Mackenzie Financial Corp Has $4.45 Million Stake in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Mackenzie Financial Corp reduced its stake in Veeva Systems by 41.3%, holding 19,221 shares valued at $4.45 million after selling 13,521 shares in the first quarter.
• Veeva Systems reported $1.97 EPS for the last quarter, exceeding analysts’ expectations, with a revenue of $759.04 million, reflecting a year-over-year growth of 16.7%.
• Brokerage firms have recently increased their price targets for Veeva Systems, with Needham & Company raising it to $300 and Stifel Nicolaus to $295, indicating a positive outlook from analysts.

Mackenzie Financial Corp lowered its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 41.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,221 shares of the technology company's stock after selling 13,521 shares during the quarter. Mackenzie Financial Corp's holdings in Veeva Systems were worth $4,452,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the company. T. Rowe Price Investment Management Inc. boosted its holdings 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 valued at $1,086,930,000 after acquiring an additional 177,201 shares in the last quarter. Leigh Baldwin & CO. LLC bought a new position in shares of Veeva Systems in the fourth quarter valued at approximately $685,355,000. FMR LLC boosted its holdings in shares of Veeva Systems by 7.8% in the fourth quarter. FMR LLC now owns 3,213,360 shares of the technology company's stock valued at $675,609,000 after acquiring an additional 232,116 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Veeva Systems by 6.4% in 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, Geode Capital Management LLC boosted its holdings in shares of Veeva Systems by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 2,803,344 shares of the technology company's stock valued at $589,208,000 after acquiring an additional 38,108 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Insider Activity at Veeva Systems

In related news, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $285.62, for a total value of $205,646.40. Following the transaction, the senior vice president directly owned 7,902 shares in the company, valued at approximately $2,256,969.24. This trade represents a 8.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Priscilla Hung sold 172 shares of the firm's stock in a transaction on Thursday, July 3rd. The shares were 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,378 shares of company stock worth $394,217. 10.30% of the stock is owned by insiders.

Veeva Systems Stock Performance

Shares of Veeva Systems stock traded down $3.15 during midday trading on Friday, reaching $281.05. 996,717 shares of the company's stock traded hands, compared to its average volume of 1,295,945. The company has a market cap of $45.93 billion, a price-to-earnings ratio of 59.54, a price-to-earnings-growth ratio of 2.23 and a beta of 0.95. The company's 50 day simple moving average is $280.01 and its 200 day simple moving average is $247.20. Veeva Systems Inc. has a 52 week low of $177.41 and a 52 week high of $296.72.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, beating analysts' consensus estimates of $1.74 by $0.23. The business had revenue of $759.04 million for the quarter, compared to the consensus estimate of $728.38 million. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. Veeva Systems's revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter last year, the firm earned $1.50 EPS. As a group, equities research analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently issued reports on VEEV. Stifel Nicolaus increased their price objective on shares of Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Raymond James Financial raised their target price on shares of Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a report on Thursday, May 29th. Mizuho raised their target price on shares of Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a report on Monday, June 2nd. UBS Group raised their target price on shares of Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a report on Thursday, May 29th. Finally, Piper Sandler raised their target price on shares of Veeva Systems from $255.00 to $325.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $274.17.

About Veeva Systems

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.