Fred Alger Management LLC Has $14.50 Million Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

Fred Alger Management LLC lowered its stake in Veeva Systems Inc. (NYSE:VEEV) by 49.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 79,245 shares of the technology company’s stock after selling 77,110 shares during the period. Fred Alger Management LLC’s holdings in Veeva Systems were worth $14,503,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Semmax Financial Advisors Inc. boosted its holdings in shares of Veeva Systems by 12.1% during the 2nd quarter. Semmax Financial Advisors Inc. now owns 4,847 shares of the technology company’s stock valued at $922,000 after acquiring an additional 523 shares in the last quarter. Marshall Wace LLP bought a new position in Veeva Systems in the second quarter valued at about $21,769,000. Farallon Capital Management LLC acquired a new stake in shares of Veeva Systems during the second quarter valued at about $663,000. Xponance Inc. grew its holdings in shares of Veeva Systems by 0.4% during the second quarter. Xponance Inc. now owns 26,856 shares of the technology company’s stock worth $4,915,000 after purchasing an additional 119 shares during the last quarter. Finally, Bank of Montreal Can increased its stake in shares of Veeva Systems by 272.7% in the second quarter. Bank of Montreal Can now owns 152,697 shares of the technology company’s stock valued at $28,463,000 after buying an additional 111,724 shares during the period. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Trading Down 1.3 %

VEEV opened at $205.13 on Thursday. The company has a fifty day moving average price of $200.18 and a two-hundred day moving average price of $201.15. Veeva Systems Inc. has a 1-year low of $162.72 and a 1-year high of $236.90. The company has a market cap of $33.16 billion, a P/E ratio of 60.51, a price-to-earnings-growth ratio of 2.05 and a beta of 0.81.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.03. Veeva Systems had a return on equity of 13.30% and a net margin of 23.91%. The business had revenue of $676.18 million during the quarter, compared to analyst estimates of $667.21 million. On average, research analysts forecast that Veeva Systems Inc. will post 4.21 EPS for the current fiscal year.

Insider Activity

In related news, SVP Jonathan Faddis sold 2,353 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total value of $470,600.00. Following the transaction, the senior vice president now directly owns 9,035 shares in the company, valued at approximately $1,807,000. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 10.50% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on VEEV shares. Morgan Stanley reduced their target price on shares of Veeva Systems from $210.00 to $173.00 and set an “underweight” rating on the stock in a report on Friday, May 31st. Bank of America boosted their price objective on shares of Veeva Systems from $204.00 to $240.00 and gave the stock a “neutral” rating in a research note on Thursday, August 29th. Evercore ISI lowered their target price on Veeva Systems from $230.00 to $200.00 and set an “in-line” rating for the company in a research report on Friday, May 31st. UBS Group lifted their target price on Veeva Systems from $185.00 to $215.00 and gave the stock a “neutral” rating in a report on Monday, August 26th. Finally, Guggenheim increased their price target on Veeva Systems from $211.00 to $233.00 and gave the company a “buy” rating in a research note on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $229.96.

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.