CDAM UK Ltd Takes Position in Veeva Systems Inc. $VEEV

Key Points

• CDAM UK Ltd has made a new investment of approximately $59.17 million in Veeva Systems Inc., acquiring 255,446 shares, which now represents around 9.6% of its total holdings.
• Several institutional investors have increased their stakes in Veeva Systems, with 88.20% of the company's stock now held by such investors, indicating strong institutional interest.
• Veeva Systems recently reported earnings of $1.97 per share, exceeding analysts' expectations, and achieved revenue growth of 16.7% year-over-year.

CDAM UK Ltd purchased a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 255,446 shares of the technology company's stock, valued at approximately $59,169,000. Veeva Systems makes up 9.6% of CDAM UK Ltd's investment portfolio, making the stock its 4th biggest holding. CDAM UK Ltd owned 0.16% of Veeva Systems as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of VEEV. Abound Financial LLC bought a new position in shares of Veeva Systems in the first quarter worth $25,000. ORG Partners LLC acquired a new stake in shares of Veeva Systems in the first quarter valued at $26,000. Golden State Wealth Management LLC lifted its holdings in shares of Veeva Systems by 152.9% in the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock valued at $30,000 after buying an additional 78 shares during the period. Wayfinding Financial LLC acquired a new stake in shares of Veeva Systems in the first quarter valued at $32,000. Finally, Key Financial Inc lifted its holdings 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 valued at $36,000 after buying an additional 95 shares during the period. Institutional investors own 88.20% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on VEEV shares. Piper Sandler upped their price objective on Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. Barclays upped their price objective on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. Raymond James Financial upped their price objective on Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a report on Thursday, May 29th. Wall Street Zen upgraded Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Finally, Stifel Nicolaus upped their price objective on Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Fourteen research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $274.17.

Insider Activity

In other Veeva Systems news, Director Priscilla Hung sold 171 shares of the firm's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $284.40, for a total transaction of $48,632.40. Following the completion of the sale, the director directly owned 3,966 shares in the company, valued at approximately $1,127,930.40. This trade represents a 4.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Jonathan Faddis sold 720 shares of the company's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $285.62, for a total value of $205,646.40. Following the completion of the transaction, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. This represents a 8.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,378 shares of company stock valued at $394,217 over the last three months. Insiders own 10.30% of the company's stock.

Veeva Systems Stock Up 3.1%

Shares of NYSE VEEV traded up $8.75 during mid-day trading on Friday, hitting $291.03. 961,444 shares of the company traded hands, compared to its average volume of 1,080,466. Veeva Systems Inc. has a 1 year low of $196.10 and a 1 year high of $296.72. The stock has a market capitalization of $47.56 billion, a price-to-earnings ratio of 61.66, a PEG ratio of 2.24 and a beta of 0.95. The business has a 50 day moving average of $282.35 and a two-hundred day moving average of $252.50.

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

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.