BlueMountain Capital Management LLC Purchases New Stake in Veeva Systems Inc. (VEEV)
BlueMountain Capital Management LLC purchased a new stake in Veeva Systems Inc. (NYSE:VEEV) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 40,734 shares of the technology company’s stock, valued at approximately $2,497,000.
Other large investors have also recently added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. bought a new position in shares of Veeva Systems in the second quarter valued at approximately $102,000. LS Investment Advisors LLC bought a new position in Veeva Systems during the second quarter worth $105,000. Huntington National Bank increased its position in Veeva Systems by 10.6% during the second quarter. Huntington National Bank now owns 2,668 shares of the technology company’s stock worth $164,000 after acquiring an additional 256 shares during the period. Daiwa Securities Group Inc. bought a new position in Veeva Systems during the second quarter worth $193,000. Finally, Capstone Asset Management Co. bought a new position in Veeva Systems during the second quarter worth $202,000. 71.46% of the stock is currently owned by institutional investors.
Shares of Veeva Systems Inc. (NYSE:VEEV) opened at 55.74 on Monday. The firm’s 50-day moving average is $60.77 and its 200-day moving average is $57.43. Veeva Systems Inc. has a 1-year low of $36.55 and a 1-year high of $68.07. The firm has a market cap of $7.84 billion, a P/E ratio of 71.28 and a beta of 1.65.
Veeva Systems (NYSE:VEEV) last posted its quarterly earnings data on Thursday, August 24th. The technology company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.03. The firm had revenue of $166.59 million for the quarter, compared to analysts’ expectations of $164.26 million. Veeva Systems had a return on equity of 12.77% and a net margin of 18.98%. The company’s quarterly revenue was up 26.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.15 EPS. On average, analysts anticipate that Veeva Systems Inc. will post $0.87 EPS for the current fiscal year.
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In related news, SVP Jonathan Faddis sold 931 shares of the firm’s stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $58.74, for a total value of $54,686.94. Following the transaction, the senior vice president now owns 2,580 shares in the company, valued at $151,549.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Timothy S. Cabral sold 40,000 shares of the firm’s stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $58.82, for a total value of $2,352,800.00. Following the completion of the transaction, the chief financial officer now owns 30,000 shares in the company, valued at approximately $1,764,600. The disclosure for this sale can be found here. Insiders have sold a total of 258,865 shares of company stock worth $15,729,842 in the last quarter. Company insiders own 17.50% of the company’s stock.
A number of equities analysts recently issued reports on the stock. JMP Securities reaffirmed a “buy” rating and set a $70.00 target price on shares of Veeva Systems in a research report on Saturday, August 26th. Bank of America Corporation raised shares of Veeva Systems from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $48.00 to $70.00 in a research report on Friday, May 26th. Morgan Stanley lowered shares of Veeva Systems from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $53.00 to $68.00 in a research report on Monday, June 5th. They noted that the move was a valuation call. Stifel Nicolaus reaffirmed a “buy” rating and set a $67.00 target price (up previously from $60.00) on shares of Veeva Systems in a research report on Sunday, May 21st. Finally, Deutsche Bank AG reaffirmed a “hold” rating and set a $55.00 target price on shares of Veeva Systems in a research report on Tuesday, May 30th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $64.77.
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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