Global Endowment Management LP Makes New $487,000 Investment in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Global Endowment Management LP has made a new investment of approximately $487,000 in Veeva Systems Inc., purchasing 2,101 shares in the first quarter.
• Insider activity includes significant stock sales, with SVP Jonathan Faddis selling 720 shares and Director Priscilla Hung selling 171 shares, indicating a decrease in ownership for both.
• Veeva Systems reported strong quarterly earnings, with EPS of $1.97 surpassing estimates and a revenue increase of 16.7% year-over-year.

Global Endowment Management LP bought a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 2,101 shares of the technology company's stock, valued at approximately $487,000.

Other hedge funds also recently bought and sold shares of the company. Sowell Financial Services LLC bought a new stake in shares of Veeva Systems during the first quarter worth $274,000. Crossmark Global Holdings Inc. bought a new stake in shares of Veeva Systems during the first quarter worth $299,000. GAMMA Investing LLC increased its position in shares of Veeva Systems by 13.8% during the first quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock worth $422,000 after acquiring an additional 221 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in shares of Veeva Systems during the first quarter worth $5,876,000. Finally, Private Trust Co. NA increased its position in shares of Veeva Systems by 35.0% during the first quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock worth $57,000 after acquiring an additional 64 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Veeva Systems news, SVP Jonathan Faddis sold 720 shares of Veeva Systems 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Priscilla Hung sold 171 shares of Veeva Systems 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 owned 3,966 shares of the company's stock, valued at $1,127,930.40. This trade represents a 4.13% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,378 shares of company stock worth $394,217 in the last quarter. 10.30% of the stock is currently owned by corporate insiders.

Veeva Systems Stock Performance

NYSE VEEV opened at $280.18 on Friday. The firm has a 50-day moving average of $282.25 and a 200-day moving average of $250.75. The stock has a market cap of $45.78 billion, a PE ratio of 59.36, a P/E/G ratio of 2.18 and a beta of 0.95. Veeva Systems Inc. has a 52-week low of $190.69 and a 52-week high of $296.72.

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

Analyst Ratings Changes

A number of research firms recently weighed in on VEEV. KeyCorp raised their target price on shares of Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research report on Monday, July 14th. Piper Sandler raised their target price on shares of Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Wall Street Zen raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Barclays raised their target price on shares of Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Finally, Needham & Company LLC raised their target price on shares of Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, Veeva Systems currently 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.

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