Veeva Systems Inc. $VEEV is Linonia Partnership LP's 3rd Largest Position

Key Points

• Linonia Partnership LP increased its stake in Veeva Systems Inc. by 52.7%, making it the company's third largest position, with ownership of approximately 1.83 million shares valued at $425.4 million.
• A number of other institutional investors have also purchased new stakes in Veeva Systems, further indicating strong interest, while 88.20% of the company's stock is held by institutional investors.
• Recent analyst reports have boosted Veeva's price targets, with Barclays and Mizuho raising theirs to $300 and $295 respectively, reflecting a generally positive outlook with 14 analysts rating it a Buy.

Linonia Partnership LP lifted its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 52.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,836,557 shares of the technology company's stock after purchasing an additional 633,585 shares during the period. Veeva Systems comprises 16.3% of Linonia Partnership LP's investment portfolio, making the stock its 3rd biggest position. Linonia Partnership LP owned about 1.13% of Veeva Systems worth $425,402,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Sowell Financial Services LLC purchased a new stake in shares of Veeva Systems during the first quarter worth about $274,000. Crossmark Global Holdings Inc. purchased a new stake in shares of Veeva Systems during the first quarter worth about $299,000. Janney Montgomery Scott LLC purchased a new stake in shares of Veeva Systems during the first quarter worth about $5,876,000. GAMMA Investing LLC increased its stake in shares of Veeva Systems by 13.8% during the first quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock worth $422,000 after purchasing an additional 221 shares in the last quarter. Finally, Private Trust Co. NA increased its stake in shares of Veeva Systems by 35.0% during the first quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock worth $57,000 after purchasing an additional 64 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Insider Transactions at Veeva Systems

In related news, 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 transaction of $91,261.80. Following the sale, the director directly owned 5,500 shares of the company's stock, valued at $1,593,460. This represents a 5.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 sale, the director directly owned 4,137 shares in the company, valued at approximately $1,170,771. The trade was 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. 10.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

VEEV has been the topic of a number of recent research reports. Barclays boosted their price target on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research report on Thursday, May 29th. Mizuho boosted their price target 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. KeyCorp boosted their price target on shares of Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Wells Fargo & Company boosted their price target on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research report on Thursday, May 29th. Finally, Needham & Company LLC boosted their target price on shares of Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Fourteen research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $274.17.

Veeva Systems Stock Performance

Shares of VEEV stock opened at $291.03 on Monday. The firm's 50 day moving average price is $282.35 and its 200-day moving average price is $252.69. Veeva Systems Inc. has a one year low of $196.10 and a one year high of $296.72. The firm has a market cap of $47.56 billion, a P/E ratio of 61.66, a P/E/G ratio of 2.30 and a beta of 0.95.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued 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 net margin of 27.34% and a return on equity of 13.96%. The firm had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. During the same period in the prior year, the business posted $1.50 EPS. The business's revenue for the quarter was up 16.7% compared to the same quarter last year. As a group, research analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Veeva Systems Company 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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