Meridiem Capital Partners LP Invests $3.06 Million in Veeva Systems Inc. (NYSE:VEEV)

Meridiem Capital Partners LP acquired a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 14,544 shares of the technology company's stock, valued at approximately $3,058,000.

A number of other hedge funds have also recently made changes to their positions in the business. Cardinal Capital Management boosted its stake in shares of Veeva Systems by 0.3% in the fourth quarter. Cardinal Capital Management now owns 15,727 shares of the technology company's stock worth $3,307,000 after acquiring an additional 44 shares during the period. Johnson Financial Group Inc. lifted its position in shares of Veeva Systems by 22.7% in the fourth quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company's stock worth $56,000 after buying an additional 44 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in shares of Veeva Systems by 72.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company's stock worth $25,000 after buying an additional 50 shares in the last quarter. Patriot Financial Group Insurance Agency LLC lifted its position in shares of Veeva Systems by 0.7% in the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 6,975 shares of the technology company's stock worth $1,467,000 after buying an additional 51 shares in the last quarter. Finally, CHICAGO TRUST Co NA lifted its position in shares of Veeva Systems by 2.9% in the fourth quarter. CHICAGO TRUST Co NA now owns 1,880 shares of the technology company's stock worth $395,000 after buying an additional 53 shares in the last quarter. Institutional investors own 88.20% of the company's stock.

Insider Transactions at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,200 shares of the firm's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $220.97, for a total value of $265,164.00. Following the completion of the sale, the insider now owns 25,889 shares of the company's stock, valued at $5,720,692.33. This trade represents a 4.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy S. Cabral sold 3,882 shares of Veeva Systems stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $216.83, for a total value of $841,734.06. Following the sale, the director now directly owns 5,500 shares of the company's stock, valued at approximately $1,192,565. This represents a 41.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,869 shares of company stock valued at $1,284,917 in the last quarter. 10.50% of the stock is currently owned by corporate insiders.

Veeva Systems Trading Up 1.9%

Shares of NYSE VEEV opened at $241.47 on Tuesday. The stock has a market capitalization of $39.29 billion, a PE ratio of 59.62, a price-to-earnings-growth ratio of 1.89 and a beta of 0.96. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93. The stock's fifty day simple moving average is $228.41 and its two-hundred day simple moving average is $225.60.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on VEEV. Needham & Company LLC reiterated a "buy" rating and issued a $270.00 target price on shares of Veeva Systems in a research report on Thursday, March 6th. The Goldman Sachs Group downgraded Veeva Systems from a "buy" rating to a "sell" rating and decreased their target price for the stock from $261.00 to $200.00 in a research report on Thursday, January 23rd. Truist Financial boosted 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. JPMorgan Chase & Co. boosted their target price on Veeva Systems from $218.00 to $249.00 and gave the stock a "neutral" rating in a research report on Thursday, March 20th. Finally, Stephens reiterated an "overweight" rating and issued a $280.00 target price on shares of Veeva Systems in a research report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $254.92.

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.

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