Riverbridge Partners LLC boosted its holdings in Veeva Systems Inc (NYSE:VEEV) by 1.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 725,563 shares of the technology company’s stock after purchasing an additional 11,841 shares during the quarter. Veeva Systems comprises approximately 2.1% of Riverbridge Partners LLC’s portfolio, making the stock its 12th biggest position. Riverbridge Partners LLC owned approximately 0.49% of Veeva Systems worth $110,786,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in VEEV. MML Investors Services LLC lifted its stake in Veeva Systems by 166.9% in the first quarter. MML Investors Services LLC now owns 6,090 shares of the technology company’s stock valued at $773,000 after buying an additional 3,808 shares during the last quarter. OppenheimerFunds Inc. lifted its stake in Veeva Systems by 3,084.6% in the first quarter. OppenheimerFunds Inc. now owns 134,867 shares of the technology company’s stock valued at $17,109,000 after buying an additional 130,632 shares during the last quarter. Northern Trust Corp lifted its stake in Veeva Systems by 7.8% in the first quarter. Northern Trust Corp now owns 866,620 shares of the technology company’s stock valued at $109,939,000 after buying an additional 62,872 shares during the last quarter. GWM Advisors LLC lifted its stake in Veeva Systems by 16.2% in the first quarter. GWM Advisors LLC now owns 4,523 shares of the technology company’s stock valued at $574,000 after buying an additional 631 shares during the last quarter. Finally, Westfield Capital Management Co. LP purchased a new stake in Veeva Systems in the first quarter valued at approximately $368,000. 76.67% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Alan Mateo sold 867 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $175.58, for a total transaction of $152,227.86. Following the transaction, the executive vice president now owns 20,620 shares of the company’s stock, valued at $3,620,459.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Timothy S. Cabral sold 15,000 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $167.57, for a total value of $2,513,550.00. Following the transaction, the chief financial officer now directly owns 586 shares in the company, valued at approximately $98,196.02. The disclosure for this sale can be found here. Insiders have sold 74,090 shares of company stock valued at $11,750,354 in the last 90 days. Company insiders own 14.38% of the company’s stock.
A number of equities research analysts have weighed in on the company. KeyCorp boosted their price objective on Veeva Systems from $172.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, August 28th. SunTrust Banks set a $180.00 price objective on Veeva Systems and gave the company a “buy” rating in a research note on Friday, September 27th. ValuEngine cut Veeva Systems from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Raymond James upgraded Veeva Systems from a “market perform” rating to an “outperform” rating and set a $180.00 price objective for the company in a research note on Thursday, September 26th. Finally, Needham & Company LLC boosted their price objective on Veeva Systems from $150.00 to $187.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $168.11.
Veeva Systems stock opened at $152.04 on Friday. Veeva Systems Inc has a 12 month low of $79.26 and a 12 month high of $176.90. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.23 and a quick ratio of 4.23. The business has a 50 day simple moving average of $152.80 and a 200-day simple moving average of $152.06. The stock has a market capitalization of $22.10 billion, a PE ratio of 100.90, a price-to-earnings-growth ratio of 4.85 and a beta of 1.28.
Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Tuesday, August 27th. The technology company reported $0.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.03. Veeva Systems had a return on equity of 18.10% and a net margin of 29.72%. The business had revenue of $266.90 million during the quarter, compared to analysts’ expectations of $259.35 million. During the same quarter in the prior year, the business earned $0.39 earnings per share. The company’s quarterly revenue was up 27.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Veeva Systems Inc will post 1.62 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 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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