California Public Employees Retirement System Has $111.15 Million Position in Veeva Systems Inc. (NYSE:VEEV)

California Public Employees Retirement System reduced its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 1.0% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 357,453 shares of the technology company’s stock after selling 3,730 shares during the quarter. California Public Employees Retirement System’s holdings in Veeva Systems were worth $111,150,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of VEEV. Brown Advisory Inc. boosted its holdings in shares of Veeva Systems by 2,512.4% during the first quarter. Brown Advisory Inc. now owns 1,742,239 shares of the technology company’s stock worth $455,143,000 after purchasing an additional 1,675,548 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in Veeva Systems by 6.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 10,358,412 shares of the technology company’s stock valued at $2,706,032,000 after acquiring an additional 612,811 shares during the last quarter. ARK Investment Management LLC lifted its stake in Veeva Systems by 177.1% in the first quarter. ARK Investment Management LLC now owns 838,508 shares of the technology company’s stock valued at $219,052,000 after acquiring an additional 535,879 shares during the last quarter. Geode Capital Management LLC lifted its stake in Veeva Systems by 18.6% in the second quarter. Geode Capital Management LLC now owns 1,928,524 shares of the technology company’s stock valued at $598,880,000 after acquiring an additional 301,868 shares during the last quarter. Finally, Fred Alger Management LLC lifted its stake in Veeva Systems by 22.3% in the first quarter. Fred Alger Management LLC now owns 1,652,138 shares of the technology company’s stock valued at $431,605,000 after acquiring an additional 300,763 shares during the last quarter. Institutional investors and hedge funds own 77.78% of the company’s stock.

A number of analysts have issued reports on VEEV shares. UBS Group lifted their target price on shares of Veeva Systems from $270.00 to $320.00 and gave the company a “neutral” rating in a research note on Thursday, September 2nd. JMP Securities lifted their target price on shares of Veeva Systems from $320.00 to $345.00 and gave the company an “outperform” rating in a research note on Thursday, September 2nd. Needham & Company LLC lifted their target price on shares of Veeva Systems from $336.00 to $385.00 and gave the company a “buy” rating in a research note on Thursday, September 2nd. Guggenheim reiterated a “buy” rating on shares of Veeva Systems in a research note on Tuesday, August 31st. Finally, Robert W. Baird lifted their target price on shares of Veeva Systems from $340.00 to $349.00 and gave the company an “outperform” rating in a research note on Thursday, September 2nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $343.65.

VEEV opened at $299.00 on Thursday. Veeva Systems Inc. has a fifty-two week low of $235.74 and a fifty-two week high of $343.96. The firm’s fifty day moving average price is $308.15 and its two-hundred day moving average price is $296.49. The company has a market capitalization of $45.87 billion, a P/E ratio of 114.12, a P/E/G ratio of 6.74 and a beta of 0.73.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Tuesday, August 31st. The technology company reported $0.94 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.87 by $0.07. Veeva Systems had a net margin of 25.51% and a return on equity of 16.35%. The firm had revenue of $455.59 million for the quarter, compared to the consensus estimate of $450.93 million. During the same quarter in the previous year, the company earned $0.72 earnings per share. The business’s revenue was up 28.8% compared to the same quarter last year. On average, analysts forecast that Veeva Systems Inc. will post 2.47 earnings per share for the current fiscal year.

In other news, SVP Jonathan Faddis sold 1,666 shares of the business’s stock in a transaction on Tuesday, September 7th. The shares were sold at an average price of $316.46, for a total value of $527,222.36. Following the sale, the senior vice president now owns 6,017 shares in the company, valued at approximately $1,904,139.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul Edward Chamberlain sold 100 shares of the business’s stock in a transaction on Thursday, September 30th. The shares were sold at an average price of $284.00, for a total transaction of $28,400.00. The disclosure for this sale can be found here. Insiders have sold 16,695 shares of company stock worth $5,203,115 in the last quarter. Corporate insiders own 13.18% of the company’s stock.

About Veeva Systems

Veeva Systems, Inc engages in the provision of industry cloud solutions for the global life sciences industry. Its solutions enable pharmaceutical and other life sciences companies to realize the benefits of modern cloud-based architectures and mobile applications for their most critical business functions, without compromising industry-specific functionality or regulatory compliance.

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

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