6,500 Shares in Veeva Systems Inc (NYSE:VEEV) Purchased by Tower Research Capital LLC TRC

6,500 Shares in Veeva Systems Inc (NYSE:VEEV) Purchased by Tower Research Capital LLC TRC

Tower Research Capital LLC TRC acquired a new stake in shares of Veeva Systems Inc (NYSE:VEEV) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 6,500 shares of the technology company’s stock, valued at approximately $500,000.

Several other institutional investors and hedge funds also recently bought and sold shares of VEEV. Morgan Stanley increased its holdings in Veeva Systems by 4.5% in the 2nd quarter. Morgan Stanley now owns 13,129,295 shares of the technology company’s stock worth $1,009,118,000 after buying an additional 565,589 shares in the last quarter. BlackRock Inc. grew its stake in shares of Veeva Systems by 5.4% during the 2nd quarter. BlackRock Inc. now owns 6,503,202 shares of the technology company’s stock valued at $499,836,000 after purchasing an additional 330,441 shares during the period. Federated Investors Inc. PA grew its stake in shares of Veeva Systems by 4.0% during the 2nd quarter. Federated Investors Inc. PA now owns 4,022,406 shares of the technology company’s stock valued at $309,162,000 after purchasing an additional 155,953 shares during the period. FMR LLC grew its stake in shares of Veeva Systems by 38.7% during the 2nd quarter. FMR LLC now owns 3,274,017 shares of the technology company’s stock valued at $251,641,000 after purchasing an additional 914,357 shares during the period. Finally, First Trust Advisors LP grew its stake in shares of Veeva Systems by 24.2% during the 2nd quarter. First Trust Advisors LP now owns 2,553,247 shares of the technology company’s stock valued at $196,243,000 after purchasing an additional 497,318 shares during the period. 75.99% of the stock is owned by hedge funds and other institutional investors.

In other news, CFO Timothy S. Cabral sold 25,000 shares of the stock in a transaction on Wednesday, September 12th. The stock was sold at an average price of $103.08, for a total transaction of $2,577,000.00. Following the transaction, the chief financial officer now owns 25,000 shares of the company’s stock, valued at approximately $2,577,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Timothy S. Cabral sold 50,000 shares of the stock in a transaction on Wednesday, September 5th. The stock was sold at an average price of $101.49, for a total value of $5,074,500.00. Following the transaction, the chief financial officer now directly owns 30,000 shares in the company, valued at approximately $3,044,700. The disclosure for this sale can be found here. Insiders have sold a total of 160,371 shares of company stock worth $15,415,780 in the last 90 days. 15.97% of the stock is currently owned by insiders.

Shares of VEEV opened at $94.31 on Wednesday. Veeva Systems Inc has a 1 year low of $52.17 and a 1 year high of $109.05. The company has a market cap of $15.62 billion, a PE ratio of 102.51, a PEG ratio of 5.14 and a beta of 1.54.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Thursday, August 23rd. The technology company reported $0.39 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.05. Veeva Systems had a return on equity of 13.58% and a net margin of 21.23%. The company had revenue of $209.60 million for the quarter, compared to analyst estimates of $203.50 million. During the same quarter in the prior year, the firm posted $0.23 EPS. Veeva Systems’s quarterly revenue was up 24.9% compared to the same quarter last year. As a group, equities research analysts predict that Veeva Systems Inc will post 1.1 earnings per share for the current fiscal year.

A number of equities research analysts have issued reports on the company. William Blair restated an “outperform” rating on shares of Veeva Systems in a research note on Monday. Bank of America boosted their price target on Veeva Systems from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, October 5th. Stifel Nicolaus boosted their price objective on Veeva Systems from $95.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, October 5th. DA Davidson set a $120.00 price objective on Veeva Systems and gave the company a “buy” rating in a research note on Friday, October 5th. Finally, Needham & Company LLC boosted their price objective on Veeva Systems from $100.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, October 5th. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and three have given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $98.47.

Veeva Systems Profile

Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, and internationally. The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, data solutions, and master data management solutions; and Veeva Vault, a cloud-based enterprise content management applications for managing commercial functions, including medical, sales, and marketing, as well as research and development functions, such as clinical, regulatory, quality, and safety.

Further Reading: Compound Annual Growth Rate (CAGR)

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