Kornitzer Capital Management Inc. KS Has $21.58 Million Stake in Veeva Systems Inc. (NYSE:VEEV)

Kornitzer Capital Management Inc. KS lessened its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 10.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 93,181 shares of the technology company's stock after selling 10,867 shares during the quarter. Kornitzer Capital Management Inc. KS owned approximately 0.06% of Veeva Systems worth $21,584,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. increased its position in shares of Veeva Systems by 3.5% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,169,698 shares of the technology company's stock worth $1,086,930,000 after purchasing an additional 177,201 shares during the last quarter. Leigh Baldwin & CO. LLC bought a new stake in shares of Veeva Systems during the 4th quarter valued at $685,355,000. FMR LLC grew its stake in shares of Veeva Systems by 7.8% in the 4th quarter. FMR LLC now owns 3,213,360 shares of the technology company's stock worth $675,609,000 after buying an additional 232,116 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Veeva Systems by 6.4% during the first quarter. Principal Financial Group Inc. now owns 3,152,357 shares of the technology company's stock valued at $730,181,000 after acquiring an additional 188,332 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Veeva Systems by 17.5% during the fourth quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company's stock valued at $631,935,000 after purchasing an additional 447,041 shares in the last quarter. 88.20% of the stock is owned by institutional investors.

Insider Transactions at Veeva Systems

In related news, Director Priscilla Hung sold 172 shares of the business's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total transaction of $48,676.00. Following the completion of the transaction, the director owned 4,137 shares in the company, valued at $1,170,771. The trade was a 3.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Timothy S. Cabral sold 315 shares of the business's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $289.72, for a total value of $91,261.80. Following the transaction, the director owned 5,500 shares of the company's stock, valued at $1,593,460. This trade represents a 5.42% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,378 shares of company stock worth $394,217. 10.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on VEEV. Piper Sandler boosted their price target on shares of Veeva Systems from $255.00 to $325.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. Mizuho upped their price objective on Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a report on Monday, June 2nd. Raymond James Financial upped their price objective on Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a report on Thursday, May 29th. JPMorgan Chase & Co. upped their target price on shares of Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research report on Thursday, March 20th. Finally, Barclays raised their price target on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research report on Thursday, May 29th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $274.17.

Veeva Systems Price Performance

VEEV opened at $282.49 on Tuesday. Veeva Systems Inc. has a 12 month low of $177.41 and a 12 month high of $291.69. The business has a 50 day simple moving average of $267.01 and a 200-day simple moving average of $240.17. The stock has a market capitalization of $46.16 billion, a P/E ratio of 59.85, a P/E/G ratio of 2.19 and a beta of 0.98.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.74 by $0.23. The company had revenue of $759.04 million during the quarter, compared to analysts' expectations of $728.38 million. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The firm's quarterly revenue was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.50 earnings per share. Research analysts anticipate that Veeva Systems Inc. will post 4.35 EPS for the current year.

Veeva Systems Profile

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and analytics solutions, such as Veeva customer relationship management (CRM) that enable customer-facing employees at pharmaceutical and biotechnology companies; Veeva Vault PromoMats, an end-to-end content and digital asset management solution; Veeva Vault Medical that provides source of medical content across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a customer reference data solution; Veeva Link, a data application that allows link to generate real-time intelligence; and Veeva Compass includes de-identified and longitudinal patient data for the United States.

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