Rafferty Asset Management LLC Trims Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Rafferty Asset Management LLC decreased its holdings in Veeva Systems Inc. (NYSE:VEEV) by 8.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,616 shares of the technology company’s stock after selling 675 shares during the quarter. Rafferty Asset Management LLC’s holdings in Veeva Systems were worth $2,368,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in VEEV. Commerce Bank raised its position in Veeva Systems by 19.4% in the first quarter. Commerce Bank now owns 6,557 shares of the technology company’s stock worth $1,713,000 after acquiring an additional 1,065 shares during the period. Standard Life Aberdeen plc raised its holdings in Veeva Systems by 4.6% in the 1st quarter. Standard Life Aberdeen plc now owns 18,443 shares of the technology company’s stock worth $4,820,000 after purchasing an additional 816 shares during the period. Baillie Gifford & Co. lifted its position in Veeva Systems by 115.7% during the first quarter. Baillie Gifford & Co. now owns 30,244 shares of the technology company’s stock valued at $7,901,000 after purchasing an additional 16,220 shares in the last quarter. Allred Capital Management LLC bought a new stake in Veeva Systems during the first quarter valued at about $57,000. Finally, Abundance Wealth Counselors purchased a new stake in Veeva Systems in the first quarter worth about $26,000. Institutional investors own 77.78% of the company’s stock.

VEEV has been the subject of several analyst reports. Guggenheim reissued a “buy” rating on shares of Veeva Systems in a report on Tuesday, August 31st. Morgan Stanley raised their price objective on shares of Veeva Systems from $340.00 to $350.00 and gave the company an “overweight” rating in a research report on Friday, May 28th. Robert W. Baird upped their target price on shares of Veeva Systems from $340.00 to $349.00 and gave the stock an “outperform” rating in a report on Thursday, September 2nd. Barclays raised their price target on Veeva Systems from $310.00 to $320.00 and gave the company an “equal weight” rating in a report on Friday, May 28th. Finally, Royal Bank of Canada began coverage on Veeva Systems in a research note on Wednesday, July 21st. They issued an “outperform” rating and a $400.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $344.11.

In related news, Director Matthew J. Wallach sold 5,000 shares of Veeva Systems stock in a transaction dated Thursday, July 15th. The shares were sold at an average price of $312.52, for a total transaction of $1,562,600.00. Following the completion of the transaction, the director now directly owns 1,742 shares of the company’s stock, valued at approximately $544,409.84. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Alan Mateo sold 2,347 shares of the stock in a transaction dated Friday, July 9th. The stock was sold at an average price of $319.91, for a total transaction of $750,828.77. Following the completion of the sale, the executive vice president now directly owns 5,476 shares in the company, valued at $1,751,827.16. The disclosure for this sale can be found here. Insiders sold a total of 19,928 shares of company stock valued at $6,308,735 over the last ninety days. Corporate insiders own 13.18% of the company’s stock.

VEEV stock opened at $302.14 on Friday. Veeva Systems Inc. has a 52 week low of $235.74 and a 52 week high of $343.96. The firm has a market capitalization of $46.35 billion, a P/E ratio of 115.32, a price-to-earnings-growth ratio of 6.74 and a beta of 0.73. The company has a fifty day simple moving average of $321.36 and a two-hundred day simple moving average of $292.30.

Veeva Systems (NYSE:VEEV) last announced its earnings results on Tuesday, August 31st. The technology company reported $0.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.07. The firm had revenue of $455.59 million for the quarter, compared to analysts’ expectations of $450.93 million. Veeva Systems had a net margin of 25.51% and a return on equity of 16.35%. The business’s revenue was up 28.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.72 EPS. Research analysts anticipate that Veeva Systems Inc. will post 2.47 EPS for the current fiscal year.

Veeva Systems Company Profile

Veeva Systems, Inc engages in the provision of industry cloud solutions for the global life sciences industry. Its solutions enable pharmaceutical and other life sciences companies to realize the benefits of modern cloud-based architectures and mobile applications for their most critical business functions, without compromising industry-specific functionality or regulatory compliance.

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

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