Covenant Asset Management LLC Takes $1.36 Million Position in Veeva Systems Inc (NYSE:VEEV)

Covenant Asset Management LLC acquired a new stake in shares of Veeva Systems Inc (NYSE:VEEV) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 8,907 shares of the technology company’s stock, valued at approximately $1,360,000.

Other institutional investors have also recently modified their holdings of the company. Endurance Wealth Management Inc. purchased a new position in shares of Veeva Systems during the third quarter valued at about $27,000. First Command Financial Services Inc. purchased a new position in shares of Veeva Systems during the second quarter valued at about $32,000. Virtus ETF Advisers LLC purchased a new position in shares of Veeva Systems during the second quarter valued at about $41,000. Machina Capital S.A.S. bought a new position in shares of Veeva Systems in the 2nd quarter valued at about $45,000. Finally, Commonwealth Bank of Australia lifted its holdings in shares of Veeva Systems by 71.2% in the 2nd quarter. Commonwealth Bank of Australia now owns 291 shares of the technology company’s stock valued at $45,000 after acquiring an additional 121 shares during the last quarter. Hedge funds and other institutional investors own 76.76% of the company’s stock.

A number of research analysts recently commented on the stock. KeyCorp increased their price target on shares of Veeva Systems from $172.00 to $190.00 and gave the company an “overweight” rating in a report on Wednesday, August 28th. Guggenheim increased their price target on shares of Veeva Systems from $154.00 to $180.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. Canaccord Genuity increased their price target on shares of Veeva Systems from $135.00 to $155.00 and gave the company a “hold” rating in a report on Wednesday, August 28th. JMP Securities increased their price target on shares of Veeva Systems from $153.00 to $172.00 and gave the company a “market outperform” rating in a report on Wednesday, August 28th. Finally, Stephens increased their price target on shares of Veeva Systems from $155.00 to $185.00 and gave the company an “overweight” rating in a report on Wednesday, August 28th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $168.11.



Shares of NYSE:VEEV opened at $142.90 on Friday. The firm has a market cap of $22.03 billion, a PE ratio of 115.24, a price-to-earnings-growth ratio of 4.84 and a beta of 1.28. The firm’s 50 day simple moving average is $151.41 and its 200-day simple moving average is $152.97. Veeva Systems Inc has a one year low of $79.26 and a one year 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.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Tuesday, August 27th. The technology company reported $0.41 EPS for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.03. The business had revenue of $266.90 million for 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 company’s quarterly revenue was up 27.3% compared to the same quarter last year. During the same period last year, the company posted $0.39 earnings per share. Equities research analysts predict that Veeva Systems Inc will post 1.62 EPS for the current fiscal year.

In related news, CAO Michele O’connor sold 1,600 shares of Veeva Systems stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $151.94, for a total transaction of $243,104.00. Following the transaction, the chief accounting officer now directly owns 1,817 shares of the company’s stock, valued at $276,074.98. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Alan Mateo sold 883 shares of Veeva Systems stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $170.23, for a total transaction of $150,313.09. Following the transaction, the executive vice president now directly owns 18,870 shares in the company, valued at $3,212,240.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 74,515 shares of company stock worth $11,797,934. 14.38% of the stock is currently owned by corporate insiders.

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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