Chicago Capital LLC Acquires 1,355 Shares of Veeva Systems Inc. (NYSE:VEEV)

Chicago Capital LLC boosted its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 0.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 284,996 shares of the technology company’s stock after purchasing an additional 1,355 shares during the quarter. Veeva Systems comprises about 1.9% of Chicago Capital LLC’s investment portfolio, making the stock its 17th largest position. Chicago Capital LLC’s holdings in Veeva Systems were worth $66,014,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Venturi Wealth Management LLC increased its position in shares of Veeva Systems by 2,716.7% during the 4th quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company’s stock valued at $36,000 after purchasing an additional 163 shares during the last quarter. Linonia Partnership LP increased its position in Veeva Systems by 42.1% during the fourth quarter. Linonia Partnership LP now owns 1,202,972 shares of the technology company’s stock valued at $252,925,000 after acquiring an additional 356,300 shares during the last quarter. VSM Wealth Advisory LLC purchased a new stake in shares of Veeva Systems in the fourth quarter valued at $42,000. Amundi raised its stake in shares of Veeva Systems by 9.8% in the fourth quarter. Amundi now owns 459,044 shares of the technology company’s stock valued at $99,750,000 after acquiring an additional 40,884 shares during the period. Finally, Townsquare Capital LLC lifted its holdings in shares of Veeva Systems by 3.1% in the 4th quarter. Townsquare Capital LLC now owns 4,912 shares of the technology company’s stock worth $1,033,000 after acquiring an additional 150 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Up 0.6%

Shares of VEEV stock opened at $284.24 on Tuesday. The firm has a market cap of $46.45 billion, a price-to-earnings ratio of 70.18, a PEG ratio of 1.89 and a beta of 0.99. Veeva Systems Inc. has a 52-week low of $176.41 and a 52-week high of $291.69. The company’s 50 day moving average is $243.74 and its 200 day moving average is $232.79.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.23. The business had revenue of $759.04 million for the quarter, compared to the consensus estimate of $728.38 million. Veeva Systems had a return on equity of 13.56% and a net margin of 25.07%. The business’s revenue was up 16.7% compared to the same quarter last year. During the same period last year, the business posted $1.50 EPS. Analysts anticipate that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on VEEV. Stephens reiterated an “overweight” rating and set a $280.00 price target on shares of Veeva Systems in a report on Thursday, March 6th. Citigroup increased their price target on Veeva Systems from $265.00 to $329.00 and gave the stock a “buy” rating in a report on Friday, May 30th. Wall Street Zen upgraded Veeva Systems from a “hold” rating to a “buy” rating in a report on Friday, May 30th. Piper Sandler upped their price objective on Veeva Systems from $255.00 to $325.00 and gave the company an “overweight” rating in a research report on Thursday, May 29th. Finally, Scotiabank lifted their target price on Veeva Systems from $240.00 to $245.00 and gave the stock a “sector perform” rating in a research report on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $269.80.

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 787 shares of the firm’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total value of $178,019.40. Following the completion of the sale, the senior vice president now owns 8,668 shares of the company’s stock, valued at $1,960,701.60. This trade represents a 8.32% 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 the business’s stock in a transaction on Friday, April 4th. The stock was sold at an average price of $216.83, for a total value of $841,734.06. Following the transaction, 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 6,184 shares of company stock worth $1,376,179. 10.30% of the stock is owned by corporate insiders.

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.