Foundry Partners LLC Has $3.14 Million Position in Veeva Systems Inc. (VEEV)
Foundry Partners LLC cut its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 2.2% during the second quarter, Holdings Channel reports. The firm owned 51,186 shares of the technology company’s stock after selling 1,157 shares during the period. Foundry Partners LLC’s holdings in Veeva Systems were worth $3,138,000 as of its most recent filing with the SEC.
Other hedge funds have also recently bought and sold shares of the company. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. purchased a new stake in Veeva Systems during the second quarter valued at $858,000. Schwab Charles Investment Management Inc. raised its position in shares of Veeva Systems by 10.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 439,111 shares of the technology company’s stock valued at $26,922,000 after buying an additional 41,281 shares in the last quarter. Morse Asset Management Inc raised its position in shares of Veeva Systems by 104.1% in the second quarter. Morse Asset Management Inc now owns 32,050 shares of the technology company’s stock valued at $1,965,000 after buying an additional 16,350 shares in the last quarter. Pioneer Investment Management Inc. bought a new position in shares of Veeva Systems during the second quarter valued at approximately $4,472,000. Finally, Pictet Asset Management Ltd. bought a new position in shares of Veeva Systems during the second quarter valued at approximately $2,052,000. 78.58% of the stock is owned by institutional investors and hedge funds.
Shares of Veeva Systems Inc. (NYSE VEEV) opened at 62.80 on Wednesday. The firm has a market capitalization of $8.78 billion, a price-to-earnings ratio of 101.13 and a beta of 1.63. The firm’s 50-day moving average is $62.78 and its 200-day moving average is $55.08. Veeva Systems Inc. has a 12-month low of $36.55 and a 12-month high of $68.07.
Veeva Systems (NYSE:VEEV) last released its earnings results on Thursday, May 25th. The technology company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by $0.04. Veeva Systems had a net margin of 15.86% and a return on equity of 12.28%. The company had revenue of $157.90 million during the quarter, compared to analysts’ expectations of $151.82 million. During the same quarter in the previous year, the firm posted $0.15 earnings per share. Veeva Systems’s revenue for the quarter was up 31.8% compared to the same quarter last year. Equities research analysts forecast that Veeva Systems Inc. will post $0.83 EPS for the current fiscal year.
VEEV has been the topic of several recent analyst reports. Morgan Stanley lowered shares of Veeva Systems from an “overweight” rating to an “equal weight” rating and upped their price objective for the stock from $53.00 to $68.00 in a report on Monday, June 5th. They noted that the move was a valuation call. Bank of America Corporation upgraded shares of Veeva Systems from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $48.00 to $70.00 in a report on Friday, May 26th. Deutsche Bank AG restated a “hold” rating and issued a $55.00 price objective on shares of Veeva Systems in a report on Tuesday, May 30th. BidaskClub lowered shares of Veeva Systems from a “strong-buy” rating to a “buy” rating in a report on Tuesday, June 13th. Finally, Zacks Investment Research lowered shares of Veeva Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 27th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $62.00.
In other Veeva Systems news, President Matthew J. Wallach sold 24,000 shares of Veeva Systems stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $62.76, for a total transaction of $1,506,240.00. Following the transaction, the president now directly owns 24,000 shares of the company’s stock, valued at $1,506,240. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Gordon Ritter sold 5,100 shares of Veeva Systems stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $62.78, for a total transaction of $320,178.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 268,933 shares of company stock valued at $17,127,929. 17.50% of the stock is owned by insiders.
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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