Mackenzie Financial Corp Has $4.45 Million Stake in Veeva Systems Inc. (NYSE:VEEV)

Mackenzie Financial Corp decreased its holdings in Veeva Systems Inc. (NYSE:VEEV) by 41.3% in the 1st quarter, Holdings Channel.com reports. The firm owned 19,221 shares of the technology company’s stock after selling 13,521 shares during the period. Mackenzie Financial Corp’s holdings in Veeva Systems were worth $4,452,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Sowell Financial Services LLC bought a new position in Veeva Systems in the 1st quarter valued at about $274,000. Crossmark Global Holdings Inc. bought a new position in Veeva Systems in the 1st quarter valued at about $299,000. Janney Montgomery Scott LLC bought a new position in Veeva Systems in the 1st quarter valued at about $5,876,000. GAMMA Investing LLC increased its holdings in Veeva Systems by 13.8% in the 1st quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company’s stock valued at $422,000 after buying an additional 221 shares during the period. Finally, Private Trust Co. NA increased its holdings in Veeva Systems by 35.0% in the 1st quarter. Private Trust Co. NA now owns 247 shares of the technology company’s stock valued at $57,000 after buying an additional 64 shares during the period. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Stock Performance

Shares of NYSE VEEV opened at $281.05 on Friday. The company has a market capitalization of $45.93 billion, a P/E ratio of 59.54, a price-to-earnings-growth ratio of 2.25 and a beta of 0.98. Veeva Systems Inc. has a 52-week low of $177.41 and a 52-week high of $296.72. The company’s 50 day moving average price is $280.01 and its 200-day moving average price is $246.73.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.23. The firm had revenue of $759.04 million for the quarter, compared to the consensus estimate of $728.38 million. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The company’s revenue for the quarter was up 16.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.50 EPS. Analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Insider Transactions at Veeva Systems

In related news, Director Timothy S. Cabral sold 315 shares of the business’s stock in a transaction on Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the transaction, the director owned 5,500 shares in the company, valued at $1,593,460. The trade was a 5.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jonathan Faddis sold 720 shares of the business’s stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $285.62, for a total transaction of $205,646.40. Following the transaction, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. The trade was a 8.35% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,378 shares of company stock worth $394,217. Company insiders own 10.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on VEEV. Needham & Company LLC lifted their price target on shares of Veeva Systems from $270.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, May 29th. UBS Group lifted their price target on shares of Veeva Systems from $250.00 to $285.00 and gave the company a “neutral” rating in a report on Thursday, May 29th. Morgan Stanley lifted their price target on shares of Veeva Systems from $201.00 to $210.00 and gave the company an “underweight” rating in a report on Thursday, May 29th. KeyCorp lifted their price target on shares of Veeva Systems from $285.00 to $325.00 and gave the company an “overweight” rating in a report on Monday, July 14th. Finally, Raymond James Financial lifted their price target on shares of Veeva Systems from $285.00 to $310.00 and gave the company an “outperform” rating in a report on Thursday, May 29th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $274.17.

Veeva Systems Company Profile

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and analytics solutions, such as Veeva customer relationship management (CRM) that enable customer-facing employees at pharmaceutical and biotechnology companies; Veeva Vault PromoMats, an end-to-end content and digital asset management solution; Veeva Vault Medical that provides source of medical content across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a customer reference data solution; Veeva Link, a data application that allows link to generate real-time intelligence; and Veeva Compass includes de-identified and longitudinal patient data for the United States.