UBS Asset Management Americas Inc. trimmed its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 73.5% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 438,814 shares of the technology company’s stock after selling 1,219,841 shares during the quarter. UBS Asset Management Americas Inc.’s holdings in Veeva Systems were worth $119,467,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Veeva Systems by 13,840.5% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 41,264 shares of the technology company’s stock valued at $11,234,000 after acquiring an additional 40,968 shares during the period. Main Street Financial Solutions LLC bought a new stake in Veeva Systems during the fourth quarter valued at about $410,000. RMR Wealth Builders bought a new stake in Veeva Systems during the fourth quarter valued at about $33,000. Avitas Wealth Management LLC increased its position in Veeva Systems by 3.3% in the fourth quarter. Avitas Wealth Management LLC now owns 3,433 shares of the technology company’s stock worth $935,000 after buying an additional 110 shares in the last quarter. Finally, Hsbc Holdings PLC raised its stake in shares of Veeva Systems by 14.8% in the fourth quarter. Hsbc Holdings PLC now owns 68,014 shares of the technology company’s stock worth $18,550,000 after buying an additional 8,744 shares during the period. 77.54% of the stock is owned by institutional investors and hedge funds.
In other news, CMO Eleni Nitsa Zuppas sold 352 shares of the firm’s stock in a transaction that occurred on Monday, April 5th. The shares were sold at an average price of $265.98, for a total transaction of $93,624.96. Following the sale, the chief marketing officer now owns 9,071 shares of the company’s stock, valued at approximately $2,412,704.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mary Lynne Hedley sold 95 shares of Veeva Systems stock in a transaction that occurred on Monday, January 11th. The shares were sold at an average price of $288.54, for a total transaction of $27,411.30. Following the transaction, the director now directly owns 1,486 shares of the company’s stock, valued at $428,770.44. The disclosure for this sale can be found here. Insiders have sold a total of 10,564 shares of company stock worth $2,908,213 in the last 90 days. 14.38% of the stock is currently owned by company insiders.
Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Monday, March 1st. The technology company reported $0.78 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.10. Veeva Systems had a net margin of 24.88% and a return on equity of 15.73%. The company had revenue of $396.80 million during the quarter, compared to analyst estimates of $380.20 million. During the same period in the prior year, the firm earned $0.54 earnings per share. The firm’s revenue for the quarter was up 27.4% compared to the same quarter last year. On average, equities research analysts anticipate that Veeva Systems Inc. will post 1.95 earnings per share for the current year.
A number of research firms have commented on VEEV. DA Davidson raised their target price on shares of Veeva Systems from $325.00 to $350.00 in a research note on Wednesday, March 3rd. UBS Group upgraded shares of Veeva Systems from a “sell” rating to a “neutral” rating and raised their price objective for the company from $245.00 to $250.00 in a research report on Wednesday, March 31st. Morgan Stanley upped their target price on shares of Veeva Systems from $332.00 to $340.00 and gave the stock an “overweight” rating in a report on Tuesday, March 9th. JPMorgan Chase & Co. lowered shares of Veeva Systems from a “neutral” rating to an “underweight” rating and set a $297.00 price objective for the company. in a report on Wednesday, December 9th. Finally, KeyCorp boosted their price target on shares of Veeva Systems from $332.00 to $353.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 17th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $299.04.
About Veeva Systems
Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, the Middle East, Africa, and Latin America. The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, commercial data warehouse, allocation and alignment applications, master data management application, and data and services; 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.
Recommended Story: How to trade on quiet period expirations
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).
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.