Guggenheim Capital LLC Sells 4,525 Shares of Veeva Systems Inc (NYSE:VEEV)

Guggenheim Capital LLC cut its stake in Veeva Systems Inc (NYSE:VEEV) by 49.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,620 shares of the technology company’s stock after selling 4,525 shares during the quarter. Guggenheim Capital LLC’s holdings in Veeva Systems were worth $722,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Morgan Stanley increased its stake in Veeva Systems by 38.7% during the 1st quarter. Morgan Stanley now owns 14,023,808 shares of the technology company’s stock worth $2,192,902,000 after purchasing an additional 3,914,812 shares in the last quarter. State Street Corp increased its stake in Veeva Systems by 0.8% during the 1st quarter. State Street Corp now owns 2,855,580 shares of the technology company’s stock worth $446,527,000 after purchasing an additional 23,635 shares in the last quarter. Franklin Resources Inc. increased its stake in Veeva Systems by 3.8% during the 1st quarter. Franklin Resources Inc. now owns 2,510,703 shares of the technology company’s stock worth $392,608,000 after purchasing an additional 91,911 shares in the last quarter. Wellington Management Group LLP increased its stake in Veeva Systems by 35.1% during the 1st quarter. Wellington Management Group LLP now owns 2,457,890 shares of the technology company’s stock worth $384,339,000 after purchasing an additional 638,192 shares in the last quarter. Finally, UBS Asset Management Americas Inc. increased its stake in Veeva Systems by 7.7% during the 4th quarter. UBS Asset Management Americas Inc. now owns 2,135,307 shares of the technology company’s stock worth $300,352,000 after purchasing an additional 153,041 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Shares of Veeva Systems stock opened at $252.40 on Thursday. The business has a fifty day simple moving average of $221.14 and a two-hundred day simple moving average of $172.70. Veeva Systems Inc has a 1 year low of $118.11 and a 1 year high of $253.17. The company has a market capitalization of $36.56 billion, a price-to-earnings ratio of 127.47, a P/E/G ratio of 7.97 and a beta of 0.95. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.04 and a quick ratio of 3.04.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Thursday, May 28th. The technology company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.07. Veeva Systems had a return on equity of 16.28% and a net margin of 26.26%. The business had revenue of $337.11 million during the quarter, compared to the consensus estimate of $291.10 million. During the same quarter last year, the firm posted $0.50 EPS. The company’s quarterly revenue was up 37.7% on a year-over-year basis. As a group, equities analysts anticipate that Veeva Systems Inc will post 1.8 earnings per share for the current fiscal year.

In related news, EVP Alan Mateo sold 2,665 shares of the firm’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $244.20, for a total value of $650,793.00. Following the transaction, the executive vice president now owns 13,438 shares in the company, valued at $3,281,559.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Timothy S. Cabral sold 37,146 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $215.60, for a total value of $8,008,677.60. Following the completion of the transaction, the chief financial officer now owns 32,634 shares in the company, valued at approximately $7,035,890.40. The disclosure for this sale can be found here. Insiders have sold 83,143 shares of company stock valued at $18,620,145 in the last three months. Insiders own 14.38% of the company’s stock.

VEEV has been the subject of a number of research reports. William Blair reissued a “buy” rating on shares of Veeva Systems in a research note on Monday, June 1st. Canaccord Genuity raised their price target on shares of Veeva Systems from $165.00 to $195.00 and gave the stock a “hold” rating in a research note on Friday, May 29th. Piper Sandler raised their price target on shares of Veeva Systems from $180.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, May 29th. Stephens began coverage on shares of Veeva Systems in a research note on Monday. They set an “overweight” rating and a $290.00 price target for the company. Finally, Needham & Company LLC began coverage on shares of Veeva Systems in a research note on Monday, June 8th. They set a “buy” rating and a $235.00 price target for the company. Eight investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Veeva Systems currently has an average rating of “Buy” and a consensus target price of $208.00.

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

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