Linonia Partnership LP Acquires New Shares in Veeva Systems Inc. (NYSE:VEEV)

Linonia Partnership LP acquired a new stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 815,725 shares of the technology company's stock, valued at approximately $157,043,000. Veeva Systems makes up approximately 20.7% of Linonia Partnership LP's holdings, making the stock its 2nd largest position. Linonia Partnership LP owned about 0.51% of Veeva Systems as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Norges Bank acquired a new position in Veeva Systems in the 4th quarter worth $259,703,000. Wellington Management Group LLP boosted its stake in Veeva Systems by 1,578.4% in the 1st quarter. Wellington Management Group LLP now owns 1,504,355 shares of the technology company's stock worth $319,616,000 after purchasing an additional 1,414,726 shares during the period. Invesco Ltd. boosted its stake in Veeva Systems by 239.7% in the 3rd quarter. Invesco Ltd. now owns 956,355 shares of the technology company's stock worth $194,570,000 after purchasing an additional 674,785 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Veeva Systems by 34.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,045,414 shares of the technology company's stock worth $416,139,000 after purchasing an additional 522,257 shares during the period. Finally, Nuveen Asset Management LLC boosted its stake in Veeva Systems by 25.0% in the 2nd quarter. Nuveen Asset Management LLC now owns 2,432,413 shares of the technology company's stock worth $480,961,000 after purchasing an additional 486,588 shares during the period. Institutional investors own 88.20% of the company's stock.

Veeva Systems Trading Up 0.1 %

Veeva Systems stock traded up $0.24 during mid-day trading on Monday, reaching $214.97. The company had a trading volume of 613,210 shares, compared to its average volume of 971,029. Veeva Systems Inc. has a fifty-two week low of $160.21 and a fifty-two week high of $236.90. The company has a market cap of $34.68 billion, a P/E ratio of 66.76, a P/E/G ratio of 2.17 and a beta of 0.74. The business has a fifty day simple moving average of $222.05 and a 200 day simple moving average of $202.55.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings results on Thursday, February 29th. The technology company reported $0.92 EPS for the quarter, topping analysts' consensus estimates of $0.81 by $0.11. Veeva Systems had a net margin of 22.24% and a return on equity of 11.26%. The company had revenue of $630.62 million for the quarter, compared to analyst estimates of $620.75 million. Research analysts forecast that Veeva Systems Inc. will post 4.11 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on VEEV shares. Piper Sandler increased their price objective on shares of Veeva Systems from $220.00 to $245.00 and gave the stock an "overweight" rating in a research note on Friday, March 1st. Citigroup increased their price objective on shares of Veeva Systems from $240.00 to $264.00 and gave the stock a "buy" rating in a research note on Friday, March 1st. The Goldman Sachs Group increased their price objective on shares of Veeva Systems from $219.00 to $248.00 and gave the stock a "buy" rating in a research note on Friday, March 1st. Oppenheimer restated an "outperform" rating and set a $225.00 price objective on shares of Veeva Systems in a research note on Thursday, February 22nd. Finally, UBS Group increased their price objective on shares of Veeva Systems from $185.00 to $235.00 and gave the stock a "neutral" rating in a research note on Monday, February 26th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $234.90.

Insider Buying and Selling

In other Veeva Systems news, CMO Eleni Nitsa Zuppas sold 4,350 shares of Veeva Systems stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $192.61, for a total value of $837,853.50. Following the completion of the sale, the chief marketing officer now directly owns 19,057 shares of the company's stock, valued at $3,670,568.77. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Veeva Systems news, EVP Alan Mateo sold 910 shares of Veeva Systems stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $204.72, for a total value of $186,295.20. Following the completion of the sale, the executive vice president now directly owns 21,983 shares of the company's stock, valued at $4,500,359.76. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CMO Eleni Nitsa Zuppas sold 4,350 shares of Veeva Systems stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $192.61, for a total transaction of $837,853.50. Following the completion of the sale, the chief marketing officer now directly owns 19,057 shares of the company's stock, valued at $3,670,568.77. The disclosure for this sale can be found here. Insiders sold 24,498 shares of company stock valued at $5,289,003 over the last quarter. Insiders own 10.98% of the company's stock.

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 data 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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