Ameriprise Financial Inc. boosted its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 19.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 326,959 shares of the technology company’s stock after purchasing an additional 54,304 shares during the quarter. Ameriprise Financial Inc. owned about 0.23% of Veeva Systems worth $20,045,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Robeco Institutional Asset Management B.V. acquired a new position in Veeva Systems during the second quarter valued at approximately $102,000. LS Investment Advisors LLC bought a new position in shares of Veeva Systems in the second quarter valued at approximately $105,000. Huntington National Bank raised its position in shares of Veeva Systems by 10.6% in the second quarter. Huntington National Bank now owns 2,668 shares of the technology company’s stock valued at $164,000 after purchasing an additional 256 shares during the period. Daiwa Securities Group Inc. bought a new position in shares of Veeva Systems in the second quarter valued at approximately $193,000. Finally, Capstone Asset Management Co. bought a new position in shares of Veeva Systems in the second quarter valued at approximately $202,000. 71.46% of the stock is owned by hedge funds and other institutional investors.

Shares of Veeva Systems Inc. (NYSE:VEEV) opened at 56.41 on Monday. The firm has a market capitalization of $7.93 billion, a price-to-earnings ratio of 72.14 and a beta of 1.63. Veeva Systems Inc. has a 52-week low of $36.55 and a 52-week high of $68.07. The firm has a 50-day moving average of $60.34 and a 200 day moving average of $57.80.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Thursday, August 24th. The technology company reported $0.23 EPS for the quarter, topping the Zacks’ 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 firm had revenue of $166.59 million during the quarter, compared to analysts’ expectations of $164.26 million. During the same period in the previous year, the business posted $0.15 earnings per share. The company’s revenue for the quarter was up 26.8% compared to the same quarter last year. Analysts predict that Veeva Systems Inc. will post $0.87 EPS for the current year.

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VEEV has been the subject of several recent analyst reports. BidaskClub downgraded shares of Veeva Systems from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 14th. Stifel Nicolaus reiterated a “buy” rating and issued a $67.00 target price on shares of Veeva Systems in a research note on Monday, July 10th. Canaccord Genuity reiterated a “buy” rating and issued a $70.00 target price on shares of Veeva Systems in a report on Tuesday, August 22nd. KeyCorp reiterated a “buy” rating and issued a $70.00 target price on shares of Veeva Systems in a report on Friday, August 25th. Finally, Zacks Investment Research lowered shares of Veeva Systems from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 27th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Veeva Systems currently has a consensus rating of “Buy” and an average price target of $64.77.

In related news, Director Ronald E. F. Codd sold 2,000 shares of the business’s stock in a transaction on Wednesday, July 5th. The stock was sold at an average price of $60.42, for a total value of $120,840.00. Following the completion of the sale, the director now directly owns 8,275 shares in the company, valued at approximately $499,975.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jonathan Faddis sold 931 shares of the business’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $58.74, for a total value of $54,686.94. Following the completion of the sale, the senior vice president now owns 2,580 shares of the company’s stock, valued at $151,549.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 268,140 shares of company stock worth $15,992,336. Corporate insiders own 17.50% of the company’s stock.

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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Institutional Ownership by Quarter for Veeva Systems (NYSE:VEEV)

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