Chicago Capital LLC Sells 47,404 Shares of Veeva Systems Inc (VEEV)
Chicago Capital LLC lowered its position in shares of Veeva Systems Inc (NYSE:VEEV) by 15.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 251,850 shares of the technology company’s stock after selling 47,404 shares during the quarter. Veeva Systems comprises approximately 2.2% of Chicago Capital LLC’s portfolio, making the stock its 11th biggest position. Chicago Capital LLC’s holdings in Veeva Systems were worth $31,950,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in VEEV. FMR LLC raised its position in shares of Veeva Systems by 63.4% in the 4th quarter. FMR LLC now owns 5,926,515 shares of the technology company’s stock worth $529,357,000 after purchasing an additional 2,300,472 shares during the last quarter. First Trust Advisors LP grew its stake in shares of Veeva Systems by 4.5% during the 4th quarter. First Trust Advisors LP now owns 2,407,957 shares of the technology company’s stock valued at $215,079,000 after acquiring an additional 102,884 shares during the period. Geode Capital Management LLC grew its stake in shares of Veeva Systems by 15.9% during the 4th quarter. Geode Capital Management LLC now owns 1,307,248 shares of the technology company’s stock valued at $116,693,000 after acquiring an additional 179,262 shares during the period. Norges Bank bought a new position in shares of Veeva Systems during the 4th quarter valued at approximately $97,108,000. Finally, Two Sigma Advisers LP grew its stake in shares of Veeva Systems by 56.1% during the 4th quarter. Two Sigma Advisers LP now owns 1,036,900 shares of the technology company’s stock valued at $92,616,000 after acquiring an additional 372,700 shares during the period. 77.82% of the stock is owned by institutional investors and hedge funds.
Several brokerages have recently issued reports on VEEV. Zacks Investment Research raised Veeva Systems from a “hold” rating to a “buy” rating and set a $126.00 price objective on the stock in a report on Saturday, February 9th. Barclays began coverage on Veeva Systems in a report on Wednesday, February 20th. They set an “equal weight” rating and a $130.00 price objective on the stock. DA Davidson upped their price objective on Veeva Systems to $140.00 and gave the stock a “buy” rating in a report on Wednesday, February 27th. JMP Securities upped their price objective on Veeva Systems from $108.00 to $122.00 and gave the stock a “market outperform” rating in a report on Wednesday, February 27th. Finally, SunTrust Banks upped their price objective on Veeva Systems to $140.00 and gave the stock a “buy” rating in a report on Wednesday, February 27th. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Veeva Systems presently has a consensus rating of “Buy” and a consensus target price of $119.71.
Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Tuesday, February 26th. The technology company reported $0.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.05. Veeva Systems had a return on equity of 16.91% and a net margin of 26.66%. The company had revenue of $232.32 million for the quarter, compared to analyst estimates of $227.15 million. During the same quarter in the prior year, the firm posted $0.23 EPS. Veeva Systems’s quarterly revenue was up 24.9% compared to the same quarter last year. As a group, analysts anticipate that Veeva Systems Inc will post 1.53 earnings per share for the current fiscal year.
In other Veeva Systems news, CMO Eleni Nitsa Zuppas sold 3,000 shares of the company’s stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $132.03, for a total value of $396,090.00. Following the transaction, the chief marketing officer now owns 12,738 shares of the company’s stock, valued at approximately $1,681,798.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Timothy S. Cabral sold 48,765 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $113.91, for a total value of $5,554,821.15. Following the completion of the transaction, the chief financial officer now directly owns 23,074 shares in the company, valued at approximately $2,628,359.34. The disclosure for this sale can be found here. Insiders have sold a total of 115,457 shares of company stock worth $13,715,593 in the last 90 days. 15.97% of the stock is currently owned by insiders.
Veeva Systems Company Profile
Veeva Systems, Inc engages in the provision of industry-specific, cloud-based software solutions for the life sciences industry. Its solutions enable pharmaceutical and other life sciences companies to realize the benefits of modern cloud-based architectures and mobile applications for their most critical business functions, without compromising industry-specific functionality or regulatory compliance.
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