Veeva Systems Inc. (VEEV) Stake Lessened by Morse Asset Management Inc

Morse Asset Management Inc lowered its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 76.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,700 shares of the technology company’s stock after selling 24,350 shares during the period. Morse Asset Management Inc’s holdings in Veeva Systems were worth $434,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently added to or reduced their stakes in VEEV. Andra AP fonden grew its holdings in shares of Veeva Systems by 23.3% in the third quarter. Andra AP fonden now owns 19,600 shares of the technology company’s stock valued at $1,106,000 after purchasing an additional 3,700 shares in the last quarter. Essex Investment Management Co. LLC grew its holdings in shares of Veeva Systems by 97.6% in the third quarter. Essex Investment Management Co. LLC now owns 28,018 shares of the technology company’s stock valued at $1,580,000 after purchasing an additional 13,837 shares in the last quarter. IFP Advisors Inc grew its holdings in shares of Veeva Systems by 605.4% in the third quarter. IFP Advisors Inc now owns 13,347 shares of the technology company’s stock valued at $753,000 after purchasing an additional 11,455 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Veeva Systems by 0.8% in the third quarter. Canada Pension Plan Investment Board now owns 188,900 shares of the technology company’s stock valued at $10,656,000 after purchasing an additional 1,500 shares in the last quarter. Finally, Lyell Wealth Management LP grew its holdings in shares of Veeva Systems by 30.7% in the third quarter. Lyell Wealth Management LP now owns 48,962 shares of the technology company’s stock valued at $2,762,000 after purchasing an additional 11,500 shares in the last quarter. Hedge funds and other institutional investors own 71.91% of the company’s stock.

Veeva Systems Inc. (NYSE VEEV) traded up $1.07 during midday trading on Friday, reaching $61.62. 550,050 shares of the company’s stock traded hands, compared to its average volume of 1,130,000. The stock has a market capitalization of $8.66 billion, a price-to-earnings ratio of 103.31, a price-to-earnings-growth ratio of 4.99 and a beta of 1.64. Veeva Systems Inc. has a 52 week low of $37.34 and a 52 week high of $68.07.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Thursday, August 24th. The technology company reported $0.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.03. Veeva Systems had a net margin of 18.98% and a return on equity of 12.77%. The company had revenue of $166.59 million during the quarter, compared to analyst estimates of $164.26 million. During the same period last year, the business earned $0.15 EPS. Veeva Systems’s quarterly revenue was up 26.8% compared to the same quarter last year. sell-side analysts predict that Veeva Systems Inc. will post 0.65 EPS for the current fiscal year.

In other news, EVP Alan Mateo sold 528 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $58.74, for a total transaction of $31,014.72. Following the sale, the executive vice president now owns 6,985 shares of the company’s stock, valued at approximately $410,298.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Gordon Ritter sold 5,100 shares of the firm’s stock in a transaction dated Tuesday, September 26th. The shares were sold at an average price of $54.55, for a total transaction of $278,205.00. The disclosure for this sale can be found here. Insiders have sold a total of 304,425 shares of company stock worth $17,776,992 over the last three months. 19.17% of the stock is currently owned by insiders.

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A number of research firms recently weighed in on VEEV. Zacks Investment Research lowered shares of Veeva Systems from a “buy” rating to a “hold” rating in a report on Tuesday, October 24th. BidaskClub raised shares of Veeva Systems from a “buy” rating to a “strong-buy” rating in a report on Friday, October 20th. Stifel Nicolaus reissued a “buy” rating and issued a $67.00 target price on shares of Veeva Systems in a report on Friday, October 13th. Needham & Company LLC reissued a “buy” rating on shares of Veeva Systems in a report on Thursday, October 12th. Finally, JMP Securities reissued a “buy” rating and issued a $70.00 target price on shares of Veeva Systems in a report on Saturday, August 26th. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $65.75.

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.

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

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