Pendal Group Ltd purchased a new stake in Veeva Systems Inc (NYSE:VEEV) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 50,036 shares of the technology company’s stock, valued at approximately $8,111,000.
A number of other institutional investors and hedge funds also recently made changes to their positions in VEEV. Westpac Banking Corp boosted its position in shares of Veeva Systems by 100.0% during the 2nd quarter. Westpac Banking Corp now owns 20,081 shares of the technology company’s stock worth $3,255,000 after acquiring an additional 10,042 shares in the last quarter. Wedbush Securities Inc. boosted its position in shares of Veeva Systems by 39.4% during the 2nd quarter. Wedbush Securities Inc. now owns 4,080 shares of the technology company’s stock worth $661,000 after acquiring an additional 1,154 shares in the last quarter. Stevens Capital Management LP acquired a new stake in shares of Veeva Systems during the 2nd quarter worth approximately $4,589,000. Tocqueville Asset Management L.P. boosted its position in shares of Veeva Systems by 14.1% during the 2nd quarter. Tocqueville Asset Management L.P. now owns 10,759 shares of the technology company’s stock worth $1,744,000 after acquiring an additional 1,330 shares in the last quarter. Finally, New England Investment & Retirement Group Inc. acquired a new stake in shares of Veeva Systems during the 2nd quarter worth approximately $626,000. Institutional investors and hedge funds own 77.50% of the company’s stock.
VEEV has been the subject of several research reports. Bank of America increased their price objective on shares of Veeva Systems from $160.00 to $192.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Deutsche Bank increased their price objective on shares of Veeva Systems from $115.00 to $135.00 and gave the company a “hold” rating in a research note on Thursday, May 30th. JPMorgan Chase & Co. raised their price target on shares of Veeva Systems from $103.00 to $150.00 and gave the company a “neutral” rating in a research note on Thursday, May 30th. Needham & Company LLC reiterated a “buy” rating and set a $150.00 price objective (up from $135.00) on shares of Veeva Systems in a research report on Wednesday, April 17th. Finally, Canaccord Genuity increased their price objective on shares of Veeva Systems from $115.00 to $135.00 and gave the stock a “hold” rating in a research report on Thursday, May 30th. Seven equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $149.94.
Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Wednesday, May 29th. The technology company reported $0.37 EPS for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.08). Veeva Systems had a net margin of 28.41% and a return on equity of 17.61%. The firm had revenue of $244.75 million for the quarter, compared to the consensus estimate of $238.69 million. During the same quarter in the prior year, the company earned $0.33 earnings per share. The company’s quarterly revenue was up 25.2% compared to the same quarter last year. As a group, analysts forecast that Veeva Systems Inc will post 1.6 EPS for the current fiscal year.
In other news, SVP Jonathan Faddis sold 450 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $150.33, for a total value of $67,648.50. Following the sale, the senior vice president now directly owns 2,323 shares of the company’s stock, valued at approximately $349,216.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Michele O’connor sold 833 shares of the company’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $157.69, for a total transaction of $131,355.77. Following the completion of the sale, the chief accounting officer now directly owns 833 shares in the company, valued at $131,355.77. The disclosure for this sale can be found here. Insiders sold a total of 75,839 shares of company stock valued at $12,124,173 over the last 90 days. Company insiders own 14.38% of the company’s stock.
Veeva Systems 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 and data 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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