Meridiem Capital Partners LP Makes New Investment in Veeva Systems Inc. (NYSE:VEEV)

Meridiem Capital Partners LP purchased a new position in shares of Veeva Systems Inc. (NYSE:VEEV) in the fourth quarter, HoldingsChannel reports. The fund purchased 14,544 shares of the technology company’s stock, valued at approximately $3,058,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Barclays PLC lifted its holdings in shares of Veeva Systems by 18.2% in the 3rd quarter. Barclays PLC now owns 185,206 shares of the technology company’s stock valued at $38,870,000 after buying an additional 28,497 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Veeva Systems by 73.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock valued at $536,972,000 after buying an additional 1,081,501 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Veeva Systems by 0.5% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 14,308 shares of the technology company’s stock valued at $3,003,000 after buying an additional 68 shares during the period. Aprio Wealth Management LLC acquired a new position in shares of Veeva Systems in the 4th quarter valued at about $202,000. Finally, Thomasville National Bank lifted its holdings in shares of Veeva Systems by 2.7% in the 4th quarter. Thomasville National Bank now owns 82,961 shares of the technology company’s stock valued at $17,443,000 after buying an additional 2,183 shares during the period. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Trading Up 1.9%

Veeva Systems stock opened at $241.47 on Tuesday. The company has a market capitalization of $39.29 billion, a P/E ratio of 59.62, a P/E/G ratio of 1.89 and a beta of 0.96. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93. The firm’s fifty day simple moving average is $228.41 and its 200-day simple moving average is $225.60.

Insiders Place Their Bets

In related news, Director Timothy S. Cabral sold 3,882 shares of Veeva Systems stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $216.83, for a total transaction of $841,734.06. Following the completion of the transaction, the director now directly owns 5,500 shares of the company’s stock, valued at $1,192,565. This trade represents a 41.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Jonathan Faddis sold 787 shares of the business’s stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total transaction of $178,019.40. Following the completion of the transaction, the senior vice president now directly owns 8,668 shares of the company’s stock, valued at approximately $1,960,701.60. This represents a 8.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,869 shares of company stock worth $1,284,917 in the last ninety days. Insiders own 10.50% of the company’s stock.

Analyst Upgrades and Downgrades

VEEV has been the subject of several analyst reports. Truist Financial boosted their price objective on Veeva Systems from $210.00 to $217.00 and gave the company a “hold” rating in a report on Thursday, March 6th. Scotiabank boosted their price objective on Veeva Systems from $240.00 to $245.00 and gave the company a “sector perform” rating in a report on Thursday, March 6th. StockNews.com upgraded Veeva Systems from a “hold” rating to a “buy” rating in a research note on Monday, February 17th. Morgan Stanley boosted their price objective on Veeva Systems from $195.00 to $201.00 and gave the stock an “underweight” rating in a research note on Thursday, March 6th. Finally, KeyCorp decreased their price objective on 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 given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $254.92.

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.