Spyglass Capital Management LLC Acquires 83,658 Shares of Veeva Systems Inc. (NYSE:VEEV)

Spyglass Capital Management LLC boosted its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 37.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 307,801 shares of the technology company's stock after buying an additional 83,658 shares during the period. Veeva Systems accounts for approximately 3.6% of Spyglass Capital Management LLC's holdings, making the stock its 15th largest holding. Spyglass Capital Management LLC owned approximately 0.19% of Veeva Systems worth $64,715,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Veeva Systems by 72.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company's stock valued at $25,000 after purchasing an additional 50 shares in the last quarter. Centricity Wealth Management LLC purchased a new stake in shares of Veeva Systems during the 4th quarter valued at about $25,000. Smithfield Trust Co raised its holdings in shares of Veeva Systems by 145.5% during the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock valued at $27,000 after buying an additional 80 shares during the period. Avion Wealth raised its holdings in shares of Veeva Systems by 635.0% during the 4th quarter. Avion Wealth now owns 147 shares of the technology company's stock valued at $30,000 after buying an additional 127 shares during the period. Finally, Venturi Wealth Management LLC raised its holdings in shares of Veeva Systems by 2,716.7% during the 4th quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock valued at $36,000 after buying an additional 163 shares during the period. 88.20% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

VEEV has been the topic of several analyst reports. Morgan Stanley raised their target price on Veeva Systems from $195.00 to $201.00 and gave the company an "underweight" rating in a report on Thursday, March 6th. Truist Financial lifted their target price on Veeva Systems from $210.00 to $217.00 and gave the stock a "hold" rating in a research report on Thursday, March 6th. Needham & Company LLC restated a "buy" rating and set a $270.00 price objective on shares of Veeva Systems in a research report on Thursday, March 6th. JPMorgan Chase & Co. boosted their price objective on Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research report on Thursday, March 20th. Finally, The Goldman Sachs Group lowered Veeva Systems from a "buy" rating to a "sell" rating and reduced their price target for the stock from $261.00 to $200.00 in a research report on Thursday, January 23rd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company's stock. According to data from MarketBeat.com, Veeva Systems currently has an average rating of "Moderate Buy" and a consensus price target of $254.92.

Insider Buying and Selling

In related news, Director Timothy S. Cabral sold 3,882 shares of the firm's stock in a transaction on Friday, April 4th. The stock was sold at an average price of $216.83, for a total value of $841,734.06. Following the completion of the transaction, the director now directly owns 5,500 shares of the company's stock, valued at $1,192,565. This trade represents a 41.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jonathan Faddis sold 787 shares of Veeva Systems stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total value of $178,019.40. Following the transaction, the senior vice president now directly owns 8,668 shares of the company's stock, valued at approximately $1,960,701.60. The trade was a 8.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,869 shares of company stock valued at $1,284,917. Corporate insiders own 10.30% of the company's stock.

Veeva Systems Price Performance

Veeva Systems stock traded up $0.44 during mid-day trading on Thursday, hitting $235.44. The company's stock had a trading volume of 1,068,020 shares, compared to its average volume of 1,112,166. The firm's 50 day moving average is $229.03 and its 200 day moving average is $226.75. The company has a market cap of $38.31 billion, a PE ratio of 58.13, a price-to-earnings-growth ratio of 1.89 and a beta of 0.96. Veeva Systems Inc. has a 52-week low of $170.25 and a 52-week high of $258.93.

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.