Morse Asset Management Inc boosted its position in Veeva Systems Inc. (NYSE:VEEV) by 104.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,050 shares of the technology company’s stock after buying an additional 16,350 shares during the period. Morse Asset Management Inc’s holdings in Veeva Systems were worth $1,965,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of VEEV. Pioneer Investment Management Inc. purchased a new position in shares of Veeva Systems during the second quarter worth about $4,472,000. Pictet Asset Management Ltd. purchased a new position in shares of Veeva Systems during the second quarter worth about $2,052,000. Sei Investments Co. increased its position in shares of Veeva Systems by 41.3% in the second quarter. Sei Investments Co. now owns 133,390 shares of the technology company’s stock worth $8,178,000 after buying an additional 38,961 shares during the period. World Asset Management Inc increased its position in Veeva Systems by 8.4% in the second quarter. World Asset Management Inc now owns 4,846 shares of the technology company’s stock worth $297,000 after buying an additional 374 shares during the last quarter. Finally, Daiwa Securities Group Inc. bought a new position in Veeva Systems during the second quarter worth about $193,000. Hedge funds and other institutional investors own 78.58% of the company’s stock.
Shares of Veeva Systems Inc. (VEEV) traded down 0.43% during mid-day trading on Friday, reaching $63.12. 730,059 shares of the company’s stock were exchanged. The firm has a market capitalization of $8.82 billion, a P/E ratio of 101.64 and a beta of 1.63. Veeva Systems Inc. has a one year low of $36.55 and a one year high of $68.07. The stock has a 50-day moving average of $62.96 and a 200 day moving average of $55.35.
Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Thursday, May 25th. The technology company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.18 by $0.04. Veeva Systems had a return on equity of 12.28% and a net margin of 15.86%. The business had revenue of $157.90 million during the quarter, compared to the consensus estimate of $151.82 million. During the same quarter in the previous year, the business posted $0.15 earnings per share. Veeva Systems’s quarterly revenue was up 31.8% compared to the same quarter last year. On average, analysts forecast that Veeva Systems Inc. will post $0.83 EPS for the current fiscal year.
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VEEV has been the topic of a number of research reports. Stifel Nicolaus reiterated a “buy” rating and set a $67.00 target price (up previously from $60.00) on shares of Veeva Systems in a research report on Sunday, May 21st. Bank of America Corporation upgraded shares of Veeva Systems from a “neutral” rating to a “buy” rating and boosted their target price for the company from $48.00 to $70.00 in a research report on Friday, May 26th. Canaccord Genuity reiterated a “buy” rating and set a $70.00 target price (up previously from $48.00) on shares of Veeva Systems in a research report on Friday, May 26th. Pacific Crest reiterated an “overweight” rating and set a $70.00 target price (up previously from $61.00) on shares of Veeva Systems in a research report on Sunday, May 28th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $75.00 target price (up previously from $48.00) on shares of Veeva Systems in a research report on Sunday, May 28th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $62.00.
In other Veeva Systems news, CFO Timothy S. Cabral sold 4,375 shares of the business’s stock in a transaction dated Thursday, June 15th. The stock was sold at an average price of $57.86, for a total transaction of $253,137.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Timothy S. Cabral sold 40,000 shares of the business’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $65.91, for a total value of $2,636,400.00. Following the sale, the chief financial officer now owns 30,000 shares of the company’s stock, valued at $1,977,300. The disclosure for this sale can be found here. Insiders sold a total of 279,958 shares of company stock valued at $17,821,591 over the last quarter. 19.17% of the stock is owned by corporate insiders.
Veeva Systems Company Profile
Veeva Systems Inc (Veeva) is a provider of cloud-based software solutions for the global life sciences industry. The Company offers solutions for a range of requirements within life sciences companies, including multichannel customer relationship management, regulated content and information management, master data management and customer data.
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