Bares Capital Management Inc. Cuts Stock Position in Veeva Systems Inc. $VEEV

Key Points

• Bares Capital Management Inc. reduced its stake in Veeva Systems by 19.9% in Q1, holding 104,361 shares valued at approximately $24.17 million, making it the firm's 9th largest position.
• Institutional ownership of Veeva Systems remains high at 88.20%, with significant new positions established by Leigh Baldwin & CO. LLC and Price T Rowe Associates Inc.
• Analysts have raised their price targets for Veeva Systems, with a consensus rating of "Moderate Buy" and an average price target of $299.88.

Bares Capital Management Inc. lowered its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 19.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 104,361 shares of the technology company's stock after selling 25,869 shares during the period. Veeva Systems accounts for 2.6% of Bares Capital Management Inc.'s holdings, making the stock its 9th biggest position. Bares Capital Management Inc. owned about 0.06% of Veeva Systems worth $24,173,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Leigh Baldwin & CO. LLC acquired a new stake in shares of Veeva Systems in the fourth quarter valued at approximately $685,355,000. Nuveen LLC bought a new position in Veeva Systems during the first quarter worth $365,684,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Veeva Systems by 20.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company's stock valued at $924,754,000 after purchasing an additional 689,700 shares during the last quarter. Stockbridge Partners LLC bought a new position in shares of Veeva Systems in the fourth quarter valued at about $137,260,000. Finally, Linonia Partnership LP boosted its holdings in shares of Veeva Systems by 52.7% during the 1st quarter. Linonia Partnership LP now owns 1,836,557 shares of the technology company's stock worth $425,402,000 after buying an additional 633,585 shares during the period. 88.20% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Piper Sandler increased their target price on Veeva Systems from $325.00 to $355.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Evercore ISI increased their price objective on Veeva Systems from $285.00 to $295.00 and gave the stock an "in-line" rating in a research report on Thursday, August 28th. Mizuho lifted their target price on Veeva Systems from $295.00 to $325.00 and gave the stock an "outperform" rating in a report on Friday. Morgan Stanley upped their price target on shares of Veeva Systems from $210.00 to $222.00 and gave the company an "underweight" rating in a research note on Thursday, August 28th. Finally, Barclays raised their price target on shares of Veeva Systems from $300.00 to $325.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Sixteen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $299.88.

Insider Transactions at Veeva Systems

In related news, SVP Jonathan Faddis sold 720 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the senior vice president directly owned 7,902 shares in the company, valued at $2,256,969.24. This represents a 8.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy S. Cabral sold 315 shares of the company's stock in a transaction on Friday, June 6th. The stock was 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 of the company's stock, valued at $1,593,460. This trade represents a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,378 shares of company stock valued at $394,217. 10.30% of the stock is currently owned by insiders.

Veeva Systems Stock Performance

Shares of VEEV opened at $268.85 on Tuesday. Veeva Systems Inc. has a 52-week low of $200.30 and a 52-week high of $296.72. The firm has a market cap of $43.93 billion, a price-to-earnings ratio of 55.21, a PEG ratio of 2.12 and a beta of 0.95. The business's fifty day moving average is $282.16 and its 200-day moving average is $254.56.

About Veeva Systems

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.

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