Night Squared LP Takes Position in Veeva Systems Inc. $VEEV

Key Points

• Night Squared LP acquired a new stake in Veeva Systems, purchasing 10,993 shares valued at approximately $2.5 million during the first quarter of 2023.
• Veeva Systems received positive rating upgrades from several analysts, with Citigroup and Barclays raising their target prices to $349 and $325, respectively, indicating strong investor confidence in the company's prospects.
• In its latest earnings report, Veeva Systems achieved an EPS of $1.97, surpassing analysts' expectations, and reported revenues of $759 million, reflecting a 16.7% year-over-year growth.

Night Squared LP bought a new stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 10,993 shares of the technology company's stock, valued at approximately $2,546,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Veeva Systems by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 14,760,566 shares of the technology company's stock valued at $3,418,990,000 after purchasing an additional 315,421 shares during the period. T. Rowe Price Investment Management Inc. grew its position in shares of Veeva Systems by 0.7% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,203,867 shares of the technology company's stock worth $1,205,372,000 after buying an additional 34,169 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Veeva Systems by 20.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company's stock worth $924,754,000 after buying an additional 689,700 shares during the period. Leigh Baldwin & CO. LLC acquired a new stake in shares of Veeva Systems during the 4th quarter worth approximately $685,355,000. Finally, JPMorgan Chase & Co. grew its position in shares of Veeva Systems by 7.5% during the 1st quarter. JPMorgan Chase & Co. now owns 3,230,758 shares of the technology company's stock worth $748,341,000 after buying an additional 225,125 shares during the period. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Stock Down 1.3%

NYSE:VEEV traded down $3.48 during trading hours on Monday, hitting $268.85. 1,999,687 shares of the company traded hands, compared to its average volume of 1,321,190. The firm's 50-day simple moving average is $282.16 and its 200-day simple moving average is $254.56. Veeva Systems Inc. has a one year low of $200.30 and a one year high of $296.72. The company has a market cap of $43.93 billion, a PE ratio of 55.21, a PEG ratio of 2.12 and a beta of 0.95.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, Director Timothy S. Cabral sold 315 shares of the firm's 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 transaction, the director directly owned 5,500 shares in the company, valued at approximately $1,593,460. This trade represents a 5.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Priscilla Hung sold 172 shares of the firm's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total value of $48,676.00. Following the transaction, the director owned 4,137 shares in the company, valued at approximately $1,170,771. This trade represents a 3.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,378 shares of company stock worth $394,217. Corporate insiders own 10.30% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Mizuho raised their price objective on shares of Veeva Systems from $295.00 to $325.00 and gave the stock an "outperform" rating in a research report on Friday. Barclays raised their price objective on shares of Veeva Systems from $300.00 to $325.00 and gave the stock an "overweight" rating in a research report on Thursday. Evercore ISI raised their price objective on shares of Veeva Systems from $285.00 to $295.00 and gave the stock an "in-line" rating in a research report on Thursday. Truist Financial raised their price objective on shares of Veeva Systems from $268.00 to $275.00 and gave the stock a "hold" rating in a research report on Thursday. Finally, Stifel Nicolaus increased their target price on Veeva Systems from $295.00 to $320.00 and gave the stock a "buy" rating in a report on Thursday. Sixteen investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Veeva Systems currently has a consensus rating of "Moderate Buy" and an average target price of $299.88.

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.