Artemis Investment Management LLP purchased a new position in Veeva Systems Inc. (NYSE:VEEV – Get Rating) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 4,112 shares of the technology company's stock, valued at approximately $816,000.
Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Veeva Systems by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 12,888,204 shares of the technology company's stock worth $2,738,229,000 after purchasing an additional 132,560 shares in the last quarter. BlackRock Inc. lifted its stake in Veeva Systems by 11.7% in the 1st quarter. BlackRock Inc. now owns 9,887,733 shares of the technology company's stock worth $2,100,748,000 after purchasing an additional 1,036,905 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Veeva Systems by 1,578.4% in the 1st quarter. Wellington Management Group LLP now owns 1,504,355 shares of the technology company's stock worth $319,616,000 after buying an additional 1,414,726 shares during the last quarter. Winslow Capital Management LLC increased its holdings in shares of Veeva Systems by 26.5% in the 1st quarter. Winslow Capital Management LLC now owns 1,295,474 shares of the technology company's stock worth $275,237,000 after buying an additional 271,330 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Veeva Systems in the 4th quarter worth about $312,407,000. Hedge funds and other institutional investors own 80.14% of the company's stock.
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Insider Transactions at Veeva Systems
In other news, Director Matthew J. Wallach sold 10,000 shares of the company's stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $169.27, for a total value of $1,692,700.00. Following the completion of the sale, the director now owns 2,546 shares of the company's stock, valued at approximately $430,961.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Matthew J. Wallach sold 10,000 shares of the stock in a transaction that occurred 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 owns 2,546 shares of the company's stock, valued at $430,961.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul Edward Chamberlain sold 260 shares of the 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 sale, the director now directly owns 16,443 shares of the company's stock, valued at approximately $2,959,575.57. The disclosure for this sale can be found here. Corporate insiders own 13.23% of the company's stock.
Veeva Systems Price Performance
Shares of VEEV stock opened at $164.88 on Monday. The company has a market capitalization of $25.60 billion, a P/E ratio of 67.85, a P/E/G ratio of 3.94 and a beta of 0.84. The company's 50-day simple moving average is $197.34 and its two-hundred day simple moving average is $192.51. Veeva Systems Inc. has a one year low of $152.04 and a one year high of $327.78.
Veeva Systems (NYSE:VEEV – Get Rating) last announced its quarterly earnings results on Wednesday, August 31st. The technology company reported $1.03 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.02. Veeva Systems had a net margin of 19.67% and a return on equity of 13.40%. The firm had revenue of $534.20 million during the quarter, compared to analysts' expectations of $530.70 million. During the same quarter in the prior year, the company earned $0.64 EPS. The company's revenue was up 17.3% compared to the same quarter last year. On average, research analysts expect that Veeva Systems Inc. will post 2.53 EPS for the current fiscal year.
Analyst Ratings Changes
A number of research firms have recently weighed in on VEEV. Raymond James boosted their target price on shares of Veeva Systems from $205.00 to $225.00 and gave the stock an "outperform" rating in a report on Thursday, September 1st. StockNews.com downgraded shares of Veeva Systems from a "buy" rating to a "hold" rating in a report on Thursday. JMP Securities reduced their target price on shares of Veeva Systems from $240.00 to $215.00 and set a "market outperform" rating on the stock in a report on Thursday, September 1st. SVB Leerink reduced their target price on shares of Veeva Systems from $268.00 to $242.00 and set an "outperform" rating on the stock in a report on Thursday, September 1st. Finally, Barclays reduced their target price on shares of Veeva Systems from $222.00 to $205.00 and set an "equal weight" 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. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $223.05.
Veeva Systems Company Profile
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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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