Pictet Asset Management Ltd. Cuts Stock Holdings in Veeva Systems Inc (NYSE:VEEV)
Pictet Asset Management Ltd. decreased its stake in shares of Veeva Systems Inc (NYSE:VEEV) by 2.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 46,602 shares of the technology company’s stock after selling 1,200 shares during the period. Pictet Asset Management Ltd.’s holdings in Veeva Systems were worth $7,555,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in the stock. BlackRock Inc. boosted its position in Veeva Systems by 7.8% in the first quarter. BlackRock Inc. now owns 7,538,880 shares of the technology company’s stock worth $956,382,000 after purchasing an additional 547,246 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Veeva Systems by 15.2% in the second quarter. JPMorgan Chase & Co. now owns 3,704,172 shares of the technology company’s stock worth $594,557,000 after purchasing an additional 488,681 shares during the last quarter. Eagle Asset Management Inc. purchased a new position in Veeva Systems in the second quarter worth $59,345,000. FMR LLC boosted its position in Veeva Systems by 5.8% in the first quarter. FMR LLC now owns 6,269,463 shares of the technology company’s stock worth $795,344,000 after purchasing an additional 342,948 shares during the last quarter. Finally, Carillon Tower Advisers Inc. boosted its position in Veeva Systems by 1,108.3% in the second quarter. Carillon Tower Advisers Inc. now owns 283,942 shares of the technology company’s stock worth $46,029,000 after purchasing an additional 260,442 shares during the last quarter. 77.05% of the stock is currently owned by institutional investors.
A number of brokerages have recently commented on VEEV. Guggenheim upped their price target on Veeva Systems from $154.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. JMP Securities upped their price target on Veeva Systems from $153.00 to $172.00 and gave the company a “market outperform” rating in a research report on Wednesday, August 28th. Stephens upped their price target on Veeva Systems from $155.00 to $185.00 and gave the company an “overweight” rating in a research report on Wednesday, August 28th. JPMorgan Chase & Co. upped their price target on Veeva Systems from $150.00 to $183.00 and gave the company a “neutral” rating in a research report on Wednesday, August 28th. Finally, Deutsche Bank upped their price target on Veeva Systems from $115.00 to $135.00 and gave the company a “hold” rating in a research report on Thursday, May 30th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $167.06.
Shares of NYSE VEEV traded up $4.60 during trading on Monday, reaching $144.42. 35,116 shares of the stock traded hands, compared to its average volume of 1,666,600. Veeva Systems Inc has a 52-week low of $79.26 and a 52-week high of $176.90. The company has a debt-to-equity ratio of 0.01, a current ratio of 4.23 and a quick ratio of 4.23. The company has a 50-day moving average of $160.10 and a 200-day moving average of $147.87. The stock has a market capitalization of $21.04 billion, a P/E ratio of 116.41, a price-to-earnings-growth ratio of 4.63 and a beta of 1.32.
Veeva Systems (NYSE:VEEV) last released its quarterly earnings data on Tuesday, August 27th. The technology company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.03. The company had revenue of $266.90 million for the quarter, compared to analyst estimates of $259.35 million. Veeva Systems had a return on equity of 18.10% and a net margin of 29.72%. The firm’s revenue for the quarter was up 27.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.39 EPS. Analysts expect that Veeva Systems Inc will post 1.62 earnings per share for the current fiscal year.
About Veeva Systems
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 and data 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.
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