Creative Planning boosted its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 1.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,422 shares of the technology company’s stock after buying an additional 232 shares during the period. Creative Planning’s holdings in Veeva Systems were worth $946,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Veeva Systems by 16.9% in the first quarter. Vanguard Group Inc. now owns 8,835,128 shares of the technology company’s stock valued at $453,066,000 after buying an additional 1,276,901 shares during the last quarter. Morgan Stanley raised its stake in Veeva Systems by 113.2% in the first quarter. Morgan Stanley now owns 8,439,930 shares of the technology company’s stock valued at $432,800,000 after buying an additional 4,482,021 shares during the last quarter. Brown Capital Management LLC raised its stake in Veeva Systems by 3.4% in the first quarter. Brown Capital Management LLC now owns 7,423,513 shares of the technology company’s stock valued at $380,678,000 after buying an additional 246,816 shares during the last quarter. Wellington Management Group LLP raised its stake in Veeva Systems by 22.8% in the first quarter. Wellington Management Group LLP now owns 4,858,775 shares of the technology company’s stock valued at $249,158,000 after buying an additional 902,330 shares during the last quarter. Finally, William Blair Investment Management LLC raised its stake in Veeva Systems by 12.7% in the first quarter. William Blair Investment Management LLC now owns 4,376,516 shares of the technology company’s stock valued at $224,428,000 after buying an additional 493,514 shares during the last quarter. 80.45% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Veeva Systems Inc. (NYSE:VEEV) opened at 63.17 on Friday. The firm has a 50-day moving average of $62.51 and a 200-day moving average of $52.44. Veeva Systems Inc. has a 12-month low of $36.06 and a 12-month high of $68.07. The firm has a market cap of $8.83 billion, a P/E ratio of 101.72 and a beta of 1.63.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Thursday, May 25th. The technology company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by $0.04. Veeva Systems had a net margin of 15.86% and a return on equity of 12.28%. The business had revenue of $157.90 million during the quarter, compared to analysts’ expectations of $151.82 million. During the same period last year, the company earned $0.15 EPS. The firm’s revenue for the quarter was up 31.8% on a year-over-year basis. On average, equities analysts forecast that Veeva Systems Inc. will post $0.83 earnings per share for the current fiscal year.

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Several research firms recently weighed in on VEEV. Stifel Nicolaus upped their price target on shares of Veeva Systems from $60.00 to $67.00 and gave the stock a “buy” rating in a research report on Saturday, May 27th. Canaccord Genuity restated a “buy” rating and set a $70.00 price target (up previously from $48.00) on shares of Veeva Systems in a research report on Friday, May 26th. Bank of America Corporation upgraded shares of Veeva Systems from a “neutral” rating to a “buy” rating and upped their price target for the stock from $48.00 to $70.00 in a research report on Friday, May 26th. Needham & Company LLC restated a “buy” rating and set a $75.00 price target (up previously from $48.00) on shares of Veeva Systems in a research report on Sunday, May 28th. Finally, Zacks Investment Research upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating and set a $75.00 price target for the company in a research report on Wednesday, May 31st. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $62.00.

In other Veeva Systems news, EVP Alan Mateo sold 8,025 shares of the company’s stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $56.57, for a total value of $453,974.25. Following the sale, the executive vice president now owns 14,445 shares of the company’s stock, valued at $817,153.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Eleni Nitsa Zuppas sold 4,897 shares of the company’s stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $64.75, for a total transaction of $317,080.75. Following the completion of the sale, the insider now directly owns 7,452 shares in the company, valued at approximately $482,517. The disclosure for this sale can be found here. Insiders sold 287,158 shares of company stock worth $17,768,308 in the last ninety days. Insiders own 19.17% of the company’s stock.

About Veeva Systems

Veeva Systems Inc (Veeva) is a provider of cloud-based software solutions for the global life sciences industry. The Company offers solutions for a range of requirements within life sciences companies, including multichannel customer relationship management, regulated content and information management, master data management and customer data.

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Institutional Ownership by Quarter for Veeva Systems (NYSE:VEEV)

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