Global Thematic Partners LLC Trims Stock Holdings in Veeva Systems Inc (NYSE:VEEV)

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Global Thematic Partners LLC trimmed its position in Veeva Systems Inc (NYSE:VEEV) by 39.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,072 shares of the technology company’s stock after selling 15,153 shares during the period. Global Thematic Partners LLC’s holdings in Veeva Systems were worth $3,740,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of VEEV. FMR LLC grew its stake in Veeva Systems by 63.4% in the fourth quarter. FMR LLC now owns 5,926,515 shares of the technology company’s stock worth $529,357,000 after purchasing an additional 2,300,472 shares during the period. Norges Bank bought a new stake in Veeva Systems in the fourth quarter worth $97,108,000. BlackRock Inc. boosted its holdings in Veeva Systems by 7.8% in the first quarter. BlackRock Inc. now owns 7,538,880 shares of the technology company’s stock worth $956,382,000 after acquiring an additional 547,246 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Veeva Systems by 82.1% in the first quarter. Victory Capital Management Inc. now owns 605,422 shares of the technology company’s stock worth $76,804,000 after acquiring an additional 272,909 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in Veeva Systems by 370.4% in the first quarter. Robeco Institutional Asset Management B.V. now owns 247,460 shares of the technology company’s stock worth $31,392,000 after acquiring an additional 194,856 shares in the last quarter. 77.51% of the stock is currently owned by institutional investors.

Veeva Systems stock traded up $2.75 during midday trading on Friday, reaching $170.47. 877,922 shares of the stock traded hands, compared to its average volume of 1,166,428. The business’s fifty day moving average price is $167.16. Veeva Systems Inc has a 12 month low of $73.47 and a 12 month high of $176.90. The company has a market cap of $24.45 billion, a PE ratio of 137.48, a P/E/G ratio of 8.38 and a beta of 1.41. The company has a current ratio of 3.73, a quick ratio of 3.73 and a debt-to-equity ratio of 0.01.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings data on Wednesday, May 29th. The technology company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.08). The company had revenue of $244.75 million during the quarter, compared to the consensus estimate of $238.69 million. Veeva Systems had a net margin of 28.41% and a return on equity of 17.61%. Veeva Systems’s revenue for the quarter was up 25.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.33 earnings per share. As a group, research analysts predict that Veeva Systems Inc will post 1.6 EPS for the current fiscal year.

A number of brokerages have recently issued reports on VEEV. JMP Securities upped their price target on Veeva Systems from $122.00 to $153.00 and gave the company a “market outperform” rating in a report on Thursday, May 30th. Barclays upgraded Encompass Health from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $68.00 to $70.00 in a research report on Thursday, May 30th. JPMorgan Chase & Co. upgraded China Life Insurance from a “neutral” rating to an “overweight” rating in a research report on Thursday, May 30th. They noted that the move was a valuation call. Deutsche Bank set a $18.00 price objective on Commercial Metals and gave the company a “buy” rating in a research report on Thursday, May 30th. Finally, Canaccord Genuity reiterated a “buy” rating and set a $10.00 price objective on shares of Synthesis Energy Systems in a research report on Thursday, May 30th. Seven research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Veeva Systems has an average rating of “Buy” and a consensus target price of $147.00.

In other news, EVP Alan Mateo sold 4,026 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $141.12, for a total value of $568,149.12. Following the completion of the sale, the executive vice president now owns 25,200 shares of the company’s stock, valued at approximately $3,556,224. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Timothy S. Cabral sold 42,500 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $157.50, for a total value of $6,693,750.00. Following the completion of the sale, the chief financial officer now directly owns 22,500 shares of the company’s stock, valued at approximately $3,543,750. The disclosure for this sale can be found here. Insiders sold a total of 91,506 shares of company stock worth $14,204,551 over the last quarter. Company insiders own 14.38% of the company’s stock.

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

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