Veeva Systems Inc (NYSE:VEEV) Holdings Lowered by Pinnacle Financial Partners Inc.

Pinnacle Financial Partners Inc. trimmed its stake in shares of Veeva Systems Inc (NYSE:VEEV) by 17.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,570 shares of the technology company’s stock after selling 332 shares during the quarter. Pinnacle Financial Partners Inc.’s holdings in Veeva Systems were worth $255,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in VEEV. Geode Capital Management LLC lifted its stake in Veeva Systems by 15.9% in the fourth quarter. Geode Capital Management LLC now owns 1,307,248 shares of the technology company’s stock valued at $116,693,000 after acquiring an additional 179,262 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Veeva Systems by 1.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 266,853 shares of the technology company’s stock valued at $23,834,000 after purchasing an additional 4,441 shares during the last quarter. Rhumbline Advisers lifted its holdings in Veeva Systems by 2.8% during the 1st quarter. Rhumbline Advisers now owns 131,972 shares of the technology company’s stock valued at $16,742,000 after purchasing an additional 3,651 shares during the last quarter. Comerica Bank lifted its holdings in Veeva Systems by 40.8% during the 1st quarter. Comerica Bank now owns 7,708 shares of the technology company’s stock valued at $1,048,000 after purchasing an additional 2,233 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its holdings in Veeva Systems by 4.0% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 167,914 shares of the technology company’s stock valued at $21,302,000 after purchasing an additional 6,509 shares during the last quarter. Institutional investors own 77.17% of the company’s stock.

VEEV has been the subject of a number of research reports. Guggenheim lifted their target price on Veeva Systems from $154.00 to $180.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Barclays boosted their price target on Veeva Systems from $151.00 to $165.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 28th. ValuEngine cut Veeva Systems from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 1st. KeyCorp lifted their price objective on Veeva Systems from $172.00 to $190.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 28th. Finally, Stifel Nicolaus lifted their price objective on Veeva Systems from $155.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday, August 23rd. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $167.06.



VEEV stock traded up $0.55 during midday trading on Thursday, reaching $143.56. 60,955 shares of the company traded hands, compared to its average volume of 1,396,237. Veeva Systems Inc has a 52-week low of $79.26 and a 52-week high of $176.90. The company has a debt-to-equity ratio of 0.01, a quick ratio of 4.23 and a current ratio of 4.23. The business has a 50 day moving average of $160.61 and a 200-day moving average of $147.77. The firm has a market capitalization of $21.28 billion, a price-to-earnings ratio of 115.29, a P/E/G ratio of 4.68 and a beta of 1.32.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings data on Tuesday, August 27th. The technology company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.03. The business had revenue of $266.90 million for the quarter, compared to the consensus estimate of $259.35 million. Veeva Systems had a return on equity of 18.10% and a net margin of 29.72%. The company’s quarterly revenue was up 27.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.39 earnings per share. Research analysts anticipate that Veeva Systems Inc will post 1.62 earnings per share for the current year.

In other Veeva Systems news, CMO Eleni Nitsa Zuppas sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $142.00, for a total transaction of $426,000.00. Following the sale, the chief marketing officer now directly owns 13,821 shares in the company, valued at approximately $1,962,582. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Timothy C. Barabe sold 727 shares of the business’s stock in a transaction dated Tuesday, June 18th. The stock was sold at an average price of $167.19, for a total transaction of $121,547.13. Following the sale, the director now owns 8,619 shares in the company, valued at $1,441,010.61. The disclosure for this sale can be found here. Insiders sold a total of 70,791 shares of company stock valued at $11,427,094 over the last ninety days. Company insiders own 14.38% of the company’s stock.

Veeva Systems Profile

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 and data 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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