Element Capital Management LLC Invests $2.68 Million in Veeva Systems Inc. $VEEV

Key Points

• Element Capital Management LLC has made a new investment in Veeva Systems Inc. by purchasing 11,577 shares valued at approximately $2.68 million.
• Analysts have raised their target prices for Veeva Systems, with Piper Sandler increasing it from $255 to $325, and most analysts giving the stock a rating of "Moderate Buy."
• Insider trading activity shows significant shares being sold, including SVP Jonathan Faddis selling 720 shares, indicating potential changes in ownership dynamics within the company.

Element Capital Management LLC bought a new stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 11,577 shares of the technology company's stock, valued at approximately $2,682,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in VEEV. Leigh Baldwin & CO. LLC bought a new stake in Veeva Systems in the 4th quarter valued at about $685,355,000. Nuveen LLC bought a new stake in Veeva Systems in the 1st quarter valued at about $365,684,000. Stockbridge Partners LLC bought a new stake in Veeva Systems in the 4th quarter valued at about $137,260,000. GAMMA Investing LLC increased its position in Veeva Systems by 26,258.4% in the 1st quarter. GAMMA Investing LLC now owns 422,261 shares of the technology company's stock valued at $97,808,000 after buying an additional 420,659 shares in the last quarter. Finally, Linonia Partnership LP increased its position in Veeva Systems by 42.1% in the 4th quarter. Linonia Partnership LP now owns 1,202,972 shares of the technology company's stock valued at $252,925,000 after buying an additional 356,300 shares in the last quarter. 88.20% of the stock is owned by institutional investors.

Veeva Systems Price Performance

Shares of NYSE VEEV traded down $1.74 during midday trading on Wednesday, reaching $282.61. The company's stock had a trading volume of 219,408 shares, compared to its average volume of 1,296,277. Veeva Systems Inc. has a 12-month low of $194.00 and a 12-month high of $296.72. The firm has a 50 day moving average price of $282.25 and a 200-day moving average price of $251.54. The stock has a market capitalization of $46.18 billion, a P/E ratio of 59.88, a PEG ratio of 2.23 and a beta of 0.95.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $728.38 million. During the same quarter in the prior year, the business earned $1.50 earnings per share. Veeva Systems's revenue for the quarter was up 16.7% on a year-over-year basis. On average, equities analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current year.

Insider Activity at Veeva Systems

In related news, Director Timothy S. Cabral sold 315 shares of the company's stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $289.72, for a total value of $91,261.80. Following the transaction, the director owned 5,500 shares in the company, valued at approximately $1,593,460. This represents a 5.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Jonathan Faddis sold 720 shares of the business's stock in a transaction 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 sale, the senior vice president directly owned 7,902 shares in the company, valued at $2,256,969.24. The trade was a 8.35% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,378 shares of company stock worth $394,217. Insiders own 10.30% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on VEEV shares. Piper Sandler boosted their target price on Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Citigroup lifted their price target on Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Wall Street Zen upgraded Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. UBS Group lifted their price target on Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a research note on Thursday, May 29th. Finally, Needham & Company LLC lifted their price target on Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a research note on Thursday, May 29th. Fourteen equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average 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.