Glynn Capital Management LLC cut its position in Veeva Systems Inc (NYSE:VEEV) by 19.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 215,608 shares of the technology company’s stock after selling 53,504 shares during the quarter. Veeva Systems comprises 4.7% of Glynn Capital Management LLC’s investment portfolio, making the stock its 9th biggest position. Glynn Capital Management LLC owned about 0.15% of Veeva Systems worth $23,473,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of VEEV. Global Trust Asset Management LLC bought a new position in shares of Veeva Systems in the 3rd quarter worth $163,000. Flagship Harbor Advisors LLC bought a new position in shares of Veeva Systems in the 2nd quarter worth $149,000. Jaffetilchin Investment Partners LLC bought a new position in shares of Veeva Systems in the 3rd quarter worth $223,000. Mutual of America Capital Management LLC bought a new position in shares of Veeva Systems in the 2nd quarter worth $169,000. Finally, Arthur M. Cohen & Associates LLC bought a new position in shares of Veeva Systems in the 3rd quarter worth $245,000. Institutional investors and hedge funds own 75.55% of the company’s stock.
A number of brokerages have recently commented on VEEV. Canaccord Genuity increased their price target on shares of Veeva Systems from $85.00 to $98.00 and gave the stock a “buy” rating in a report on Friday, August 24th. They noted that the move was a valuation call. DA Davidson increased their target price on shares of Veeva Systems to $105.00 and gave the company a “buy” rating in a report on Friday, August 24th. KeyCorp reaffirmed a “buy” rating on shares of Veeva Systems in a report on Thursday, August 23rd. Stifel Nicolaus increased their target price on shares of Veeva Systems from $95.00 to $110.00 and gave the company a “buy” rating in a report on Friday, October 5th. Finally, Morgan Stanley reduced their target price on shares of Veeva Systems from $113.00 to $109.00 and set an “overweight” rating on the stock in a report on Tuesday, October 23rd. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. Veeva Systems presently has a consensus rating of “Buy” and a consensus price target of $99.07.
In other Veeva Systems news, President Matthew J. Wallach sold 12,000 shares of the firm’s stock in a transaction on Friday, October 12th. The shares were sold at an average price of $91.13, for a total value of $1,093,560.00. Following the sale, the president now owns 12,000 shares of the company’s stock, valued at approximately $1,093,560. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Alan Mateo sold 46,547 shares of the firm’s stock in a transaction on Monday, August 13th. The stock was sold at an average price of $85.42, for a total transaction of $3,976,044.74. The disclosure for this sale can be found here. In the last three months, insiders sold 172,476 shares of company stock worth $16,528,424. Insiders own 15.97% of the company’s stock.
VEEV stock opened at $91.75 on Thursday. Veeva Systems Inc has a 52 week low of $52.17 and a 52 week high of $109.05. The firm has a market cap of $12.64 billion, a P/E ratio of 99.73, a price-to-earnings-growth ratio of 4.15 and a beta of 1.54.
Veeva Systems (NYSE:VEEV) last released its earnings results on Thursday, August 23rd. The technology company reported $0.39 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.05. The company had revenue of $209.60 million for the quarter, compared to analyst estimates of $203.50 million. Veeva Systems had a net margin of 21.23% and a return on equity of 13.58%. The firm’s quarterly revenue was up 24.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.23 EPS. On average, research analysts forecast that Veeva Systems Inc will post 1.1 earnings per share for the current year.
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 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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