Pinebridge Investments L.P. Buys 2,337 Shares of Veeva Systems Inc (NYSE:VEEV)

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Pinebridge Investments L.P. raised its stake in shares of Veeva Systems Inc (NYSE:VEEV) by 2.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 108,298 shares of the technology company’s stock after acquiring an additional 2,337 shares during the period. Pinebridge Investments L.P. owned about 0.07% of Veeva Systems worth $17,556,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. World Asset Management Inc increased its position in shares of Veeva Systems by 1.5% during the 2nd quarter. World Asset Management Inc now owns 4,192 shares of the technology company’s stock valued at $680,000 after purchasing an additional 63 shares during the last quarter. Hanson McClain Inc. increased its position in shares of Veeva Systems by 31.3% during the 2nd quarter. Hanson McClain Inc. now owns 294 shares of the technology company’s stock valued at $48,000 after purchasing an additional 70 shares during the last quarter. Cornerstone Advisors Inc. increased its position in shares of Veeva Systems by 17.6% during the 2nd quarter. Cornerstone Advisors Inc. now owns 500 shares of the technology company’s stock valued at $81,000 after purchasing an additional 75 shares during the last quarter. Nvwm LLC increased its position in shares of Veeva Systems by 2.0% during the 1st quarter. Nvwm LLC now owns 4,327 shares of the technology company’s stock valued at $549,000 after purchasing an additional 86 shares during the last quarter. Finally, Global Trust Asset Management LLC increased its position in shares of Veeva Systems by 4.3% during the 2nd quarter. Global Trust Asset Management LLC now owns 2,400 shares of the technology company’s stock valued at $389,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 77.17% of the company’s stock.

Shares of VEEV traded down $3.26 during trading hours on Friday, reaching $139.64. 61,682 shares of the company’s stock traded hands, compared to its average volume of 1,618,659. The stock has a market cap of $21.37 billion, a PE ratio of 112.63, a price-to-earnings-growth ratio of 4.70 and a beta of 1.32. The company has a current ratio of 4.23, a quick ratio of 4.23 and a debt-to-equity ratio of 0.01. The firm’s 50 day simple moving average is $160.61 and its 200-day simple moving average is $147.77. Veeva Systems Inc has a 12 month low of $79.26 and a 12 month high of $176.90.

Veeva Systems (NYSE:VEEV) last released its earnings results on Tuesday, August 27th. The technology company reported $0.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.03. The company had revenue of $266.90 million during the quarter, compared to the consensus estimate of $259.35 million. Veeva Systems had a return on equity of 18.10% and a net margin of 29.72%. Veeva Systems’s quarterly revenue was up 27.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.39 EPS. As a group, analysts expect that Veeva Systems Inc will post 1.62 earnings per share for the current fiscal year.

In other Veeva Systems news, CMO Eleni Nitsa Zuppas sold 3,000 shares of Veeva Systems stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $142.00, for a total value of $426,000.00. Following the transaction, the chief marketing officer now directly owns 13,821 shares of the company’s stock, valued at approximately $1,962,582. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Frederic Lequient sold 1,000 shares of Veeva Systems stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $165.40, for a total value of $165,400.00. Following the completion of the transaction, the senior vice president now directly owns 1,000 shares in the company, valued at $165,400. The disclosure for this sale can be found here. Insiders sold a total of 70,791 shares of company stock valued at $11,427,094 in the last 90 days. 14.38% of the stock is currently owned by corporate insiders.

Several equities research analysts have recently issued reports on the company. Canaccord Genuity raised their target price on Veeva Systems from $135.00 to $155.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Goldman Sachs Group started coverage on Veeva Systems in a research report on Friday, June 7th. They set a “neutral” rating and a $151.00 target price for the company. Stephens lifted their price objective on Veeva Systems from $155.00 to $185.00 and gave the stock an “overweight” rating in a report on Wednesday, August 28th. Deutsche Bank lifted their price objective on Veeva Systems from $115.00 to $135.00 and gave the stock a “hold” rating in a report on Thursday, May 30th. Finally, Guggenheim lifted their price objective on Veeva Systems from $154.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $167.06.

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.

Further Reading: Return on Investment (ROI)

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

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