Money Concepts Capital Corp lessened its stake in shares of Veeva Systems Inc. (NYSE:VEEV – Get Rating) by 51.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 449 shares of the technology company's stock after selling 472 shares during the quarter. Money Concepts Capital Corp's holdings in Veeva Systems were worth $92,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of VEEV. Wellington Management Group LLP grew its stake in shares of Veeva Systems by 1,578.4% in the first quarter. Wellington Management Group LLP now owns 1,504,355 shares of the technology company's stock worth $319,616,000 after purchasing an additional 1,414,726 shares during the last quarter. Norges Bank bought a new stake in shares of Veeva Systems in the fourth quarter worth $312,407,000. BlackRock Inc. boosted its position in Veeva Systems by 11.7% during the first quarter. BlackRock Inc. now owns 9,887,733 shares of the technology company's stock valued at $2,100,748,000 after acquiring an additional 1,036,905 shares during the last quarter. AustralianSuper Pty Ltd bought a new stake in Veeva Systems during the first quarter valued at $200,670,000. Finally, Loomis Sayles & Co. L P boosted its position in Veeva Systems by 23,649.3% during the first quarter. Loomis Sayles & Co. L P now owns 283,329 shares of the technology company's stock valued at $60,196,000 after acquiring an additional 282,136 shares during the last quarter. Institutional investors own 80.14% of the company's stock.
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Insiders Place Their Bets
In related news, Director Matthew J. Wallach sold 10,000 shares of the company's stock in a transaction on Tuesday, September 6th. The shares were 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 in the company, valued at approximately $430,961.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Veeva Systems news, Director Matthew J. Wallach sold 10,000 shares of the business's stock in a transaction on Tuesday, September 6th. The shares were sold at an average price of $169.27, for a total transaction of $1,692,700.00. Following the transaction, the director now directly owns 2,546 shares of the company's stock, valued at approximately $430,961.42. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Paul Edward Chamberlain sold 260 shares of the company's stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $179.99, for a total transaction of $46,797.40. Following the completion of the sale, the director now directly owns 16,443 shares in the company, valued at $2,959,575.57. The disclosure for this sale can be found here. Corporate insiders own 13.23% of the company's stock.
Analyst Ratings Changes
VEEV has been the topic of a number of research analyst reports. Oppenheimer reaffirmed an "initiates" rating on shares of Veeva Systems in a research report on Wednesday, July 27th. Raymond James upped their price objective 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. The Goldman Sachs Group dropped their price objective on shares of Veeva Systems to $235.00 in a report on Tuesday, September 6th. Royal Bank of Canada dropped their price objective on shares of Veeva Systems from $250.00 to $225.00 and set an "outperform" rating on the stock in a report on Thursday, September 1st. Finally, Piper Sandler dropped their price objective on shares of Veeva Systems from $275.00 to $245.00 and set an "overweight" rating on the stock in a report on Thursday, September 1st. Eight analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $223.05.
Veeva Systems Price Performance
Shares of NYSE VEEV opened at $164.88 on Friday. Veeva Systems Inc. has a one year low of $152.04 and a one year high of $327.78. The business's fifty day moving average price is $197.34 and its 200-day moving average price is $192.51. The stock has a market capitalization of $25.60 billion, a PE ratio of 67.85, a P/E/G ratio of 3.90 and a beta of 0.76.
Veeva Systems (NYSE:VEEV – Get Rating) last issued its quarterly earnings results on Wednesday, August 31st. The technology company reported $1.03 EPS for the quarter, beating analysts' consensus estimates of $1.01 by $0.02. Veeva Systems had a return on equity of 13.40% and a net margin of 19.67%. The firm had revenue of $534.20 million for the quarter, compared to analysts' expectations of $530.70 million. During the same quarter in the prior year, the firm earned $0.64 EPS. The business's revenue for the quarter was up 17.3% compared to the same quarter last year. As a group, equities analysts expect that Veeva Systems Inc. will post 2.55 EPS for the current fiscal year.
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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