shares during the last quarter. Institutional investors and hedge funds own 77.05% of the company’s stock.

Shares of NYSE:VEEV traded up $0.51 during trading on Friday, reaching $147.94. The company’s stock had a trading volume of 55,167 shares, compared to its average volume of 1,825,853. The company has a current ratio of 4.23, a quick ratio of 4.23 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’s 50 day simple moving average is $157.30 and its two-hundred day simple moving average is $148.63. The stock has a market capitalization of $22.01 billion, a PE ratio of 119.53, a price-to-earnings-growth ratio of 4.80 and a beta of 1.32.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Tuesday, August 27th. The technology company reported $0.41 EPS for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.03. The firm had revenue of $266.90 million during the quarter, compared to the consensus estimate of $259.35 million. Veeva Systems had a net margin of 29.72% and a return on equity of 18.10%. The firm’s revenue for the quarter was up 27.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.39 EPS. Research analysts anticipate that Veeva Systems Inc will post 1.62 EPS for the current fiscal year.

Several research firms have commented on VEEV. Guggenheim increased their price objective on shares of Veeva Systems from $154.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. DA Davidson increased their price objective on shares of Veeva Systems from $165.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Morgan Stanley downgraded shares of Veeva Systems from an “overweight” rating to an “equal weight” rating and increased their price objective for the company from $126.00 to $144.00 in a report on Friday, May 24th. ValuEngine downgraded shares of Veeva Systems from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 1st. Finally, Stifel Nicolaus increased their price objective on shares of Veeva Systems from $155.00 to $175.00 and gave the company a “buy” rating in a report on Friday, August 23rd. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Veeva Systems currently has an average rating of “Buy” and an average price target of $167.06.

In other Veeva Systems news, CMO Eleni Nitsa Zuppas sold 235 shares of the firm’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $163.47, for a total value of $38,415.45. Following the completion of the sale, the chief marketing officer now owns 12,733 shares of the company’s stock, valued at $2,081,463.51. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Paul J. Sekhri sold 601 shares of the firm’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $169.38, for a total transaction of $101,797.38. Following the completion of the sale, the director now directly owns 16,494 shares of the company’s stock, valued at approximately $2,793,753.72. The disclosure for this sale can be found here. In the last three months, insiders sold 72,179 shares of company stock valued at $11,614,654. 14.38% of the stock is owned by insiders.

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.

Read More: Understanding the Price to Earnings Ratio (PE)

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

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