State Board of Administration of Florida Retirement System increased its holdings in Veeva Systems Inc (NYSE:VEEV) by 1.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 154,660 shares of the technology company’s stock after acquiring an additional 2,930 shares during the period. State Board of Administration of Florida Retirement System owned about 0.11% of Veeva Systems worth $16,838,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in VEEV. Flagship Harbor Advisors LLC purchased a new position in Veeva Systems in the second quarter valued at approximately $149,000. Global Trust Asset Management LLC purchased a new position in Veeva Systems in the third quarter valued at approximately $163,000. Mutual of America Capital Management LLC purchased a new position in Veeva Systems in the second quarter valued at approximately $169,000. Jaffetilchin Investment Partners LLC purchased a new position in Veeva Systems in the third quarter valued at approximately $223,000. Finally, Arthur M. Cohen & Associates LLC purchased a new position in Veeva Systems in the third quarter valued at approximately $245,000. 75.37% of the stock is owned by institutional investors.
Several research firms recently commented on VEEV. ValuEngine downgraded Veeva Systems from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 1st. Canaccord Genuity upped their price objective on Veeva Systems from $85.00 to $98.00 and gave the company a “buy” rating in a research note on Friday, August 24th. They noted that the move was a valuation call. DA Davidson upped their price objective on Veeva Systems to $105.00 and gave the company a “buy” rating in a research note on Friday, August 24th. KeyCorp restated a “buy” rating on shares of Veeva Systems in a research report on Thursday, August 23rd. Finally, Stifel Nicolaus increased their target price on Veeva Systems from $95.00 to $110.00 and gave the stock a “buy” rating in a research report on Friday, October 5th. Six investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $99.07.
In other news, EVP Alan Mateo sold 981 shares of the company’s stock in a transaction on Tuesday, October 16th. The shares were sold at an average price of $92.07, for a total value of $90,320.67. Following the transaction, the executive vice president now owns 14,342 shares of the company’s stock, valued at $1,320,467.94. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Eleni Nitsa Zuppas sold 1,253 shares of the company’s stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $103.52, for a total transaction of $129,710.56. Following the completion of the transaction, the insider now directly owns 10,151 shares in the company, valued at approximately $1,050,831.52. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 172,476 shares of company stock worth $16,528,424. Company insiders own 15.97% of the company’s stock.
NYSE:VEEV opened at $93.60 on Friday. The firm has a market cap of $13.94 billion, a price-to-earnings ratio of 119.94, a P/E/G ratio of 4.57 and a beta of 1.64. Veeva Systems Inc has a 1 year low of $52.17 and a 1 year high of $109.05.
Veeva Systems (NYSE:VEEV) last posted its earnings results on Thursday, August 23rd. The technology company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.05. The firm had revenue of $209.60 million for the quarter, compared to the consensus estimate of $203.50 million. Veeva Systems had a return on equity of 13.58% and a net margin of 21.23%. The business’s quarterly revenue was up 24.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.23 earnings per share. As a group, sell-side analysts forecast that Veeva Systems Inc will post 1.1 EPS for the current year.
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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 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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