Sumitomo Mitsui Asset Management Company LTD Takes Position in Veeva Systems Inc. (VEEV)
Sumitomo Mitsui Asset Management Company LTD purchased a new position in Veeva Systems Inc. (NYSE:VEEV) during the second quarter, Holdings Channel reports. The fund purchased 7,291 shares of the technology company’s stock, valued at approximately $447,000.
A number of other institutional investors have also bought and sold shares of the company. LS Investment Advisors LLC acquired a new position in Veeva Systems during the second quarter worth approximately $105,000. Huntington National Bank increased its stake 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 buying an additional 256 shares during the period. BNP Paribas Arbitrage SA increased its stake in shares of Veeva Systems by 135.6% in the first quarter. BNP Paribas Arbitrage SA now owns 3,809 shares of the technology company’s stock valued at $195,000 after buying an additional 2,192 shares during the period. Capstone Asset Management Co. bought a new stake in shares of Veeva Systems during the second quarter valued at about $202,000. Finally, Pennsylvania Trust Co bought a new stake in shares of Veeva Systems during the second quarter valued at about $203,000. Institutional investors and hedge funds own 79.24% of the company’s stock.
Shares of Veeva Systems Inc. (NYSE VEEV) opened at 59.91 on Friday. The firm has a market capitalization of $8.37 billion, a P/E ratio of 96.47 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 stock has a 50 day moving average of $62.83 and a 200-day moving average of $54.48.
Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Thursday, May 25th. The technology company reported $0.14 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by $0.04. The business had revenue of $157.90 million during the quarter, compared to the consensus estimate of $151.82 million. Veeva Systems had a return on equity of 12.28% and a net margin of 15.86%. The firm’s quarterly revenue was up 31.8% on a year-over-year basis. During the same period last year, the business posted $0.15 earnings per share. Equities analysts expect that Veeva Systems Inc. will post $0.83 earnings per share for the current fiscal year.
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VEEV has been the subject of several research reports. Stifel Nicolaus restated a “buy” rating and set a $67.00 price objective (up from $60.00) on shares of Veeva Systems in a research report on Sunday, May 21st. Morgan Stanley downgraded shares of Veeva Systems from an “overweight” rating to an “equal weight” rating and raised their price objective for the stock from $53.00 to $68.00 in a research report on Monday, June 5th. They noted that the move was a valuation call. Needham & Company LLC restated a “buy” rating and set a $75.00 price objective (up from $48.00) on shares of Veeva Systems in a research report on Sunday, May 28th. Bank of America Corporation upgraded shares of Veeva Systems from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $48.00 to $70.00 in a research report on Friday, May 26th. Finally, Zacks Investment Research upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research report on Wednesday, May 31st. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $62.00.
In related news, SVP Jonathan Faddis sold 34,065 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $66.67, for a total value of $2,271,113.55. Following the completion of the transaction, the senior vice president now directly owns 35,139 shares of the company’s stock, valued at approximately $2,342,717.13. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Alan Mateo sold 8,025 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $56.57, for a total transaction of $453,974.25. Following the completion of the transaction, the executive vice president now directly owns 14,445 shares of the company’s stock, valued at $817,153.65. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 292,258 shares of company stock valued at $18,468,436. 19.17% of the stock is 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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