AXQ Capital LP Makes New Investment in Veeva Systems Inc. $VEEV

AXQ Capital LP acquired a new position in shares of Veeva Systems Inc. (NYSE:VEEV) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,076 shares of the technology company’s stock, valued at approximately $910,000.

Several other institutional investors have also recently bought and sold shares of the business. Jensen Investment Management Inc. raised its holdings in shares of Veeva Systems by 1,924.5% in the third quarter. Jensen Investment Management Inc. now owns 413,213 shares of the technology company’s stock valued at $123,100,000 after purchasing an additional 392,802 shares during the last quarter. Alphinity Investment Management Pty Ltd purchased a new stake in shares of Veeva Systems in the third quarter valued at about $422,241,000. ABN AMRO Bank N.V. purchased a new stake in shares of Veeva Systems in the third quarter valued at about $246,625,000. Robeco Institutional Asset Management B.V. raised its holdings in shares of Veeva Systems by 11.3% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 892,070 shares of the technology company’s stock valued at $199,137,000 after purchasing an additional 90,703 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S raised its holdings in shares of Veeva Systems by 293.4% in the third quarter. BI Asset Management Fondsmaeglerselskab A S now owns 26,979 shares of the technology company’s stock valued at $8,037,000 after purchasing an additional 20,121 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Stock Down 3.0%

Shares of NYSE:VEEV opened at $182.93 on Wednesday. The firm has a market capitalization of $29.88 billion, a PE ratio of 33.81, a P/E/G ratio of 0.84 and a beta of 0.95. Veeva Systems Inc. has a twelve month low of $148.05 and a twelve month high of $310.50. The company has a 50-day moving average price of $166.44 and a two-hundred day moving average price of $198.31.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Wednesday, March 4th. The technology company reported $2.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.94 by $0.12. The firm had revenue of $835.95 million during the quarter, compared to analyst estimates of $810.95 million. Veeva Systems had a net margin of 28.44% and a return on equity of 13.80%. The company’s quarterly revenue was up 16.0% on a year-over-year basis. During the same quarter last year, the business earned $1.74 earnings per share. Analysts anticipate that Veeva Systems Inc. will post 6.45 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Oppenheimer lowered their target price on shares of Veeva Systems from $275.00 to $225.00 and set an “outperform” rating for the company in a report on Monday, May 18th. Wells Fargo & Company lowered their target price on shares of Veeva Systems from $333.00 to $317.00 and set an “overweight” rating for the company in a report on Thursday, March 5th. JPMorgan Chase & Co. lowered their target price on shares of Veeva Systems from $330.00 to $296.00 and set an “overweight” rating for the company in a report on Friday, February 20th. William Blair restated an “outperform” rating on shares of Veeva Systems in a report on Tuesday, March 10th. Finally, Piper Sandler decreased their price objective on shares of Veeva Systems from $355.00 to $285.00 and set an “overweight” rating for the company in a report on Thursday, March 5th. Sixteen analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $276.52.

Insiders Place Their Bets

In other Veeva Systems news, Director Priscilla Hung sold 750 shares of the stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $155.64, for a total transaction of $116,730.00. Following the completion of the transaction, the director owned 3,253 shares in the company, valued at $506,296.92. This trade represents a 18.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.60% of the stock is owned by corporate insiders.

About Veeva Systems

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.