Lyell Wealth Management LP Grows Stake in Veeva Systems Inc. (VEEV)

Lyell Wealth Management LP lifted its holdings in Veeva Systems Inc. (NYSE:VEEV) by 30.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,962 shares of the technology company’s stock after buying an additional 11,500 shares during the period. Lyell Wealth Management LP’s holdings in Veeva Systems were worth $2,762,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of VEEV. BlackRock Inc. raised its stake in Veeva Systems by 24,931.6% during the first quarter. BlackRock Inc. now owns 4,011,310 shares of the technology company’s stock worth $205,701,000 after purchasing an additional 3,995,285 shares during the period. FMR LLC raised its stake in shares of Veeva Systems by 50.9% in the 2nd quarter. FMR LLC now owns 3,456,402 shares of the technology company’s stock valued at $211,912,000 after acquiring an additional 1,166,372 shares during the period. State Street Corp raised its stake in shares of Veeva Systems by 52.1% in the 2nd quarter. State Street Corp now owns 1,856,894 shares of the technology company’s stock valued at $113,851,000 after acquiring an additional 635,842 shares during the period. Koch Industries Inc. purchased a new stake in shares of Veeva Systems in the 2nd quarter valued at approximately $408,000. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of Veeva Systems in the second quarter valued at approximately $21,806,000. 71.39% of the stock is currently owned by hedge funds and other institutional investors.

In related news, EVP Alan Mateo sold 913 shares of Veeva Systems stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $59.14, for a total transaction of $53,994.82. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Gordon Ritter sold 9,600 shares of the business’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $61.03, for a total transaction of $585,888.00. The disclosure for this sale can be found here. Insiders sold 263,700 shares of company stock worth $15,201,118 over the last quarter. 17.50% of the stock is currently owned by company insiders.

A number of research analysts recently weighed in on VEEV shares. Zacks Investment Research cut shares of Veeva Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 27th. BidaskClub cut shares of Veeva Systems from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 14th. Needham & Company LLC restated a “buy” rating and set a $70.00 price objective on shares of Veeva Systems in a research report on Friday, August 25th. KeyCorp restated a “buy” rating and set a $70.00 price objective on shares of Veeva Systems in a research report on Friday, August 25th. Finally, Canaccord Genuity restated a “buy” rating and set a $70.00 price objective on shares of Veeva Systems in a research report on Tuesday, August 22nd. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $65.75.

Shares of Veeva Systems Inc. (VEEV) opened at $61.49 on Wednesday. Veeva Systems Inc. has a 1 year low of $39.58 and a 1 year high of $68.07. The stock has a market cap of $8,525.89, a P/E ratio of 104.19, a price-to-earnings-growth ratio of 5.03 and a beta of 1.64.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Thursday, August 24th. The technology company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.03. The business had revenue of $166.59 million during the quarter, compared to the consensus estimate of $164.26 million. Veeva Systems had a net margin of 18.98% and a return on equity of 12.77%. The business’s quarterly revenue was up 26.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.15 earnings per share. research analysts predict that Veeva Systems Inc. will post 0.65 earnings per share for the current fiscal year.

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Veeva Systems 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.

Institutional Ownership by Quarter for Veeva Systems (NYSE:VEEV)

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