Nuveen LLC Buys Shares of 1,578,744 Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Nuveen LLC invested approximately $365.68 million in Veeva Systems, acquiring 1,578,744 shares, representing about 0.97% ownership by the end of the most recent quarter.
• Veeva Systems reported a 16.7% year-over-year revenue increase to $759.04 million, with earnings per share of $1.97, surpassing analysts' expectations.
• Institutional investors hold 88.20% of the company's stock, reflecting significant interest and confidence from the investment community.

Nuveen LLC purchased a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 1,578,744 shares of the technology company's stock, valued at approximately $365,684,000. Nuveen LLC owned about 0.97% of Veeva Systems as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the business. Leigh Baldwin & CO. LLC bought a new stake in Veeva Systems in the 4th quarter valued at about $685,355,000. Stockbridge Partners LLC acquired a new position in shares of Veeva Systems in the 4th quarter worth approximately $137,260,000. Marshall Wace LLP increased its position 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 worth $134,219,000 after acquiring an additional 514,004 shares in the last quarter. GAMMA Investing LLC increased its position 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 worth $97,808,000 after acquiring an additional 420,659 shares in the last quarter. Finally, Linonia Partnership LP increased its position 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 worth $252,925,000 after acquiring an additional 356,300 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Stock Performance

Shares of NYSE:VEEV traded down $1.72 on Tuesday, hitting $275.24. The stock had a trading volume of 1,267,645 shares, compared to its average volume of 1,200,095. Veeva Systems Inc. has a twelve month low of $185.51 and a twelve month high of $296.72. The firm's 50 day moving average price is $282.71 and its 200-day moving average price is $249.87. The company has a market capitalization of $44.98 billion, a price-to-earnings ratio of 58.31, a price-to-earnings-growth ratio of 2.19 and a beta of 0.95.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its earnings results 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 net margin of 27.34% and a return on equity of 13.96%. The company had revenue of $759.04 million for the quarter, compared to the consensus estimate of $728.38 million. During the same quarter in the previous year, the company earned $1.50 EPS. The firm's revenue for the quarter was up 16.7% compared to the same quarter last year. As a group, sell-side analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current year.

Insider Buying and Selling

In related news, Director Priscilla Hung sold 172 shares of the company's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total transaction of $48,676.00. Following the transaction, the director owned 4,137 shares in the company, valued at $1,170,771. This represents a 3.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Timothy S. Cabral sold 315 shares of the company's stock in a transaction dated 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 owned 5,500 shares in the company, valued at approximately $1,593,460. This trade represents a 5.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,378 shares of company stock worth $394,217 in the last 90 days. Corporate insiders own 10.30% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Truist Financial lifted their target price on shares of Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a research report on Thursday, May 29th. UBS Group lifted their target price on shares of Veeva Systems from $250.00 to $285.00 and gave the stock a "neutral" 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. Mizuho lifted their target price on shares of Veeva Systems from $280.00 to $295.00 and gave the stock an "outperform" rating in a research report on Monday, June 2nd. Finally, Piper Sandler lifted their target price on shares of Veeva Systems from $255.00 to $325.00 and gave the stock an "overweight" 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 assigned a buy rating to the stock. According to MarketBeat.com, Veeva Systems presently has an average 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.