Miles Capital Inc. decreased its holdings in Veeva Systems Inc (NYSE:VEEV) by 33.3% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,467 shares of the technology company’s stock after selling 732 shares during the quarter. Miles Capital Inc.’s holdings in Veeva Systems were worth $238,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of VEEV. Hanson McClain Inc. raised its stake in shares of Veeva Systems by 67.2% during the first quarter. Hanson McClain Inc. now owns 224 shares of the technology company’s stock valued at $28,000 after purchasing an additional 90 shares during the period. First Command Financial Services Inc. purchased a new stake in shares of Veeva Systems during the second quarter valued at approximately $32,000. Bremer Bank National Association purchased a new stake in shares of Veeva Systems during the first quarter valued at approximately $44,000. Machina Capital S.A.S. purchased a new stake in shares of Veeva Systems during the second quarter valued at approximately $45,000. Finally, Commonwealth Bank of Australia raised its stake in shares of Veeva Systems by 71.2% during the second quarter. Commonwealth Bank of Australia now owns 291 shares of the technology company’s stock valued at $45,000 after purchasing an additional 121 shares during the period. Hedge funds and other institutional investors own 77.17% of the company’s stock.
A number of research firms have recently issued reports on VEEV. Stifel Nicolaus lifted their price objective on shares of Veeva Systems from $155.00 to $175.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Canaccord Genuity lifted their price objective on shares of Veeva Systems from $135.00 to $155.00 and gave the company a “hold” rating in a research note on Wednesday, August 28th. Needham & Company LLC lifted their price objective on shares of Veeva Systems from $150.00 to $187.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Bank of America lifted their price objective on shares of Veeva Systems from $160.00 to $192.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Finally, KeyCorp lifted their price objective on shares of Veeva Systems from $172.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, August 28th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $167.06.
Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Tuesday, August 27th. The technology company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.03. The business had revenue of $266.90 million during the quarter, compared to analyst estimates of $259.35 million. Veeva Systems had a net margin of 29.72% and a return on equity of 18.10%. The business’s revenue was up 27.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.39 earnings per share. As a group, sell-side analysts forecast that Veeva Systems Inc will post 1.62 earnings per share for the current year.
In other Veeva Systems news, CFO Timothy S. Cabral sold 586 shares of Veeva Systems stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $163.47, for a total value of $95,793.42. Following the completion of the transaction, the chief financial officer now owns 1,175 shares of the company’s stock, valued at $192,077.25. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Alan Mateo sold 4,026 shares of Veeva Systems stock in a transaction on Monday, July 1st. The stock was sold at an average price of $165.40, for a total transaction of $665,900.40. Following the completion of the transaction, the executive vice president now directly owns 22,896 shares of the company’s stock, valued at approximately $3,786,998.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 70,791 shares of company stock valued at $11,427,094. Insiders own 14.38% of the company’s stock.
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 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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