OppenheimerFunds Inc. Has $17.11 Million Holdings in Veeva Systems Inc (NYSE:VEEV)
OppenheimerFunds Inc. raised its stake in Veeva Systems Inc (NYSE:VEEV) by 3,084.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 134,867 shares of the technology company’s stock after buying an additional 130,632 shares during the quarter. OppenheimerFunds Inc.’s holdings in Veeva Systems were worth $17,109,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently added to or reduced their stakes in the business. Sheets Smith Wealth Management increased its holdings in shares of Veeva Systems by 81.0% in the first quarter. Sheets Smith Wealth Management now owns 7,813 shares of the technology company’s stock worth $991,000 after acquiring an additional 3,496 shares in the last quarter. Private Advisor Group LLC increased its holdings in shares of Veeva Systems by 174.1% in the first quarter. Private Advisor Group LLC now owns 14,799 shares of the technology company’s stock worth $1,878,000 after acquiring an additional 9,400 shares in the last quarter. State of Wisconsin Investment Board increased its holdings in shares of Veeva Systems by 2.6% in the first quarter. State of Wisconsin Investment Board now owns 135,048 shares of the technology company’s stock worth $17,132,000 after acquiring an additional 3,445 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Veeva Systems by 11.4% in the first quarter. Principal Financial Group Inc. now owns 13,450 shares of the technology company’s stock worth $1,706,000 after acquiring an additional 1,377 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC bought a new stake in shares of Veeva Systems in the first quarter worth about $462,000. 78.11% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Paul J. Sekhri sold 600 shares of the stock in a transaction that occurred on Friday, March 22nd. The stock was sold at an average price of $127.53, for a total transaction of $76,518.00. Following the completion of the transaction, the director now directly owns 16,468 shares of the company’s stock, valued at $2,100,164.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jonathan Faddis sold 1,667 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $127.29, for a total value of $212,192.43. Following the transaction, the senior vice president now directly owns 2,740 shares of the company’s stock, valued at $348,774.60. The disclosure for this sale can be found here. Insiders have sold 104,126 shares of company stock valued at $15,453,935 over the last three months. Insiders own 14.38% of the company’s stock.
Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Wednesday, May 29th. The technology company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.08). Veeva Systems had a net margin of 28.41% and a return on equity of 17.61%. The company had revenue of $244.75 million for the quarter, compared to analyst estimates of $238.69 million. During the same period last year, the company posted $0.33 earnings per share. The business’s revenue for the quarter was up 25.2% on a year-over-year basis. On average, research analysts predict that Veeva Systems Inc will post 1.6 earnings per share for the current year.
Several equities research analysts have issued reports on VEEV shares. Morgan Stanley increased their price target on Veeva Systems from $112.00 to $123.00 and gave the stock an “overweight” rating in a report on Monday, February 25th. Zacks Investment Research downgraded Veeva Systems from a “buy” rating to a “hold” rating in a report on Monday, February 18th. DA Davidson increased their price objective on Veeva Systems to $160.00 and gave the stock a “buy” rating in a report on Friday, April 12th. Stephens upgraded Veeva Systems from an “equal” rating to an “overweight” rating and increased their price objective for the stock from $130.00 to $155.00 in a report on Thursday, May 30th. Finally, Barclays started coverage on Veeva Systems in a report on Wednesday, February 20th. They set an “equal weight” rating and a $130.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Veeva Systems has an average rating of “Buy” and a consensus price target of $147.00.
Veeva Systems 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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