M&T Bank Corp Increases Holdings in Veeva Systems Inc. (VEEV)
M&T Bank Corp raised its stake in Veeva Systems Inc. (NYSE:VEEV) by 155.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 17,386 shares of the technology company’s stock after acquiring an additional 10,581 shares during the period. M&T Bank Corp’s holdings in Veeva Systems were worth $1,068,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in VEEV. Morgan Stanley grew its stake in shares of Veeva Systems by 113.2% in the 1st quarter. Morgan Stanley now owns 8,439,930 shares of the technology company’s stock worth $432,800,000 after buying an additional 4,482,021 shares in the last quarter. BlackRock Inc. grew its position in Veeva Systems by 24,931.6% in the first quarter. BlackRock Inc. now owns 4,011,310 shares of the technology company’s stock worth $205,701,000 after acquiring an additional 3,995,285 shares in the last quarter. FMR LLC grew its position in Veeva Systems by 398.1% in the first quarter. FMR LLC now owns 2,290,030 shares of the technology company’s stock worth $117,433,000 after acquiring an additional 1,830,270 shares in the last quarter. Vanguard Group Inc. grew its position 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 worth $453,066,000 after acquiring an additional 1,276,901 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in Veeva Systems by 2,790.3% in the first quarter. Victory Capital Management Inc. now owns 478,570 shares of the technology company’s stock worth $24,541,000 after acquiring an additional 462,012 shares in the last quarter. Institutional investors own 71.46% of the company’s stock.
In other news, Director Gordon Ritter sold 10,200 shares of the business’s stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $55.16, for a total value of $562,632.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Timothy S. Cabral sold 40,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $58.82, for a total transaction 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 $1,764,600. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 268,140 shares of company stock valued at $15,992,336. Company insiders own 17.50% of the company’s stock.
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Several equities research analysts have recently issued reports on VEEV shares. Morgan Stanley lowered Veeva Systems from an “overweight” rating to an “equal weight” rating and raised their price objective for the company from $53.00 to $68.00 in a research note on Monday, June 5th. They noted that the move was a valuation call. Canaccord Genuity reissued a “buy” rating and set a $70.00 target price on shares of Veeva Systems in a research report on Tuesday, August 22nd. Zacks Investment Research lowered Veeva Systems from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 27th. KeyCorp restated a “buy” rating and issued a $70.00 price target on shares of Veeva Systems in a research report on Friday, August 25th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $67.00 price target on shares of Veeva Systems in a research report on Monday, July 10th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $64.77.
Veeva Systems Inc. (NYSE:VEEV) opened at 56.41 on Monday. The company has a market capitalization of $7.93 billion, a P/E ratio of 72.14 and a beta of 1.63. Veeva Systems Inc. has a 52 week low of $36.55 and a 52 week high of $68.07. The firm has a 50-day moving average of $60.34 and a 200-day moving average of $57.80.
Veeva Systems (NYSE:VEEV) last posted its earnings results on Thursday, August 24th. The technology company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.03. Veeva Systems had a return on equity of 12.77% and a net margin of 18.98%. The company had revenue of $166.59 million during the quarter, compared to analysts’ expectations of $164.26 million. During the same quarter last year, the firm earned $0.15 earnings per share. The firm’s quarterly revenue was up 26.8% compared to the same quarter last year. Analysts anticipate that Veeva Systems Inc. will post $0.87 EPS for the current fiscal year.
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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