Principal Financial Group Inc. decreased its position in Veeva Systems Inc. (NYSE:VEEV) by 3.5% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 18,462 shares of the technology company’s stock after selling 677 shares during the period. Principal Financial Group Inc.’s holdings in Veeva Systems were worth $947,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the company. Comerica Bank purchased a new stake in shares of Veeva Systems during the first quarter worth approximately $204,000. BNP Paribas Arbitrage SA boosted its stake in shares of Veeva Systems by 135.6% in the first quarter. BNP Paribas Arbitrage SA now owns 3,809 shares of the technology company’s stock worth $195,000 after buying an additional 2,192 shares in the last quarter. Campbell & CO Investment Adviser LLC bought a new position in shares of Veeva Systems during the first quarter valued at about $217,000. IFP Advisors Inc boosted its position in shares of Veeva Systems by 26.6% in the first quarter. IFP Advisors Inc now owns 4,329 shares of the technology company’s stock valued at $222,000 after buying an additional 909 shares during the period. Finally, DORCHESTER WEALTH MANAGEMENT Co bought a new position in shares of Veeva Systems during the first quarter valued at about $226,000. 79.24% of the stock is owned by institutional investors.
Veeva Systems Inc. (NYSE VEEV) opened at 61.85 on Friday. Veeva Systems Inc. has a 1-year low of $36.55 and a 1-year high of $68.07. The firm’s 50-day moving average price is $62.79 and its 200-day moving average price is $54.62. The firm has a market capitalization of $8.64 billion, a PE ratio of 99.60 and a beta of 1.63.
Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data on Thursday, May 25th. The technology company reported $0.14 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by $0.04. The company had revenue of $157.90 million for the quarter, compared to analysts’ expectations of $151.82 million. Veeva Systems had a net margin of 15.86% and a return on equity of 12.28%. The firm’s quarterly revenue was up 31.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.15 earnings per share. On average, equities research analysts predict that Veeva Systems Inc. will post $0.83 EPS for the current fiscal year.
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Several equities analysts have recently issued reports on the company. Needham & Company LLC reissued a “buy” rating and issued a $75.00 price objective (up previously from $48.00) on shares of Veeva Systems in a report on Sunday, May 28th. Pacific Crest reaffirmed an “overweight” rating and issued a $70.00 price target (up previously from $61.00) on shares of Veeva Systems in a report on Sunday, May 28th. Stifel Nicolaus upped their price target on Veeva Systems from $60.00 to $67.00 and gave the stock a “buy” rating in a report on Saturday, May 27th. Canaccord Genuity reaffirmed a “buy” rating and issued a $70.00 price target (up previously from $48.00) on shares of Veeva Systems in a report on Friday, May 26th. Finally, Citigroup Inc. upped their price target on Veeva Systems from $61.00 to $67.00 and gave the stock a “neutral” rating in a report on Tuesday, May 30th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $62.00.
In other Veeva Systems news, SVP Frederic Lequient sold 1,088 shares of the business’s stock in a transaction on Friday, June 2nd. The shares were sold at an average price of $65.06, for a total value of $70,785.28. Following the transaction, the senior vice president now owns 2,875 shares in the company, valued at approximately $187,047.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Eleni Nitsa Zuppas sold 2,924 shares of the business’s stock in a transaction on Tuesday, June 6th. The stock was sold at an average price of $66.78, for a total transaction of $195,264.72. Following the completion of the transaction, the insider now owns 7,028 shares in the company, valued at approximately $469,329.84. The disclosure for this sale can be found here. Insiders have sold a total of 292,258 shares of company stock worth $18,468,436 in the last 90 days. 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.
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