Point72 Asset Management L.P. Sells 12,400 Shares of Veeva Systems Inc (VEEV)
Point72 Asset Management L.P. lowered its position in shares of Veeva Systems Inc (NYSE:VEEV) by 88.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,600 shares of the technology company’s stock after selling 12,400 shares during the period. Point72 Asset Management L.P.’s holdings in Veeva Systems were worth $123,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently made changes to their positions in VEEV. We Are One Seven LLC increased its stake in shares of Veeva Systems by 147.6% during the first quarter. We Are One Seven LLC now owns 1,679 shares of the technology company’s stock worth $123,000 after purchasing an additional 1,001 shares during the period. Next Century Growth Investors LLC bought a new position in shares of Veeva Systems during the first quarter worth approximately $130,000. Flagship Harbor Advisors LLC acquired a new stake in Veeva Systems during the second quarter worth approximately $149,000. Mutual of America Capital Management LLC acquired a new stake in Veeva Systems during the second quarter worth approximately $169,000. Finally, Cerebellum GP LLC grew its position in Veeva Systems by 1,645.0% during the second quarter. Cerebellum GP LLC now owns 2,251 shares of the technology company’s stock worth $173,000 after buying an additional 2,122 shares in the last quarter. Institutional investors own 75.99% of the company’s stock.
VEEV has been the topic of a number of analyst reports. Zacks Investment Research raised Veeva Systems from a “hold” rating to a “buy” rating and set a $85.00 price target on the stock in a research report on Thursday, May 31st. SunTrust Banks initiated coverage on Veeva Systems in a research report on Monday, June 25th. They set a “buy” rating and a $100.00 price target on the stock. Morgan Stanley increased their price target on Veeva Systems from $78.00 to $85.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 27th. Guggenheim initiated coverage on Veeva Systems in a research report on Tuesday, August 7th. They set a “buy” rating and a $100.00 price target on the stock. Finally, KeyCorp reissued a “buy” rating on shares of Veeva Systems in a research report on Thursday, August 23rd. Five research analysts have rated the stock with a hold rating, nine have given a buy rating and three have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $94.29.
Shares of NYSE:VEEV opened at $105.14 on Tuesday. The company has a market cap of $14.90 billion, a P/E ratio of 114.28, a P/E/G ratio of 4.90 and a beta of 1.52. Veeva Systems Inc has a 1 year low of $52.17 and a 1 year high of $107.77.
Veeva Systems (NYSE:VEEV) last issued its earnings results on Thursday, August 23rd. The technology company reported $0.39 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.05. The firm had revenue of $209.60 million for the quarter, compared to the consensus estimate of $203.50 million. Veeva Systems had a return on equity of 13.58% and a net margin of 21.23%. The company’s revenue was up 24.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.23 EPS. analysts forecast that Veeva Systems Inc will post 1.1 EPS for the current fiscal year.
About Veeva Systems
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 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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