Fox Run Management L.L.C. Invests $1.10 Million in Veeva Systems Inc. $VEEV

Key Points

• Fox Run Management L.L.C. has acquired 4,754 shares of Veeva Systems Inc. for approximately $1,101,000 during the first quarter, as reported in a recent SEC filing.
• Veeva's quarterly earnings exceeded analyst expectations, with earnings per share of $1.97 versus the estimated $1.74, and a revenue of $759.04 million, reflecting a 16.7% year-over-year growth.
• Analysts have recently raised their target price for Veeva Systems, with new targets ranging from $295 to $300, indicating a general positive outlook on the stock.

Fox Run Management L.L.C. purchased a new stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 4,754 shares of the technology company's stock, valued at approximately $1,101,000.

Other large investors have also made changes to their positions in the company. Leigh Baldwin & CO. LLC bought a new position in shares of Veeva Systems during the 4th quarter valued at approximately $685,355,000. Nuveen LLC bought a new position in shares of Veeva Systems during the 1st quarter valued at approximately $365,684,000. Stockbridge Partners LLC bought a new position in shares of Veeva Systems during the 4th quarter valued at approximately $137,260,000. GAMMA Investing LLC grew its stake in shares of Veeva Systems by 26,258.4% during the 1st quarter. GAMMA Investing LLC now owns 422,261 shares of the technology company's stock valued at $97,808,000 after acquiring an additional 420,659 shares during the period. Finally, Linonia Partnership LP grew its stake in shares of Veeva Systems by 42.1% during the 4th quarter. Linonia Partnership LP now owns 1,202,972 shares of the technology company's stock valued at $252,925,000 after acquiring an additional 356,300 shares during the period. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Stock Performance

Shares of VEEV traded up $1.0080 during mid-day trading on Tuesday, hitting $283.1080. 673,119 shares of the stock were exchanged, compared to its average volume of 1,300,952. The company has a market cap of $46.26 billion, a PE ratio of 59.96, a price-to-earnings-growth ratio of 2.22 and a beta of 0.95. Veeva Systems Inc. has a 52-week low of $192.73 and a 52-week high of $296.72. The firm has a 50-day moving average of $282.25 and a two-hundred day moving average of $251.31.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share 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 company had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. During the same quarter in the prior year, the firm posted $1.50 EPS. Veeva Systems's quarterly revenue was up 16.7% compared to the same quarter last year. On average, sell-side 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 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 sale, the director owned 5,500 shares in the company, valued at approximately $1,593,460. This represents a 5.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Jonathan Faddis sold 720 shares of the stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $285.62, for a total value of $205,646.40. Following the sale, the senior vice president 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. In the last 90 days, insiders have sold 1,378 shares of company stock worth $394,217. Company insiders own 10.30% of the company's stock.

Analyst Upgrades and Downgrades

VEEV has been the subject of several recent analyst reports. Citigroup upped their price target on Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. KeyCorp upped their price target on Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Wells Fargo & Company upped their price target on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. Stifel Nicolaus upped their price target on Veeva Systems from $272.00 to $295.00 and gave the stock a "buy" rating in a research note on Thursday, May 29th. Finally, Needham & Company LLC upped their price target on Veeva Systems from $270.00 to $300.00 and gave the stock 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 company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $274.17.

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.