Tairen Capital Ltd Has $51.59 Million Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Tairen Capital Ltd increased its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 163.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 245,350 shares of the technology company’s stock after buying an additional 152,350 shares during the quarter. Veeva Systems accounts for about 7.6% of Tairen Capital Ltd’s investment portfolio, making the stock its 4th largest position. Tairen Capital Ltd’s holdings in Veeva Systems were worth $51,585,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also modified their holdings of the stock. MassMutual Private Wealth & Trust FSB raised its position in Veeva Systems by 72.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock valued at $25,000 after purchasing an additional 50 shares during the last quarter. Centricity Wealth Management LLC bought a new position in Veeva Systems in the 4th quarter valued at $25,000. Smithfield Trust Co raised its position in Veeva Systems by 145.5% in the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock valued at $27,000 after purchasing an additional 80 shares during the last quarter. Avion Wealth raised its position in Veeva Systems by 635.0% in the 4th 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 bought a new position in Veeva Systems in the 4th quarter valued at $31,000. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Trading Up 0.4%

NYSE:VEEV opened at $242.48 on Friday. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93. The stock has a market cap of $39.45 billion, a price-to-earnings ratio of 59.87, a PEG ratio of 1.89 and a beta of 0.96. The stock has a 50-day moving average price of $228.63 and a two-hundred day moving average price of $226.29.

Analysts Set New Price Targets

VEEV has been the subject of a number of recent research reports. KeyCorp dropped their target price on Veeva Systems from $260.00 to $250.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Needham & Company LLC restated a “buy” rating and set a $270.00 target price on shares of Veeva Systems in a research report on Thursday, March 6th. Robert W. Baird boosted their target price on Veeva Systems from $283.00 to $285.00 and gave the stock an “outperform” 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, 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. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $254.92.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, 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 value 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. The trade was a 8.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas D. Schwenger sold 1,200 shares of the company’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $220.97, for a total value of $265,164.00. Following the transaction, the insider now directly owns 25,889 shares of the company’s stock, valued at $5,720,692.33. This represents a 4.43% 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. Company insiders own 10.30% of the company’s stock.

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.