Pinebridge Investments L.P. Takes $2.74 Million Position in Veeva Systems Inc (VEEV)

Pinebridge Investments L.P. bought a new stake in Veeva Systems Inc (NYSE:VEEV) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 48,521 shares of the technology company’s stock, valued at approximately $2,737,000.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Veeva Systems by 3.3% in the second quarter. Vanguard Group Inc. now owns 9,125,993 shares of the technology company’s stock valued at $559,515,000 after acquiring an additional 290,865 shares during the last quarter. BlackRock Inc. lifted its stake in Veeva Systems by 44.9% in the second quarter. BlackRock Inc. now owns 5,812,749 shares of the technology company’s stock valued at $356,379,000 after acquiring an additional 1,801,439 shares during the last quarter. FMR LLC lifted its stake in Veeva Systems by 50.9% in the second quarter. FMR LLC now owns 3,456,402 shares of the technology company’s stock valued at $211,912,000 after acquiring an additional 1,166,372 shares during the last quarter. First Trust Advisors LP lifted its stake in Veeva Systems by 6.1% in the third quarter. First Trust Advisors LP now owns 2,212,827 shares of the technology company’s stock valued at $124,826,000 after acquiring an additional 126,869 shares during the last quarter. Finally, State Street Corp lifted its stake in Veeva Systems by 52.1% in the second quarter. State Street Corp now owns 1,856,894 shares of the technology company’s stock valued at $113,851,000 after acquiring an additional 635,842 shares during the last quarter. 72.38% of the stock is owned by institutional investors and hedge funds.

In other Veeva Systems news, CFO Timothy S. Cabral sold 8,750 shares of Veeva Systems stock in a transaction dated Friday, September 8th. The shares were sold at an average price of $57.24, for a total value of $500,850.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Eleni Nitsa Zuppas sold 1,338 shares of Veeva Systems stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $58.11, for a total transaction of $77,751.18. Following the completion of the sale, the insider now owns 10,699 shares of the company’s stock, valued at approximately $621,718.89. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 240,182 shares of company stock valued at $13,898,852. 17.50% of the stock is currently owned by corporate insiders.

Veeva Systems Inc (VEEV) traded up $0.52 during midday trading on Wednesday, hitting $57.77. 2,126,000 shares of the stock were exchanged, compared to its average volume of 1,304,280. The firm has a market cap of $7,940.58, a PE ratio of 97.03, a PEG ratio of 4.69 and a beta of 1.60. Veeva Systems Inc has a one year low of $40.50 and a one year high of $68.07.

Veeva Systems (NYSE:VEEV) last posted its earnings results on Tuesday, December 5th. The technology company reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.09. The company had revenue of $176.10 million during the quarter, compared to analysts’ expectations of $171.99 million. Veeva Systems had a net margin of 18.98% and a return on equity of 12.77%. Veeva Systems’s quarterly revenue was up 23.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.22 EPS. equities research analysts forecast that Veeva Systems Inc will post 0.65 EPS for the current fiscal year.

A number of brokerages have commented on VEEV. Canaccord Genuity reiterated a “buy” rating and issued a $70.00 price target on shares of Veeva Systems in a research note on Tuesday, August 22nd. Needham & Company LLC reiterated a “buy” rating on shares of Veeva Systems in a research note on Thursday, October 12th. KeyCorp reiterated a “buy” rating and issued a $70.00 price target on shares of Veeva Systems in a research note on Friday, August 25th. Stifel Nicolaus reiterated a “buy” rating and issued a $67.00 price target on shares of Veeva Systems in a research note on Friday, October 13th. Finally, Zacks Investment Research upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating and set a $65.00 price target for the company in a research note on Wednesday, October 11th. Five analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Veeva Systems currently has an average rating of “Buy” and an average target price of $67.45.

TRADEMARK VIOLATION WARNING: “Pinebridge Investments L.P. Takes $2.74 Million Position in Veeva Systems Inc (VEEV)” was reported by Chaffey Breeze and is owned by of Chaffey Breeze. If you are accessing this report on another website, it was copied illegally and republished in violation of international trademark and copyright legislation. The legal version of this report can be read at https://www.chaffeybreeze.com/2017/12/06/pinebridge-investments-l-p-takes-2-74-million-position-in-veeva-systems-inc-veev.html.

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.

Institutional Ownership by Quarter for Veeva Systems (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.

Latest News

Leave a Reply