Lord Abbett & CO. LLC Sells 574,298 Shares of Veeva Systems Inc. (NYSE:VEEV)

Lord Abbett & CO. LLC trimmed its position in Veeva Systems Inc. (NYSE:VEEV) by 42.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 781,995 shares of the technology company’s stock after selling 574,298 shares during the quarter. Lord Abbett & CO. LLC owned about 0.56% of Veeva Systems worth $47,944,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Veeva Systems by 3.3% in the 2nd quarter. Vanguard Group Inc. now owns 9,125,993 shares of the technology company’s stock valued at $559,515,000 after buying an additional 290,865 shares during the period. BlackRock Inc. grew its holdings in shares of Veeva Systems by 44.9% in the 2nd quarter. BlackRock Inc. now owns 5,812,749 shares of the technology company’s stock worth $356,379,000 after purchasing an additional 1,801,439 shares during the last quarter. FMR LLC grew its holdings in shares of Veeva Systems by 50.9% in the 2nd quarter. FMR LLC now owns 3,456,402 shares of the technology company’s stock worth $211,912,000 after purchasing an additional 1,166,372 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Veeva Systems by 1.2% in the 2nd quarter. First Trust Advisors LP now owns 2,085,958 shares of the technology company’s stock worth $127,890,000 after purchasing an additional 25,655 shares during the last quarter. Finally, State Street Corp grew its holdings in shares of Veeva Systems by 52.1% in the 2nd quarter. State Street Corp now owns 1,856,894 shares of the technology company’s stock worth $113,851,000 after purchasing an additional 635,842 shares during the last quarter. Hedge funds and other institutional investors own 71.61% of the company’s stock.

VEEV has been the topic of a number of research reports. Zacks Investment Research downgraded shares of Veeva Systems from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 27th. BidaskClub downgraded shares of Veeva Systems from a “strong-buy” rating to a “buy” rating in a research report on Thursday, September 14th. Needham & Company LLC restated a “buy” rating and set a $70.00 target price on shares of Veeva Systems in a research report on Friday, August 25th. Stifel Nicolaus reiterated a “buy” rating and issued a $67.00 price target on shares of Veeva Systems in a research report on Monday, July 10th. Finally, KeyCorp reiterated a “buy” rating and issued a $70.00 price target on shares of Veeva Systems in a research report on Friday, August 25th. Five investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $65.75.

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Veeva Systems Inc. (NYSE VEEV) traded down 0.08% during midday trading on Friday, hitting $59.44. The stock had a trading volume of 828,923 shares. The company has a 50-day moving average price of $57.55 and a 200-day moving average price of $59.42. Veeva Systems Inc. has a 52 week low of $37.34 and a 52 week high of $68.07. The stock has a market cap of $8.36 billion, a P/E ratio of 76.01 and a beta of 1.62.

Veeva Systems (NYSE:VEEV) last posted its earnings results on Thursday, August 24th. The technology company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.03. The company had revenue of $166.59 million for the quarter, compared to the consensus estimate of $164.26 million. Veeva Systems had a return on equity of 12.77% and a net margin of 18.98%. The firm’s revenue for the quarter was up 26.8% on a year-over-year basis. During the same period in the previous year, the business earned $0.15 earnings per share. Equities analysts expect that Veeva Systems Inc. will post $0.87 EPS for the current year.

In other news, EVP Alan Mateo sold 528 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $58.74, for a total transaction of $31,014.72. Following the transaction, the executive vice president now owns 6,985 shares of the company’s stock, valued at $410,298.90. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Gordon Ritter sold 5,100 shares of the company’s stock in a transaction that occurred on Wednesday, October 18th. The shares were sold at an average price of $59.16, for a total value of $301,716.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 304,425 shares of company stock worth $17,776,992. Company insiders own 19.17% of the company’s stock.

Veeva Systems Company Profile

Veeva Systems Inc (Veeva) is a provider of cloud-based software solutions for the global life sciences industry. The Company offers solutions for a range of requirements within life sciences companies, including multichannel customer relationship management, regulated content and information management, master data management and customer data.

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

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