Smithfield Trust Co. increased its position in shares of Veeva Systems Inc (NYSE:VEEV) by 23.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,115 shares of the technology company’s stock after buying an additional 215 shares during the period. Smithfield Trust Co.’s holdings in Veeva Systems were worth $141,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Royal London Asset Management Ltd. purchased a new position in shares of Veeva Systems in the first quarter worth about $5,777,000. Patriot Financial Group Insurance Agency LLC purchased a new position in Veeva Systems during the first quarter valued at approximately $51,000. Shepherd Financial Partners LLC increased its position in shares of Veeva Systems by 4.3% in the first quarter. Shepherd Financial Partners LLC now owns 2,872 shares of the technology company’s stock valued at $364,000 after buying an additional 119 shares in the last quarter. Cubic Asset Management LLC purchased a new stake in shares of Veeva Systems in the first quarter valued at approximately $203,000. Finally, Arizona State Retirement System increased its position in shares of Veeva Systems by 2.2% in the first quarter. Arizona State Retirement System now owns 13,802 shares of the technology company’s stock valued at $1,751,000 after buying an additional 292 shares in the last quarter. 78.02% of the stock is currently owned by institutional investors.
NYSE VEEV traded down $1.55 during trading hours on Friday, hitting $139.39. 1,403,332 shares of the company were exchanged, compared to its average volume of 1,226,871. The company has a market cap of $20.95 billion, a price-to-earnings ratio of 112.41, a price-to-earnings-growth ratio of 6.32 and a beta of 1.71. Veeva Systems Inc has a 52-week low of $73.47 and a 52-week high of $145.70.
Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Tuesday, February 26th. The technology company reported $0.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.04. The business had revenue of $232.32 million during the quarter, compared to analysts’ expectations of $227.15 million. Veeva Systems had a return on equity of 16.91% and a net margin of 26.66%. The business’s quarterly revenue was up 24.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.23 EPS. Analysts anticipate that Veeva Systems Inc will post 1.53 EPS for the current year.
A number of research firms have recently commented on VEEV. Morgan Stanley cut Veeva Systems from an “overweight” rating to an “equal weight” rating and boosted their price objective for the company from $126.00 to $144.00 in a research report on Friday. Stifel Nicolaus lifted their price target on Veeva Systems from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday. Needham & Company LLC reaffirmed a “buy” rating and issued a $150.00 price target (up from $135.00) on shares of Veeva Systems in a research note on Wednesday, April 17th. DA Davidson lifted their price target on Veeva Systems to $160.00 and gave the stock a “buy” rating in a research note on Friday, April 12th. Finally, SunTrust Banks boosted their price objective on Veeva Systems to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, February 27th. Eight investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $123.29.
In other Veeva Systems news, SVP Jonathan Faddis sold 1,666 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $121.20, for a total transaction of $201,919.20. Following the completion of the sale, the senior vice president now directly owns 4,489 shares of the company’s stock, valued at approximately $544,066.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Timothy S. Cabral sold 48,765 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $113.91, for a total value of $5,554,821.15. Following the sale, the chief financial officer now directly owns 23,074 shares of the company’s stock, valued at $2,628,359.34. The disclosure for this sale can be found here. Over the last three months, insiders sold 123,542 shares of company stock valued at $15,168,295. Insiders own 14.38% of the company’s stock.
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 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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