Synovus Financial Corp increased its stake in Veeva Systems Inc (NYSE:VEEV) by 79.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,871 shares of the technology company’s stock after buying an additional 6,148 shares during the period. Synovus Financial Corp’s holdings in Veeva Systems were worth $1,516,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. DnB Asset Management AS purchased a new stake in Veeva Systems in the second quarter worth about $830,000. IFM Investors Pty Ltd purchased a new stake in Veeva Systems in the second quarter worth about $370,000. KAMES CAPITAL plc purchased a new stake in Veeva Systems in the second quarter worth about $6,164,000. State of Alaska Department of Revenue grew its holdings in Veeva Systems by 43.1% in the second quarter. State of Alaska Department of Revenue now owns 14,580 shares of the technology company’s stock worth $1,120,000 after purchasing an additional 4,390 shares during the period. Finally, Xact Kapitalforvaltning AB grew its holdings in Veeva Systems by 7.9% in the second quarter. Xact Kapitalforvaltning AB now owns 21,735 shares of the technology company’s stock worth $1,671,000 after purchasing an additional 1,600 shares during the period. 75.37% of the stock is owned by institutional investors.
In related news, CFO Timothy S. Cabral sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 5th. The shares were sold at an average price of $101.49, for a total value of $5,074,500.00. Following the sale, the chief financial officer now owns 30,000 shares in the company, valued at $3,044,700. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Alan Mateo sold 981 shares of the firm’s stock in a transaction that occurred on Tuesday, October 16th. The stock was sold at an average price of $92.07, for a total transaction of $90,320.67. Following the completion of the sale, the executive vice president now owns 14,342 shares in the company, valued at approximately $1,320,467.94. The disclosure for this sale can be found here. In the last quarter, insiders have sold 172,476 shares of company stock worth $16,528,424. Corporate insiders own 15.97% of the company’s stock.
NYSE:VEEV opened at $92.06 on Wednesday. Veeva Systems Inc has a 52 week low of $52.17 and a 52 week high of $109.05. The company has a market cap of $13.23 billion, a PE ratio of 100.07, a PEG ratio of 4.34 and a beta of 1.64.
Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Thursday, August 23rd. The technology company reported $0.39 EPS for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.05. Veeva Systems had a net margin of 21.23% and a return on equity of 13.58%. The firm had revenue of $209.60 million for the quarter, compared to analysts’ expectations of $203.50 million. During the same quarter in the prior year, the company posted $0.23 earnings per share. The business’s revenue for the quarter was up 24.9% on a year-over-year basis. As a group, sell-side analysts forecast that Veeva Systems Inc will post 1.1 EPS for the current year.
A number of equities research analysts have weighed in on VEEV shares. Zacks Investment Research upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating and set a $92.00 price objective on the stock in a report on Tuesday, July 17th. Needham & Company LLC restated a “buy” rating and issued a $100.00 price objective (up previously from $90.00) on shares of Veeva Systems in a report on Friday, August 24th. DA Davidson upped their price objective on shares of Veeva Systems to $105.00 and gave the stock a “buy” rating in a report on Friday, August 24th. Canaccord Genuity upped their price objective 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. Finally, Stifel Nicolaus upped their price objective on shares of Veeva Systems from $80.00 to $95.00 and gave the stock a “buy” rating in a report on Friday, August 24th. Six investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Veeva Systems presently has a consensus rating of “Buy” and a consensus target price of $99.07.
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Veeva Systems Company 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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