Cresset Asset Management LLC Acquires Shares of 4,814 Veeva Systems Inc. $VEEV

Key Points

• Cresset Asset Management LLC made a new investment of approximately $1.12 million in Veeva Systems Inc., acquiring 4,814 shares during the first quarter.
• Insider trading activity included sales by directors Timothy S. Cabral and Priscilla Hung, both of whom reduced their ownership in the company, highlighting potential insider confidence fluctuations.
• Over 88% of Veeva Systems' shares are owned by institutional investors, indicating strong institutional interest in the company.

Cresset Asset Management LLC acquired a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 4,814 shares of the technology company's stock, valued at approximately $1,115,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. GeoWealth Management LLC increased its stake in shares of Veeva Systems by 11.0% in the fourth quarter. GeoWealth Management LLC now owns 1,022 shares of the technology company's stock valued at $215,000 after buying an additional 101 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Veeva Systems by 8.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 473,154 shares of the technology company's stock valued at $99,490,000 after acquiring an additional 35,348 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in Veeva Systems by 81.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,037 shares of the technology company's stock valued at $428,000 after acquiring an additional 916 shares during the last quarter. Pinebridge Investments L.P. increased its position in Veeva Systems by 2.5% during the 4th quarter. Pinebridge Investments L.P. now owns 44,721 shares of the technology company's stock valued at $9,403,000 after purchasing an additional 1,107 shares during the period. Finally, MGO One Seven LLC raised its holdings in Veeva Systems by 135.2% during the 4th quarter. MGO One Seven LLC now owns 2,742 shares of the technology company's stock worth $577,000 after purchasing an additional 1,576 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Veeva Systems news, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction dated Thursday, July 10th. The stock was 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 owned 7,902 shares in the company, valued at approximately $2,256,969.24. The trade was a 8.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Priscilla Hung sold 172 shares of the business's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total value of $48,676.00. Following the sale, the director directly owned 4,137 shares of the company's stock, valued at $1,170,771. This represents a 3.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,378 shares of company stock worth $394,217 over the last three months. 10.30% of the stock is currently owned by insiders.

Veeva Systems Stock Up 3.1%

NYSE:VEEV traded up $8.75 on Friday, hitting $291.03. The stock had a trading volume of 961,444 shares, compared to its average volume of 1,068,036. Veeva Systems Inc. has a 52 week low of $196.10 and a 52 week high of $296.72. The business's fifty day moving average is $282.35 and its 200 day moving average is $252.59. The company has a market cap of $47.56 billion, a PE ratio of 60.47, a P/E/G ratio of 2.30 and a beta of 0.95.

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

Wall Street Analyst Weigh In

A number of research firms have recently commented on VEEV. UBS Group upped their price objective on shares of Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a research note on Thursday, May 29th. Morgan Stanley upped their price target on shares of Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a research report on Thursday, May 29th. Truist Financial lifted their price objective on Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a research report on Thursday, May 29th. Stifel Nicolaus boosted their price objective on 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 price objective on shares of Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a research report on Thursday, May 29th. Fourteen investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target 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.