Veeva Systems Inc (NYSE:VEEV) Sees Large Drop in Short Interest

Veeva Systems Inc (NYSE:VEEV) was the target of a significant drop in short interest during the month of June. As of June 30th, there was short interest totalling 3,766,400 shares, a drop of 16.0% from the May 30th total of 4,482,200 shares. Based on an average daily trading volume, of 1,420,000 shares, the days-to-cover ratio is currently 2.7 days. Currently, 3.0% of the shares of the company are sold short.

In other news, insider Eleni Nitsa Zuppas sold 3,000 shares of Veeva Systems stock in a transaction on Wednesday, July 10th. The stock was sold at an average price of $172.51, for a total value of $517,530.00. Following the completion of the transaction, the insider now directly owns 13,498 shares in the company, valued at $2,328,539.98. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Timothy S. Cabral sold 586 shares of Veeva Systems stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $163.47, for a total value of $95,793.42. Following the completion of the transaction, the chief financial officer now owns 1,175 shares of the company’s stock, valued at $192,077.25. The disclosure for this sale can be found here. Insiders sold 91,506 shares of company stock valued at $14,136,700 over the last three months. Company insiders own 14.38% of the company’s stock.

A number of hedge funds have recently modified their holdings of VEEV. First Personal Financial Services lifted its stake in Veeva Systems by 241.7% during the first quarter. First Personal Financial Services now owns 205 shares of the technology company’s stock worth $26,000 after purchasing an additional 145 shares during the last quarter. Hanson McClain Inc. lifted its stake in Veeva Systems by 67.2% during the first quarter. Hanson McClain Inc. now owns 224 shares of the technology company’s stock worth $28,000 after purchasing an additional 90 shares during the last quarter. First Command Bank purchased a new position in shares of Veeva Systems in the second quarter worth about $32,000. Executive Wealth Management LLC purchased a new position in shares of Veeva Systems in the fourth quarter worth about $34,000. Finally, Bremer Bank National Association purchased a new position in shares of Veeva Systems in the first quarter worth about $44,000. 77.65% of the stock is owned by hedge funds and other institutional investors.

Shares of VEEV stock opened at $175.09 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.73 and a current ratio of 3.73. The business’s 50-day moving average price is $161.10. Veeva Systems has a 12-month low of $73.47 and a 12-month high of $176.64. The company has a market capitalization of $25.78 billion, a price-to-earnings ratio of 141.20, a P/E/G ratio of 7.17 and a beta of 1.41.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Wednesday, May 29th. The technology company reported $0.37 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.08). Veeva Systems had a return on equity of 17.61% and a net margin of 28.41%. The firm had revenue of $244.75 million for the quarter, compared to the consensus estimate of $238.69 million. During the same period last year, the firm earned $0.33 EPS. The company’s revenue for the quarter was up 25.2% on a year-over-year basis. On average, equities analysts expect that Veeva Systems will post 1.6 earnings per share for the current fiscal year.

VEEV has been the subject of several research analyst reports. Stephens initiated coverage on Genuine Parts in a research note on Thursday, May 30th. They set an “overweight” rating and a $114.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and set a $150.00 price objective (up previously from $135.00) on shares of Veeva Systems in a research note on Wednesday, April 17th. Barclays raised Encompass Health from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $68.00 to $70.00 in a research note on Thursday, May 30th. KeyCorp lifted their price objective on Veeva Systems from $133.00 to $172.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. Finally, Bank of America set a $77.00 price objective on Citigroup and gave the company a “buy” rating in a research note on Monday, June 10th. Seven investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $147.00.

Veeva Systems Company Profile

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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