Miles Capital Inc. Cuts Position in Veeva Systems Inc (NYSE:VEEV)

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.



Shares of NYSE:VEEV traded down $3.15 during midday trading on Friday, reaching $139.75. The company had a trading volume of 1,050,349 shares, compared to its average volume of 1,618,659. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.23 and a quick ratio of 4.23. The stock’s fifty day moving average price is $160.61 and its 200-day moving average price is $147.77. The stock has a market capitalization of $21.37 billion, a P/E ratio of 112.70, a PEG ratio of 4.70 and a beta of 1.32. Veeva Systems Inc has a one year low of $79.26 and a one year high of $176.90.

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.

See Also: Are FAANG stocks a good investment?

Want to see what other hedge funds are holding VEEV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Veeva Systems Inc (NYSE:VEEV).

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

Receive News & Ratings for Veeva Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veeva Systems and related companies with MarketBeat.com's FREE daily email newsletter.