Crestline Management LP Purchases Shares of 10,956 Veeva Systems Inc. (NYSE:VEEV)

Crestline Management LP purchased a new position in shares of Veeva Systems Inc. (NYSE:VEEV) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 10,956 shares of the technology company’s stock, valued at approximately $2,303,000.

Several other hedge funds have also recently modified their holdings of the stock. MassMutual Private Wealth & Trust FSB raised its position in Veeva Systems by 72.5% during the 4th 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 during the last quarter. Centricity Wealth Management LLC purchased a new position in shares of Veeva Systems during the fourth quarter worth $25,000. Smithfield Trust Co raised its holdings in shares of Veeva Systems by 145.5% during the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock worth $27,000 after purchasing an additional 80 shares during the last quarter. Avion Wealth boosted its holdings in Veeva Systems by 635.0% in the fourth quarter. Avion Wealth now owns 147 shares of the technology company’s stock valued at $30,000 after purchasing an additional 127 shares during the last quarter. Finally, Retirement Wealth Solutions LLC acquired a new stake in Veeva Systems during the 4th quarter worth about $31,000. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Stock Up 2.2 %

Shares of NYSE VEEV opened at $237.91 on Thursday. The business’s 50 day moving average is $227.22 and its two-hundred day moving average is $225.01. Veeva Systems Inc. has a 52-week low of $170.25 and a 52-week high of $258.93. The firm has a market cap of $38.71 billion, a price-to-earnings ratio of 58.74, a PEG ratio of 1.89 and a beta of 0.96.

Analyst Ratings Changes

VEEV has been the subject of several analyst reports. 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 report on Thursday, March 20th. Scotiabank boosted their price target on Veeva Systems from $240.00 to $245.00 and gave the company a “sector perform” rating in a report on Thursday, March 6th. Stephens restated an “overweight” rating and issued a $280.00 price objective on shares of Veeva Systems in a research report on Thursday, March 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $270.00 target price on shares of Veeva Systems in a report on Thursday, March 6th. Finally, KeyCorp lowered their price target on shares of Veeva Systems from $260.00 to $250.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $254.92.

Insider Activity

In related news, SVP Jonathan Faddis sold 787 shares of Veeva Systems stock in a transaction that occurred 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 completion of the transaction, the senior vice president now owns 8,668 shares in the company, valued at approximately $1,960,701.60. The trade was a 8.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Timothy S. Cabral sold 3,882 shares of the stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $216.83, for a total transaction of $841,734.06. Following the sale, the director now owns 5,500 shares in the company, valued at approximately $1,192,565. This trade represents a 41.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,869 shares of company stock valued at $1,284,917. 10.50% of the stock is currently owned by corporate insiders.

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.