Morse Asset Management Inc Trims Stock Position in Veeva Systems Inc (NYSE:VEEV)

Morse Asset Management Inc lessened its stake in shares of Veeva Systems Inc (NYSE:VEEV) by 12.4% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 4,205 shares of the technology company’s stock after selling 595 shares during the quarter. Morse Asset Management Inc’s holdings in Veeva Systems were worth $642,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of VEEV. BlackRock Inc. lifted its position in shares of Veeva Systems by 16.3% during the 2nd quarter. BlackRock Inc. now owns 8,770,784 shares of the technology company’s stock worth $1,421,833,000 after buying an additional 1,231,904 shares during the last quarter. UBS Asset Management Americas Inc. lifted its position in shares of Veeva Systems by 260.1% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 1,328,118 shares of the technology company’s stock worth $215,301,000 after buying an additional 959,268 shares during the last quarter. Nuveen Asset Management LLC lifted its position in shares of Veeva Systems by 2,101.1% during the 2nd quarter. Nuveen Asset Management LLC now owns 933,268 shares of the technology company’s stock worth $151,292,000 after buying an additional 890,867 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Veeva Systems by 41.0% during the 2nd quarter. AQR Capital Management LLC now owns 1,958,283 shares of the technology company’s stock worth $311,054,000 after buying an additional 569,097 shares during the last quarter. Finally, Invesco Ltd. raised its position in Veeva Systems by 420.9% in the 2nd quarter. Invesco Ltd. now owns 662,832 shares of the technology company’s stock valued at $107,452,000 after purchasing an additional 535,581 shares during the last quarter. Institutional investors and hedge funds own 76.77% of the company’s stock.

Veeva Systems stock traded up $0.94 during trading hours on Monday, reaching $144.71. 727,969 shares of the stock were exchanged, compared to its average volume of 1,416,039. The stock has a market cap of $20.92 billion, a P/E ratio of 116.70, a P/E/G ratio of 4.57 and a beta of 1.26. 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 Inc has a 52-week low of $79.26 and a 52-week high of $176.90. The firm’s 50 day moving average is $148.16 and its 200 day moving average is $154.37.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings data 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 company had revenue of $266.90 million during the quarter, compared to the consensus estimate of $259.35 million. Veeva Systems had a net margin of 29.72% and a return on equity of 18.10%. Veeva Systems’s quarterly revenue was up 27.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.39 EPS. Equities research analysts expect that Veeva Systems Inc will post 1.62 EPS for the current fiscal year.

In other Veeva Systems news, CFO Timothy S. Cabral sold 15,000 shares of the company’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $167.57, for a total transaction of $2,513,550.00. Following the completion of the transaction, the chief financial officer now owns 586 shares in the company, valued at approximately $98,196.02. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Michele O’connor sold 1,600 shares of the company’s stock in a transaction on Friday, October 4th. The stock was 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 in the company, valued at $276,074.98. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 72,506 shares of company stock valued at $11,326,255. 14.38% of the stock is owned by insiders.

Several analysts recently commented on the stock. KeyCorp upped their price target on shares of Veeva Systems from $172.00 to $190.00 and gave the company an “overweight” rating in a research report on Wednesday, August 28th. Stephens upped their price target on shares of Veeva Systems from $155.00 to $185.00 and gave the company an “overweight” rating in a research report on Wednesday, August 28th. JMP Securities upped their price target on shares of Veeva Systems from $153.00 to $172.00 and gave the company a “market outperform” rating in a research report on Wednesday, August 28th. Needham & Company LLC upped their price target on shares of Veeva Systems from $150.00 to $187.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Finally, Canaccord Genuity upped their price target on shares of Veeva Systems from $135.00 to $155.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $168.11.

Veeva Systems Company 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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