Truvestments Capital LLC Buys 1,324 Shares of Veeva Systems Inc. $VEEV

Key Points

• Truvestments Capital LLC boosted its stake in Veeva Systems by 5,092.3%, acquiring an additional 1,324 shares, bringing its total to 1,350 shares valued at approximately $313,000.
• During the first quarter, various hedge funds also increased their positions; 88.20% of Veeva's stock is owned by institutional investors.
• Veeva Systems reported $1.97 earnings per share, exceeding expectations, with a revenue increase of 16.7% year-over-year to $759.04 million.

Truvestments Capital LLC boosted its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 5,092.3% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,350 shares of the technology company's stock after acquiring an additional 1,324 shares during the period. Truvestments Capital LLC's holdings in Veeva Systems were worth $313,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. TFB Advisors LLC boosted its stake in Veeva Systems by 1.2% in the first quarter. TFB Advisors LLC now owns 3,586 shares of the technology company's stock worth $831,000 after buying an additional 44 shares in the last quarter. Marks Group Wealth Management Inc boosted its stake in Veeva Systems by 3.3% in the first quarter. Marks Group Wealth Management Inc now owns 1,427 shares of the technology company's stock worth $331,000 after buying an additional 46 shares in the last quarter. Colonial Trust Co SC boosted its stake in Veeva Systems by 30.3% in the fourth quarter. Colonial Trust Co SC now owns 241 shares of the technology company's stock worth $51,000 after buying an additional 56 shares in the last quarter. Harbour Investments Inc. boosted its stake in Veeva Systems by 7.6% in the first quarter. Harbour Investments Inc. now owns 789 shares of the technology company's stock worth $183,000 after buying an additional 56 shares in the last quarter. Finally, CoreCap Advisors LLC boosted its stake in Veeva Systems by 31.7% in the fourth quarter. CoreCap Advisors LLC now owns 249 shares of the technology company's stock worth $52,000 after buying an additional 60 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Stock Performance

Shares of Veeva Systems stock traded down $1.54 during midday trading on Tuesday, reaching $267.67. 433,876 shares of the company's stock traded hands, compared to its average volume of 1,323,612. The company has a market cap of $43.74 billion, a PE ratio of 54.96, a price-to-earnings-growth ratio of 2.12 and a beta of 0.95. The stock has a 50 day moving average of $282.16 and a 200-day moving average of $254.56. Veeva Systems Inc. has a 12 month low of $200.30 and a 12 month high of $296.72.

Analyst Ratings Changes

Several brokerages have issued reports on VEEV. Oppenheimer reaffirmed an "outperform" rating and issued a $325.00 target price on shares of Veeva Systems in a research note on Thursday, August 28th. Stifel Nicolaus upped their target price on Veeva Systems from $295.00 to $320.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Citigroup increased their price objective on Veeva Systems from $329.00 to $349.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Canaccord Genuity Group increased their price objective on Veeva Systems from $270.00 to $300.00 and gave the company a "hold" rating in a research note on Thursday, August 28th. Finally, Barclays increased their price objective on Veeva Systems from $300.00 to $325.00 and gave the company an "overweight" rating in a research note on Thursday, August 28th. Sixteen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Veeva Systems presently has an average rating of "Moderate Buy" and a consensus price target of $299.88.

Insider Activity at Veeva Systems

In related news, Director Priscilla Hung sold 172 shares of the company's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total transaction of $48,676.00. Following the completion of the transaction, the director owned 4,137 shares in the company, valued at $1,170,771. This represents a 3.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy S. Cabral sold 315 shares of the company's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $289.72, for a total value of $91,261.80. Following the transaction, the director owned 5,500 shares of the company's stock, valued at approximately $1,593,460. This represents a 5.42% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,378 shares of company stock worth $394,217 over the last quarter. 10.30% of the stock is owned by corporate insiders.

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.