Jensen Investment Management Inc. Reduces Stake in Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Jensen Investment Management Inc. reduced its stake in Veeva Systems Inc. by 13.3%, owning 21,851 shares worth approximately $5.06 million after selling 3,360 shares in Q1.
• Several institutional investors significantly increased their positions in Veeva, with GAMMA Investing LLC boosting its holdings by an extraordinary 26,258.4% in the first quarter.
• Brokerages have revised their price targets for Veeva Systems, with Citigroup increasing its target to $329, reflecting strong analyst interest and an average rating of "Moderate Buy" for the stock.

Jensen Investment Management Inc. lowered its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 13.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,851 shares of the technology company's stock after selling 3,360 shares during the period. Jensen Investment Management Inc.'s holdings in Veeva Systems were worth $5,061,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in VEEV. Leigh Baldwin & CO. LLC purchased a new position in shares of Veeva Systems during the fourth quarter valued at approximately $685,355,000. Stockbridge Partners LLC purchased a new stake in shares of Veeva Systems in the fourth quarter valued at approximately $137,260,000. Marshall Wace LLP boosted its holdings in shares of Veeva Systems by 413.3% in the fourth quarter. Marshall Wace LLP now owns 638,380 shares of the technology company's stock valued at $134,219,000 after purchasing an additional 514,004 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Veeva Systems by 26,258.4% in the first quarter. GAMMA Investing LLC now owns 422,261 shares of the technology company's stock valued at $97,808,000 after purchasing an additional 420,659 shares during the period. Finally, Linonia Partnership LP boosted its holdings in shares of Veeva Systems by 42.1% in the fourth quarter. Linonia Partnership LP now owns 1,202,972 shares of the technology company's stock valued at $252,925,000 after purchasing an additional 356,300 shares during the period. Hedge funds and other institutional investors own 88.20% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on VEEV. Mizuho boosted their price objective on shares of Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a research note on Monday, June 2nd. Raymond James Financial upped their price target on Veeva Systems from $285.00 to $310.00 and gave the stock an "outperform" rating in a research report on Thursday, May 29th. Citigroup upped their price target on Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. UBS Group upped their price target on Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" rating in a research report on Thursday, May 29th. Finally, Barclays upped their price target on Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research report on Thursday, May 29th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, Veeva Systems has an average rating of "Moderate Buy" and an average price target of $274.17.

Veeva Systems Trading Down 1.4%

Shares of Veeva Systems stock opened at $281.39 on Wednesday. Veeva Systems Inc. has a twelve month low of $182.21 and a twelve month high of $296.72. The firm has a market capitalization of $45.98 billion, a PE ratio of 59.62, a P/E/G ratio of 2.26 and a beta of 0.95. The firm's 50-day moving average price is $281.91 and its 200 day moving average price is $247.91.

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, topping 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 during the quarter, compared to analyst estimates of $728.38 million. During the same period in the previous year, the business earned $1.50 EPS. Veeva Systems's quarterly revenue was up 16.7% on a year-over-year basis. On average, sell-side analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other Veeva Systems news, SVP Jonathan Faddis sold 720 shares of the business's stock in a transaction that occurred on 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 sale, the senior vice president directly 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Timothy S. Cabral sold 315 shares of the business'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 sale, the director owned 5,500 shares of the company's stock, valued at approximately $1,593,460. This trade represents a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,378 shares of company stock worth $394,217. Corporate insiders own 10.30% of the company's stock.

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.

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