Harvest Fund Management Co. Ltd lifted its holdings in Veeva Systems Inc. (NYSE:VEEV) by 77.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,952 shares of the technology company’s stock after acquiring an additional 1,286 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Veeva Systems were worth $181,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in VEEV. Russell Investments Group Ltd. grew its stake in shares of Veeva Systems by 137.8% in the first quarter. Russell Investments Group Ltd. now owns 133,267 shares of the technology company’s stock valued at $6,834,000 after acquiring an additional 77,220 shares in the last quarter. Great West Life Assurance Co. Can grew its stake in Veeva Systems by 22.5% during the first quarter. Great West Life Assurance Co. Can now owns 10,340 shares of the technology company’s stock worth $529,000 after buying an additional 1,900 shares in the last quarter. American Century Companies Inc. acquired a new stake in Veeva Systems during the first quarter worth about $7,553,000. Bank of New York Mellon Corp grew its stake in Veeva Systems by 5.6% during the first quarter. Bank of New York Mellon Corp now owns 510,450 shares of the technology company’s stock worth $26,177,000 after buying an additional 27,282 shares in the last quarter. Finally, BNP Paribas Arbitrage SA grew its stake in Veeva Systems by 135.6% during the first quarter. BNP Paribas Arbitrage SA now owns 3,809 shares of the technology company’s stock worth $195,000 after buying an additional 2,192 shares in the last quarter. Institutional investors and hedge funds own 71.51% of the company’s stock.
A number of brokerages have issued reports on VEEV. Citigroup Inc. increased their price objective on shares of Veeva Systems from $61.00 to $67.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 30th. Deutsche Bank AG reiterated a “hold” rating and set a $55.00 price objective on shares of Veeva Systems in a research note on Tuesday, May 30th. Needham & Company LLC reiterated a “buy” rating and set a $75.00 price objective (up from $48.00) on shares of Veeva Systems in a research note on Sunday, May 28th. Pacific Crest reiterated an “overweight” rating and set a $70.00 price objective (up from $61.00) on shares of Veeva Systems in a research note on Sunday, May 28th. Finally, Stifel Nicolaus increased their price objective on shares of Veeva Systems from $60.00 to $67.00 and gave the stock a “buy” rating in a research note on Saturday, May 27th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Veeva Systems has a consensus rating of “Buy” and an average target price of $64.77.
In other news, EVP Alan Mateo sold 10,028 shares of the business’s stock in a transaction dated Friday, July 14th. The stock was sold at an average price of $63.34, for a total transaction of $635,173.52. Following the completion of the transaction, the executive vice president now owns 7,989 shares of the company’s stock, valued at $506,023.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jonathan Faddis sold 931 shares of the business’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $58.74, for a total value of $54,686.94. Following the transaction, the senior vice president now directly owns 2,580 shares of the company’s stock, valued at approximately $151,549.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 258,865 shares of company stock worth $15,729,842. Company insiders own 19.17% of the company’s stock.
COPYRIGHT VIOLATION WARNING: This report was originally reported by Chaffey Breeze and is the sole property of of Chaffey Breeze. If you are viewing this report on another publication, it was illegally copied and reposted in violation of United States & international trademark & copyright laws. The legal version of this report can be viewed at https://www.chaffeybreeze.com/2017/09/17/harvest-fund-management-co-ltd-grows-position-in-veeva-systems-inc-veev.html.
Veeva Systems Inc. (NYSE:VEEV) traded down 1.48% during midday trading on Friday, hitting $55.74. 2,072,582 shares of the stock were exchanged. The company has a market capitalization of $7.84 billion, a P/E ratio of 71.28 and a beta of 1.65. Veeva Systems Inc. has a 1-year low of $36.55 and a 1-year high of $68.07. The company’s 50 day moving average is $60.77 and its 200 day moving average is $57.43.
Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Thursday, August 24th. The technology company reported $0.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.03. Veeva Systems had a return on equity of 12.77% and a net margin of 18.98%. The firm had revenue of $166.59 million for the quarter, compared to analysts’ expectations of $164.26 million. During the same period in the prior year, the business posted $0.15 earnings per share. The company’s revenue was up 26.8% on a year-over-year basis. Analysts predict that Veeva Systems Inc. will post $0.87 earnings per share for the current fiscal year.
Veeva Systems Profile
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.
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 Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veeva Systems Inc. and related companies with MarketBeat.com's FREE daily email newsletter.