Mackenzie Financial Corp Has $4.45 Million Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Mackenzie Financial Corp trimmed its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 41.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,221 shares of the technology company’s stock after selling 13,521 shares during the quarter. Mackenzie Financial Corp’s holdings in Veeva Systems were worth $4,452,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Abound Financial LLC acquired a new position in Veeva Systems in the first quarter valued at approximately $25,000. ORG Partners LLC acquired a new position in Veeva Systems in the first quarter valued at approximately $26,000. Golden State Wealth Management LLC lifted its holdings in Veeva Systems by 152.9% in the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company’s stock valued at $30,000 after buying an additional 78 shares during the period. Wayfinding Financial LLC acquired a new position in Veeva Systems in the first quarter valued at approximately $32,000. Finally, Key Financial Inc lifted its holdings in Veeva Systems by 161.0% in the first quarter. Key Financial Inc now owns 154 shares of the technology company’s stock valued at $36,000 after buying an additional 95 shares during the period. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Price Performance

Shares of VEEV stock opened at $281.05 on Friday. The stock has a market cap of $45.93 billion, a P/E ratio of 59.54, a P/E/G ratio of 2.25 and a beta of 0.98. The company has a fifty day moving average price of $280.01 and a two-hundred day moving average price of $246.73. Veeva Systems Inc. has a one year low of $177.41 and a one year high of $296.72.

Veeva Systems (NYSE:VEEV) last posted its earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.23. The company had revenue of $759.04 million during the quarter, compared to analysts’ expectations of $728.38 million. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. Veeva Systems’s quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter last year, the company posted $1.50 EPS. As a group, equities research analysts anticipate that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on VEEV. Needham & Company LLC increased their price objective on shares of Veeva Systems from $270.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, May 29th. Morgan Stanley upped their target price on shares of Veeva Systems from $201.00 to $210.00 and gave the company an “underweight” rating in a research note on Thursday, May 29th. Citigroup upped their target price on shares of Veeva Systems from $265.00 to $329.00 and gave the company a “buy” rating in a research note on Friday, May 30th. Wells Fargo & Company upped their target price on shares of Veeva Systems from $285.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday, May 29th. Finally, Stifel Nicolaus upped their target price on shares of Veeva Systems from $272.00 to $295.00 and gave the company a “buy” rating in a research note on Thursday, May 29th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $274.17.

Insider Transactions at Veeva Systems

In other news, Director Priscilla Hung sold 171 shares of the firm’s stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $284.40, for a total transaction of $48,632.40. Following the completion of the sale, the director owned 3,966 shares in the company, valued at approximately $1,127,930.40. This trade represents a 4.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Timothy S. Cabral sold 315 shares of the firm’s stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $289.72, for a total transaction of $91,261.80. Following the sale, the director owned 5,500 shares of the company’s stock, valued at approximately $1,593,460. This represents a 5.42% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,378 shares of company stock worth $394,217. 10.30% of the stock is owned by insiders.

About Veeva Systems

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and analytics solutions, such as Veeva customer relationship management (CRM) that enable customer-facing employees at pharmaceutical and biotechnology companies; Veeva Vault PromoMats, an end-to-end content and digital asset management solution; Veeva Vault Medical that provides source of medical content across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a customer reference data solution; Veeva Link, a data application that allows link to generate real-time intelligence; and Veeva Compass includes de-identified and longitudinal patient data for the United States.