RGM Capital LLC Increases Holdings in Veeva Systems Inc. $VEEV

Key Points

• RGM Capital LLC boosted its stake in Veeva Systems Inc. by 4.9%, acquiring an additional 20,325 shares to own a total of 432,584 shares, representing 4.2% of its investment portfolio.
• Insider trading activity included Director Timothy S. Cabral selling 315 shares at an average price of $289.72, reducing his position by 5.42%, while total insider sales over the last 90 days amounted to 1,378 shares worth $394,217.
• Veeva Systems reported earnings of $1.97 per share, exceeding estimates, with revenue of $759.04 million for the quarter, a 16.7% increase year-over-year.

RGM Capital LLC lifted its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 4.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 432,584 shares of the technology company's stock after purchasing an additional 20,325 shares during the quarter. Veeva Systems accounts for 4.2% of RGM Capital LLC's holdings, making the stock its 15th biggest holding. RGM Capital LLC owned approximately 0.27% of Veeva Systems worth $100,199,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of VEEV. Leigh Baldwin & CO. LLC acquired a new stake in shares of Veeva Systems during the 4th quarter worth $685,355,000. Nuveen LLC bought a new stake in shares of Veeva Systems during the 1st quarter worth $365,684,000. Price T Rowe Associates Inc. MD lifted its position in shares of Veeva Systems by 20.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company's stock worth $924,754,000 after buying an additional 689,700 shares during the last quarter. Stockbridge Partners LLC bought a new stake in shares of Veeva Systems during the 4th quarter worth $137,260,000. Finally, Linonia Partnership LP lifted its position in shares of Veeva Systems by 52.7% during the 1st quarter. Linonia Partnership LP now owns 1,836,557 shares of the technology company's stock worth $425,402,000 after buying an additional 633,585 shares during the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on VEEV. Wall Street Zen upgraded Veeva Systems from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Raymond James Financial restated an "outperform" rating and set a $340.00 price objective (up from $310.00) on shares of Veeva Systems in a research report on Thursday. Citigroup upped their price objective on Veeva Systems from $329.00 to $349.00 and gave the stock a "buy" rating in a research report on Thursday. BTIG Research boosted their price target on Veeva Systems from $335.00 to $340.00 and gave the stock a "buy" rating in a report on Thursday. Finally, Morgan Stanley upped their price objective on Veeva Systems from $210.00 to $222.00 and gave the company an "underweight" rating in a research note on Thursday. Sixteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $299.88.

Veeva Systems Trading Down 1.3%

NYSE VEEV traded down $3.48 during trading hours on Friday, hitting $268.85. 1,999,687 shares of the company's stock were exchanged, compared to its average volume of 1,329,419. The stock has a 50-day simple moving average of $282.59 and a 200 day simple moving average of $253.79. Veeva Systems Inc. has a 1-year low of $200.30 and a 1-year high of $296.72. The firm has a market cap of $43.93 billion, a price-to-earnings ratio of 55.21, a PEG ratio of 2.33 and a beta of 0.95.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its earnings results on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, topping the consensus estimate of $1.74 by $0.23. Veeva Systems had a return on equity of 14.19% and a net margin of 27.29%.The business had revenue of $759.04 million during the quarter, compared to analysts' expectations of $728.38 million. During the same quarter last year, the firm posted $1.50 earnings per share. The firm's revenue was up 16.7% on a year-over-year basis. On average, sell-side analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the transaction, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. This trade represents a 8.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy S. Cabral sold 315 shares of the company's stock in a transaction dated Friday, June 6th. The stock was sold at an average price of $289.72, for a total transaction of $91,261.80. Following the completion of the sale, the director directly owned 5,500 shares of the company's stock, valued at $1,593,460. The trade was a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,378 shares of company stock valued at $394,217 over the last 90 days. Company insiders own 10.30% of the company's stock.

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.