Los Angeles Capital Management LLC Reduces Position in Veeva Systems Inc. (NYSE:VEEV)

Los Angeles Capital Management LLC trimmed its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 22.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 209,159 shares of the technology company's stock after selling 60,069 shares during the quarter. Los Angeles Capital Management LLC owned 0.13% of Veeva Systems worth $40,267,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Invesco Ltd. boosted its holdings in shares of Veeva Systems by 239.7% during the third quarter. Invesco Ltd. now owns 956,355 shares of the technology company's stock worth $194,570,000 after purchasing an additional 674,785 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in Veeva Systems by 34.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,045,414 shares of the technology company's stock worth $416,139,000 after acquiring an additional 522,257 shares during the period. Van ECK Associates Corp boosted its holdings in Veeva Systems by 22.6% in the fourth quarter. Van ECK Associates Corp now owns 1,775,065 shares of the technology company's stock valued at $341,736,000 after acquiring an additional 327,662 shares in the last quarter. Wellington Management Group LLP increased its position in Veeva Systems by 9.6% during the 3rd quarter. Wellington Management Group LLP now owns 3,315,304 shares of the technology company's stock valued at $674,499,000 after purchasing an additional 289,133 shares during the period. Finally, FMR LLC raised its holdings in Veeva Systems by 15.4% in the 3rd quarter. FMR LLC now owns 1,833,135 shares of the technology company's stock worth $372,951,000 after purchasing an additional 244,599 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Trading Up 1.0 %

NYSE:VEEV traded up $2.06 during trading hours on Friday, reaching $203.49. The company had a trading volume of 646,413 shares, compared to its average volume of 952,263. The firm's 50 day moving average price is $217.75 and its 200-day moving average price is $202.20. The firm has a market cap of $32.83 billion, a price-to-earnings ratio of 63.18, a PEG ratio of 2.01 and a beta of 0.76. Veeva Systems Inc. has a 52 week low of $160.21 and a 52 week high of $236.90.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings data on Thursday, February 29th. The technology company reported $0.92 EPS for the quarter, beating analysts' consensus estimates of $0.81 by $0.11. The company had revenue of $630.62 million during the quarter, compared to analysts' expectations of $620.75 million. Veeva Systems had a return on equity of 11.26% and a net margin of 22.24%. On average, analysts forecast that Veeva Systems Inc. will post 4.11 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have commented on VEEV shares. The Goldman Sachs Group raised their price objective on shares of Veeva Systems from $219.00 to $248.00 and gave the stock a "buy" rating in a report on Friday, March 1st. Robert W. Baird lifted their price target on Veeva Systems from $245.00 to $251.00 and gave the company an "outperform" rating in a research report on Friday, March 1st. Oppenheimer reissued an "outperform" rating and set a $225.00 price objective on shares of Veeva Systems in a research report on Thursday, February 22nd. Raymond James reissued an "outperform" rating and set a $260.00 price target on shares of Veeva Systems in a research report on Tuesday, March 26th. Finally, Needham & Company LLC restated a "buy" rating and issued a $260.00 price objective on shares of Veeva Systems in a report on Tuesday, April 2nd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat.com, Veeva Systems presently has a consensus rating of "Moderate Buy" and an average target price of $234.90.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, Director Timothy S. Cabral sold 15,000 shares of Veeva Systems stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $226.04, for a total value of $3,390,600.00. Following the sale, the director now owns 23,391 shares of the company's stock, valued at approximately $5,287,301.64. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Alan Mateo sold 3,391 shares of the business's stock in a transaction on Tuesday, April 23rd. The stock was sold at an average price of $200.86, for a total transaction of $681,116.26. Following the completion of the transaction, the executive vice president now owns 21,983 shares in the company, valued at approximately $4,415,505.38. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Timothy S. Cabral sold 15,000 shares of the business's stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $226.04, for a total transaction of $3,390,600.00. Following the sale, the director now directly owns 23,391 shares of the company's stock, valued at $5,287,301.64. The disclosure for this sale can be found here. Insiders have sold 21,989 shares of company stock valued at $4,818,013 over the last 90 days. 10.98% of the stock is currently owned by corporate insiders.

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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