Principal Financial Group Inc. lessened its position in shares of Veeva Systems Inc (NYSE:VEEV) by 16.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,743 shares of the technology company’s stock after selling 3,407 shares during the quarter. Principal Financial Group Inc.’s holdings in Veeva Systems were worth $944,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in VEEV. BlackRock Inc. boosted 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 period. FMR LLC boosted 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 period. State Street Corp boosted 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 period. Koch Industries Inc. purchased a new position in shares of Veeva Systems in the 2nd quarter worth approximately $408,000. Finally, Sumitomo Mitsui Trust Holdings Inc. purchased a new position in shares of Veeva Systems in the 2nd quarter worth approximately $21,806,000. Institutional investors and hedge funds own 72.38% of the company’s stock.
A number of brokerages have recently commented on VEEV. Canaccord Genuity reiterated a “buy” rating and issued a $70.00 target price on shares of Veeva Systems in a report on Wednesday, December 6th. Needham & Company LLC reissued a “buy” rating on shares of Veeva Systems in a research note on Thursday, October 12th. KeyCorp reissued a “buy” rating and set a $70.00 price target on shares of Veeva Systems in a research note on Friday, August 25th. Stifel Nicolaus reissued a “buy” rating and set a $67.00 price target on shares of Veeva Systems in a research note on Friday, October 13th. Finally, Zacks Investment Research raised Veeva Systems from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a research note on Wednesday, October 11th. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Veeva Systems currently has a consensus rating of “Buy” and an average price target of $67.45.
Shares of Veeva Systems Inc (VEEV) traded up $0.05 during mid-day trading on Thursday, hitting $55.92. The company had a trading volume of 1,337,400 shares, compared to its average volume of 1,325,261. Veeva Systems Inc has a 52-week low of $40.50 and a 52-week high of $68.07. The company has a market cap of $7,860.00, a price-to-earnings ratio of 94.69, a P/E/G ratio of 4.53 and a beta of 1.60.
Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Tuesday, December 5th. The technology company reported $0.25 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.09. The firm had revenue of $176.10 million during the quarter, compared to analyst estimates of $171.99 million. Veeva Systems had a return on equity of 12.21% and a net margin of 19.97%. Veeva Systems’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same period last year, the company earned $0.22 EPS. research analysts anticipate that Veeva Systems Inc will post 0.68 EPS for the current year.
In other Veeva Systems news, SVP Jonathan Faddis sold 37,500 shares of Veeva Systems stock in a transaction on Friday, September 29th. The stock was sold at an average price of $56.38, for a total transaction of $2,114,250.00. Following the completion of the sale, the senior vice president now directly owns 39,149 shares of the company’s stock, valued at approximately $2,207,220.62. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Timothy S. Cabral sold 4,375 shares of the business’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $56.44, for a total value of $246,925.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 203,404 shares of company stock valued at $11,747,583. 19.17% of the stock is currently owned by corporate insiders.
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Veeva Systems 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.
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