Chicago Capital LLC lessened its holdings in shares of Veeva Systems Inc (NYSE:VEEV) by 15.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 297,617 shares of the technology company’s stock after selling 53,288 shares during the period. Veeva Systems makes up 2.2% of Chicago Capital LLC’s holdings, making the stock its 10th biggest position. Chicago Capital LLC owned approximately 0.21% of Veeva Systems worth $32,402,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of VEEV. United Services Automobile Association increased its holdings in Veeva Systems by 2.9% in the second quarter. United Services Automobile Association now owns 18,516 shares of the technology company’s stock valued at $1,423,000 after buying an additional 529 shares in the last quarter. Comerica Bank increased its holdings in Veeva Systems by 11.2% in the third quarter. Comerica Bank now owns 5,773 shares of the technology company’s stock valued at $515,000 after buying an additional 583 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its holdings in Veeva Systems by 13.7% in the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 5,400 shares of the technology company’s stock valued at $415,000 after buying an additional 650 shares in the last quarter. Morse Asset Management Inc increased its holdings in Veeva Systems by 20.2% in the third quarter. Morse Asset Management Inc now owns 4,250 shares of the technology company’s stock valued at $463,000 after buying an additional 715 shares in the last quarter. Finally, Oppenheimer & Co. Inc. increased its holdings in Veeva Systems by 7.0% in the third quarter. Oppenheimer & Co. Inc. now owns 11,253 shares of the technology company’s stock valued at $1,225,000 after buying an additional 738 shares in the last quarter. 75.37% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have weighed in on VEEV shares. Zacks Investment Research raised shares of Veeva Systems from a “hold” rating to a “strong-buy” rating and set a $117.00 price objective for the company in a report on Wednesday, August 29th. ValuEngine raised shares of Veeva Systems from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 28th. DA Davidson set a $120.00 price objective on shares of Veeva Systems and gave the company a “buy” rating in a report on Friday, October 5th. Morgan Stanley lifted their price objective on shares of Veeva Systems from $91.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, August 24th. They noted that the move was a valuation call. Finally, Guggenheim started coverage on shares of Veeva Systems in a report on Tuesday, August 7th. They issued a “buy” rating and a $100.00 price objective for the company. Six equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $99.07.
In related news, insider Eleni Nitsa Zuppas sold 1,253 shares of the business’s stock in a transaction dated Wednesday, September 5th. The shares were sold at an average price of $103.52, for a total transaction of $129,710.56. Following the transaction, the insider now directly owns 10,151 shares in the company, valued at $1,050,831.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Alan Mateo sold 46,547 shares of the business’s stock in a transaction dated Monday, August 13th. The stock was sold at an average price of $85.42, for a total transaction of $3,976,044.74. The disclosure for this sale can be found here. In the last quarter, insiders sold 172,476 shares of company stock worth $16,528,424. Company insiders own 15.97% of the company’s stock.
Shares of NYSE VEEV opened at $92.22 on Tuesday. Veeva Systems Inc has a 52-week low of $52.17 and a 52-week high of $109.05. The stock has a market capitalization of $13.23 billion, a PE ratio of 100.24, a P/E/G ratio of 4.34 and a beta of 1.64.
Veeva Systems (NYSE:VEEV) last announced its earnings results on Thursday, August 23rd. The technology company reported $0.39 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.05. Veeva Systems had a net margin of 21.23% and a return on equity of 13.58%. The business had revenue of $209.60 million for the quarter, compared to analyst estimates of $203.50 million. During the same quarter last year, the business earned $0.23 earnings per share. The company’s revenue for the quarter was up 24.9% compared to the same quarter last year. Sell-side analysts forecast that Veeva Systems Inc will post 1.1 EPS for the current year.
About Veeva Systems
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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