Pictet Asset Management Ltd. Raises Position in Veeva Systems Inc. (VEEV)
Pictet Asset Management Ltd. increased its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 5.9% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 34,200 shares of the technology company’s stock after acquiring an additional 1,900 shares during the quarter. Pictet Asset Management Ltd.’s holdings in Veeva Systems were worth $1,929,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of VEEV. BlackRock Inc. boosted its position in shares of Veeva Systems by 24,931.6% during the first quarter. BlackRock Inc. now owns 4,011,310 shares of the technology company’s stock worth $205,701,000 after acquiring an additional 3,995,285 shares during the last quarter. FMR LLC boosted its position in shares of Veeva Systems by 50.9% during the second quarter. FMR LLC now owns 3,456,402 shares of the technology company’s stock worth $211,912,000 after acquiring an additional 1,166,372 shares during the last quarter. State Street Corp boosted its position in shares of Veeva Systems by 52.1% during the second quarter. State Street Corp now owns 1,856,894 shares of the technology company’s stock worth $113,851,000 after acquiring an additional 635,842 shares during the last quarter. Koch Industries Inc. bought a new position in shares of Veeva Systems during the second quarter worth $408,000. Finally, Sumitomo Mitsui Trust Holdings Inc. bought a new position in shares of Veeva Systems during the second quarter worth $21,806,000. Hedge funds and other institutional investors own 71.39% of the company’s stock.
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A number of equities research analysts recently issued reports on the stock. Canaccord Genuity reaffirmed a “buy” rating and set a $70.00 price target on shares of Veeva Systems in a research note on Tuesday, August 22nd. Zacks Investment Research downgraded shares of Veeva Systems from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 27th. KeyCorp reaffirmed a “buy” rating and set a $70.00 price target on shares of Veeva Systems in a research note on Friday, August 25th. BidaskClub raised shares of Veeva Systems from a “buy” rating to a “strong-buy” rating in a research note on Friday, October 20th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $67.00 price target on shares of Veeva Systems in a research note on Friday, October 13th. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $65.75.
Shares of Veeva Systems Inc. (NYSE:VEEV) opened at $61.49 on Tuesday. Veeva Systems Inc. has a 12 month low of $39.58 and a 12 month high of $68.07. The firm has a market cap of $8,525.89, a price-to-earnings ratio of 104.19, a PEG ratio of 5.03 and a beta of 1.64.
Veeva Systems (NYSE:VEEV) last announced its earnings results on Thursday, August 24th. The technology company reported $0.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.03. Veeva Systems had a net margin of 18.98% and a return on equity of 12.77%. The business had revenue of $166.59 million for the quarter, compared to the consensus estimate of $164.26 million. During the same quarter in the prior year, the firm posted $0.15 earnings per share. The business’s revenue for the quarter was up 26.8% on a year-over-year basis. analysts anticipate that Veeva Systems Inc. will post 0.65 earnings per share for the current fiscal year.
In related news, President Matthew J. Wallach sold 24,000 shares of the firm’s stock in a transaction dated Wednesday, September 20th. The shares were sold at an average price of $55.83, for a total value of $1,339,920.00. Following the transaction, the president now owns 24,000 shares of the company’s stock, valued at approximately $1,339,920. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Gordon Ritter sold 9,600 shares of the firm’s stock in a transaction dated Friday, November 3rd. The stock was sold at an average price of $61.03, for a total transaction of $585,888.00. The disclosure for this sale can be found here. Insiders sold a total of 263,700 shares of company stock worth $15,201,118 in the last ninety days. 17.50% of the stock is currently owned by insiders.
About Veeva Systems
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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