Newfound Research LLC Reduces Holdings in Veeva Systems Inc. (NYSE:VEEV)

Newfound Research LLC decreased its position in shares of Veeva Systems Inc. (NYSE:VEEVGet Rating) by 17.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 503 shares of the technology company’s stock after selling 109 shares during the period. Newfound Research LLC’s holdings in Veeva Systems were worth $100,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its holdings in Veeva Systems by 1,578.4% during the 1st quarter. Wellington Management Group LLP now owns 1,504,355 shares of the technology company’s stock worth $319,616,000 after acquiring an additional 1,414,726 shares in the last quarter. Norges Bank acquired a new position in Veeva Systems during the 4th quarter worth $312,407,000. BlackRock Inc. grew its holdings in Veeva Systems by 11.7% during the 1st quarter. BlackRock Inc. now owns 9,887,733 shares of the technology company’s stock worth $2,100,748,000 after acquiring an additional 1,036,905 shares in the last quarter. AustralianSuper Pty Ltd acquired a new position in Veeva Systems during the 1st quarter worth $200,670,000. Finally, Alliancebernstein L.P. grew its holdings in Veeva Systems by 49.5% during the 4th quarter. Alliancebernstein L.P. now owns 2,356,137 shares of the technology company’s stock worth $601,946,000 after acquiring an additional 779,607 shares in the last quarter. Hedge funds and other institutional investors own 80.14% of the company’s stock.

Veeva Systems Stock Down 1.4 %

Shares of VEEV stock traded down $2.24 during trading hours on Friday, reaching $160.64. 25,512 shares of the stock traded hands, compared to its average volume of 1,213,843. Veeva Systems Inc. has a 1-year low of $152.04 and a 1-year high of $327.78. The business has a fifty day moving average price of $202.74 and a 200 day moving average price of $193.13. The firm has a market capitalization of $24.94 billion, a PE ratio of 67.03, a PEG ratio of 3.95 and a beta of 0.76.

Veeva Systems (NYSE:VEEVGet Rating) last released its quarterly earnings results on Wednesday, August 31st. The technology company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.02. Veeva Systems had a net margin of 19.67% and a return on equity of 13.40%. The business had revenue of $534.20 million for the quarter, compared to analyst estimates of $530.70 million. During the same quarter in the previous year, the business earned $0.64 earnings per share. The firm’s revenue was up 17.3% compared to the same quarter last year. Research analysts expect that Veeva Systems Inc. will post 2.55 earnings per share for the current fiscal year.

Insider Activity at Veeva Systems

In related news, Director Paul Edward Chamberlain sold 260 shares of the business’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $179.99, for a total transaction of $46,797.40. Following the transaction, the director now directly owns 16,443 shares of the company’s stock, valued at $2,959,575.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Paul Edward Chamberlain sold 260 shares of the business’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $179.99, for a total transaction of $46,797.40. Following the transaction, the director now directly owns 16,443 shares of the company’s stock, valued at $2,959,575.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Matthew J. Wallach sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $169.27, for a total transaction of $1,692,700.00. Following the completion of the sale, the director now directly owns 2,546 shares of the company’s stock, valued at $430,961.42. The disclosure for this sale can be found here. 13.23% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

VEEV has been the subject of several research reports. Robert W. Baird decreased their price target on shares of Veeva Systems from $267.00 to $250.00 and set an “outperform” rating for the company in a report on Thursday, September 1st. Barclays decreased their price target on shares of Veeva Systems from $222.00 to $205.00 and set an “equal weight” rating for the company in a report on Thursday, September 1st. Royal Bank of Canada decreased their price target on shares of Veeva Systems from $250.00 to $225.00 and set an “outperform” rating for the company in a report on Thursday, September 1st. Raymond James lifted their price target on shares of Veeva Systems from $205.00 to $225.00 and gave the company an “outperform” rating in a report on Thursday, September 1st. Finally, Stifel Nicolaus lifted their price target on shares of Veeva Systems from $220.00 to $240.00 and gave the company a “buy” rating in a report on Wednesday, June 29th. Seven investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $223.05.

About Veeva Systems

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Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud, a suite of software, data, and analytics solutions, which include Veeva customer relationship management (CRM) and Veeva Medical CRM, Veeva CLM, Veeva CRM MyInsights, Veeva CLM, Veeva CRM Approved Email, Veeva CRM Engage, Veeva Align, Veeva CRM Events Management, Veeva Nitro, Veeva OpenData, Veeva Link, Veeva Network, Veeva Crossix, Veeva Data Cloud, and MyVeeva for Patients; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including sales and marketing, and medical content and communications, 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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