Allianz Asset Management GmbH decreased its position in Veeva Systems Inc (NYSE:VEEV) by 11.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 134,912 shares of the technology company’s stock after selling 18,155 shares during the quarter. Allianz Asset Management GmbH owned about 0.09% of Veeva Systems worth $14,688,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Morgan Stanley raised its stake in Veeva Systems by 4.5% in the 2nd quarter. Morgan Stanley now owns 13,129,295 shares of the technology company’s stock valued at $1,009,118,000 after purchasing an additional 565,589 shares during the last quarter. BlackRock Inc. raised its stake in Veeva Systems by 18.6% in the 3rd quarter. BlackRock Inc. now owns 7,710,493 shares of the technology company’s stock valued at $839,440,000 after purchasing an additional 1,207,291 shares during the last quarter. Federated Investors Inc. PA raised its stake in Veeva Systems by 4.0% in the 2nd quarter. Federated Investors Inc. PA now owns 4,022,406 shares of the technology company’s stock valued at $309,162,000 after purchasing an additional 155,953 shares during the last quarter. FMR LLC raised its stake in Veeva Systems by 10.8% in the 3rd quarter. FMR LLC now owns 3,626,043 shares of the technology company’s stock valued at $394,767,000 after purchasing an additional 352,026 shares during the last quarter. Finally, William Blair Investment Management LLC increased its stake in shares of Veeva Systems by 3.9% during the 3rd quarter. William Blair Investment Management LLC now owns 2,666,366 shares of the technology company’s stock valued at $290,287,000 after acquiring an additional 100,561 shares during the last quarter. 76.66% of the stock is owned by hedge funds and other institutional investors.

NYSE VEEV opened at $88.56 on Monday. Veeva Systems Inc has a 12 month low of $52.17 and a 12 month high of $109.05. The stock has a market cap of $12.70 billion, a PE ratio of 96.26, a P/E/G ratio of 3.81 and a beta of 1.65.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Wednesday, November 28th. The technology company reported $0.35 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.05. Veeva Systems had a return on equity of 16.20% and a net margin of 23.61%. The business had revenue of $224.70 million during the quarter, compared to analysts’ expectations of $216.04 million. During the same quarter in the previous year, the business earned $0.25 EPS. The company’s revenue for the quarter was up 26.9% on a year-over-year basis. Sell-side analysts forecast that Veeva Systems Inc will post 1.19 earnings per share for the current year.

In other news, insider Eleni Nitsa Zuppas sold 7,200 shares of the business’s stock in a transaction dated Tuesday, September 11th. The stock was sold at an average price of $103.30, for a total transaction of $743,760.00. Following the completion of the sale, the insider now owns 12,398 shares in the company, valued at approximately $1,280,713.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Timothy S. Cabral sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 12th. The stock was sold at an average price of $103.08, for a total value of $2,577,000.00. Following the sale, the chief financial officer now owns 25,000 shares of the company’s stock, valued at approximately $2,577,000. The disclosure for this sale can be found here. Insiders have sold a total of 79,672 shares of company stock valued at $7,896,968 in the last quarter. Company insiders own 15.97% of the company’s stock.

A number of research analysts have recently commented on the stock. JMP Securities upped their price objective on shares of Veeva Systems from $80.00 to $95.00 and gave the company a “market perform” rating in a research note on Friday, August 24th. They noted that the move was a valuation call. DA Davidson upped their price objective on shares of Veeva Systems to $105.00 and gave the company a “buy” rating in a research note on Friday, August 24th. Needham & Company LLC reaffirmed a “buy” rating and set a $100.00 price objective (up previously from $90.00) on shares of Veeva Systems in a research note on Friday, August 24th. Canaccord Genuity upped their price objective on shares of Veeva Systems from $85.00 to $98.00 and gave the company a “buy” rating in a research note on Friday, August 24th. They noted that the move was a valuation call. Finally, Stifel Nicolaus upped their price objective on shares of Veeva Systems from $95.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, October 5th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $102.94.

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

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