Aigen Investment Management LP Takes $644,000 Position in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Aigen Investment Management LP purchased a new stake in Veeva Systems, acquiring 2,781 shares with an approximate value of $644,000.
• Institutional investors and hedge funds own 88.20% of Veeva Systems, indicating strong institutional interest in the stock.
• Veeva Systems' stock has seen recent rating upgrades from multiple analysts, now holding an average rating of "Moderate Buy" with a target price of $274.17.

Aigen Investment Management LP purchased a new position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 2,781 shares of the technology company's stock, valued at approximately $644,000.

Other large investors also recently bought and sold shares of the company. Abound Financial LLC purchased a new position in Veeva Systems during the first quarter worth approximately $25,000. ORG Partners LLC purchased a new position in Veeva Systems during the first quarter worth approximately $26,000. Golden State Wealth Management LLC raised its stake in Veeva Systems by 152.9% during the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after purchasing an additional 78 shares during the period. Wayfinding Financial LLC purchased a new position in Veeva Systems during the first quarter worth approximately $32,000. Finally, Key Financial Inc increased its position in shares of Veeva Systems by 161.0% in the first quarter. Key Financial Inc now owns 154 shares of the technology company's stock worth $36,000 after acquiring an additional 95 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Insiders Place Their Bets

In other Veeva Systems news, Director Timothy S. Cabral sold 315 shares of the firm'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 completion of the transaction, the director directly owned 5,500 shares of the company's stock, valued at $1,593,460. This trade represents a 5.42% decrease in their position. The sale 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 firm's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the transaction, the senior vice president directly owned 7,902 shares of the company's stock, valued at approximately $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,378 shares of company stock valued at $394,217 in the last ninety days. Corporate insiders own 10.30% of the company's stock.

Veeva Systems Trading Up 1.4%

VEEV stock traded up $3.74 during mid-day trading on Wednesday, hitting $279.17. 909,708 shares of the company were exchanged, compared to its average volume of 1,215,126. The company has a market capitalization of $45.62 billion, a PE ratio of 59.15, a price-to-earnings-growth ratio of 2.18 and a beta of 0.95. Veeva Systems Inc. has a twelve month low of $187.66 and a twelve month high of $296.72. The firm has a fifty day simple moving average of $282.64 and a 200 day simple moving average of $250.07.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.23. The company had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The firm's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same period last year, the business earned $1.50 EPS. As a group, sell-side analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on VEEV. Wall Street Zen raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Piper Sandler raised their target price on shares of Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Needham & Company LLC raised their target price on shares of Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. Stifel Nicolaus raised their target price on shares of Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. Finally, Raymond James Financial raised their target price on shares of Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a research note on Thursday, May 29th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $274.17.

Veeva Systems 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.