Emerald Mutual Fund Advisers Trust increased its stake in Veeva Systems Inc. (NYSE:VEEV) by 3.8% during the second quarter, Holdings Channel reports. The fund owned 1,038,773 shares of the company’s stock after buying an additional 37,926 shares during the period. Veeva Systems accounts for approximately 2.0% of Emerald Mutual Fund Advisers Trust’s portfolio, making the stock its 2nd largest position. Emerald Mutual Fund Advisers Trust’s holdings in Veeva Systems were worth $35,443,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of VEEV. Legal & General Group Plc increased its stake in Veeva Systems by 38.0% in the first quarter. Legal & General Group Plc now owns 6,367 shares of the company’s stock valued at $160,000 after buying an additional 1,752 shares during the last quarter. Huntington National Bank acquired a new position in Veeva Systems during the second quarter valued at about $101,000. AXA boosted its position in Veeva Systems by 4.5% in the first quarter. AXA now owns 184,000 shares of the company’s stock valued at $4,607,000 after buying an additional 8,000 shares during the period. 1832 Asset Management L.P. boosted its position in Veeva Systems by 6.1% in the first quarter. 1832 Asset Management L.P. now owns 153,700 shares of the company’s stock valued at $6,451,000 after buying an additional 8,900 shares during the period. Finally, IBM Retirement Fund acquired a new position in Veeva Systems during the second quarter valued at about $331,000. Institutional investors own 70.67% of the company’s stock.
Shares of Veeva Systems Inc. (NYSE:VEEV) traded down 2.23% during trading on Tuesday, reaching $40.30. The company had a trading volume of 1,248,337 shares. The company’s 50 day moving average is $40.31 and its 200-day moving average is $33.70. Veeva Systems Inc. has a 1-year low of $19.97 and a 1-year high of $42.58. The stock has a market capitalization of $5.49 billion, a price-to-earnings ratio of 108.92 and a beta of 1.58.
Veeva Systems (NYSE:VEEV) last issued its quarterly earnings data on Tuesday, August 30th. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. The company earned $131.30 million during the quarter, compared to the consensus estimate of $126.61 million. Veeva Systems had a net margin of 11.33% and a return on equity of 11.26%. Veeva Systems’s revenue for the quarter was up 33.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.13 earnings per share. On average, equities research analysts anticipate that Veeva Systems Inc. will post $0.60 earnings per share for the current year.
Several equities analysts recently issued reports on VEEV shares. Bank of America Corp. started coverage on Veeva Systems in a research report on Friday, June 17th. They issued a “neutral” rating and a $40.00 price objective on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $38.00 price objective on shares of Veeva Systems in a research report on Thursday, June 30th. Zacks Investment Research cut Veeva Systems from a “hold” rating to a “sell” rating in a research report on Tuesday, July 26th. Morgan Stanley reaffirmed a “buy” rating and issued a $44.00 price objective on shares of Veeva Systems in a research report on Tuesday, August 16th. Finally, Citigroup Inc. upped their price objective on Veeva Systems from $31.00 to $40.00 and gave the company a “neutral” rating in a research report on Tuesday, August 23rd. Eight equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $41.08.
In other Veeva Systems news, CFO Timothy S. Cabral sold 42,441 shares of Veeva Systems stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $41.42, for a total value of $1,757,906.22. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, President Matthew J. Wallach sold 84,000 shares of Veeva Systems stock in a transaction on Wednesday, September 28th. The stock was sold at an average price of $41.47, for a total transaction of $3,483,480.00. Following the completion of the transaction, the president now directly owns 42,000 shares in the company, valued at $1,741,740. The disclosure for this sale can be found here. 19.17% of the stock is currently owned by corporate insiders.
About Veeva Systems
Veeva Systems Inc (Veeva) is a provider of cloud-based software solutions for the global life sciences industry. The Company offers solutions for a range of requirements within life sciences companies, including multichannel customer relationship management, regulated content and information management, master data management and customer data.
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