NumerixS Investment Technologies Inc bought a new position in shares of Veeva Systems Inc (NYSE:VEEV) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 2,600 shares of the technology company’s stock, valued at approximately $322,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. raised its stake in Veeva Systems by 7.8% during the 1st quarter. BlackRock Inc. now owns 7,538,880 shares of the technology company’s stock valued at $956,382,000 after purchasing an additional 547,246 shares during the period. FMR LLC increased its stake in shares of Veeva Systems by 63.4% in the fourth quarter. FMR LLC now owns 5,926,515 shares of the technology company’s stock worth $529,357,000 after acquiring an additional 2,300,472 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Veeva Systems by 4.5% in the fourth quarter. First Trust Advisors LP now owns 2,407,957 shares of the technology company’s stock worth $215,079,000 after acquiring an additional 102,884 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Veeva Systems by 15.9% in the fourth quarter. Geode Capital Management LLC now owns 1,307,248 shares of the technology company’s stock worth $116,693,000 after acquiring an additional 179,262 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Veeva Systems in the fourth quarter worth $97,108,000. 77.65% of the stock is currently owned by institutional investors and hedge funds.
VEEV has been the subject of a number of recent analyst reports. Morgan Stanley cut shares of Veeva Systems from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $126.00 to $144.00 in a report on Friday, May 24th. DA Davidson increased their target price on shares of Veeva Systems to $160.00 and gave the company a “buy” rating in a research note on Friday, April 12th. Bank of America increased their target price on shares of Veeva Systems from $160.00 to $192.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Stephens raised shares of Veeva Systems from an “equal” rating to an “overweight” rating and increased their price target for the stock from $130.00 to $155.00 in a research report on Thursday, May 30th. Finally, JMP Securities increased their price target on shares of Veeva Systems from $122.00 to $153.00 and gave the stock a “market outperform” rating in a research report on Thursday, May 30th. Seven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $147.00.
Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Wednesday, May 29th. The technology company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.08). The firm had revenue of $244.75 million for the quarter, compared to analyst estimates of $238.69 million. Veeva Systems had a return on equity of 17.61% and a net margin of 28.41%. The firm’s revenue for the quarter was up 25.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.33 earnings per share. As a group, analysts expect that Veeva Systems Inc will post 1.6 earnings per share for the current year.
In other news, SVP Jonathan Faddis sold 1,667 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $127.29, for a total value of $212,192.43. Following the completion of the transaction, the senior vice president now directly owns 2,740 shares in the company, valued at approximately $348,774.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Timothy C. Barabe sold 727 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $127.41, for a total transaction of $92,627.07. Following the completion of the transaction, the director now owns 8,619 shares of the company’s stock, valued at $1,098,146.79. The disclosure for this sale can be found here. Insiders have sold a total of 100,828 shares of company stock valued at $15,085,434 in the last ninety days. 14.38% of the stock is currently owned by insiders.
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 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.
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