Maverick Capital Ltd. Invests $3.61 Million in Veeva Systems Inc (NYSE:VEEV)

Maverick Capital Ltd. purchased a new stake in Veeva Systems Inc (NYSE:VEEV) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 23,081 shares of the technology company’s stock, valued at approximately $3,609,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Westside Investment Management Inc. bought a new stake in shares of Veeva Systems in the 1st quarter worth approximately $27,000. Orion Portfolio Solutions LLC bought a new position in Veeva Systems during the 4th quarter valued at about $32,000. First Horizon Advisors Inc. lifted its stake in Veeva Systems by 45.6% during the 1st quarter. First Horizon Advisors Inc. now owns 233 shares of the technology company’s stock valued at $35,000 after acquiring an additional 73 shares during the period. Balentine LLC bought a new position in Veeva Systems during the 1st quarter valued at about $37,000. Finally, Credit Agricole S A bought a new position in Veeva Systems during the 1st quarter valued at about $46,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

In related news, CFO Timothy S. Cabral sold 37,146 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $215.60, for a total value of $8,008,677.60. Following the completion of the sale, the chief financial officer now directly owns 32,634 shares in the company, valued at $7,035,890.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Frederic Lequient sold 407 shares of the firm’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $224.41, for a total value of $91,334.87. The disclosure for this sale can be found here. Insiders have sold a total of 65,096 shares of company stock valued at $12,679,890 over the last quarter. Corporate insiders own 13.17% of the company’s stock.

Several equities research analysts have recently commented on VEEV shares. Piper Sandler upped their price target on shares of Veeva Systems from $180.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, May 29th. DA Davidson increased their target price on shares of Veeva Systems from $200.00 to $235.00 and gave the stock a “buy” rating in a report on Friday, May 29th. Barclays increased their price objective on shares of Veeva Systems from $176.00 to $200.00 and gave the company an “equal weight” rating in a report on Wednesday, May 27th. SVB Leerink increased their price objective on shares of Veeva Systems from $166.00 to $167.00 and gave the company a “market perform” rating in a report on Friday, May 29th. Finally, Raymond James reaffirmed an “outperform” rating and set a $230.00 price objective (up from $180.00) on shares of Veeva Systems in a report on Friday, May 29th. Eight research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $202.05.

Shares of NYSE VEEV traded down $2.18 during midday trading on Wednesday, reaching $236.92. 11,960 shares of the stock traded hands, compared to its average volume of 1,553,492. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.04 and a quick ratio of 3.04. The stock has a market capitalization of $35.50 billion, a PE ratio of 119.66, a P/E/G ratio of 7.82 and a beta of 0.94. Veeva Systems Inc has a one year low of $118.11 and a one year high of $244.10. The company’s 50 day moving average is $207.99 and its 200 day moving average is $165.64.

Veeva Systems (NYSE:VEEV) last posted its earnings results on Thursday, May 28th. The technology company reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. The firm had revenue of $337.11 million during the quarter, compared to the consensus estimate of $291.10 million. Veeva Systems had a return on equity of 16.28% and a net margin of 26.26%. The company’s quarterly revenue was up 37.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.50 EPS. As a group, equities analysts forecast that Veeva Systems Inc will post 1.79 EPS for the current year.

Veeva Systems Company Profile

Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, and internationally. The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, data solutions, and master data management solutions; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including medical, sales, and marketing, as well as research and development functions, such as clinical, regulatory, quality, and safety.

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Institutional Ownership by Quarter for Veeva Systems (NYSE:VEEV)

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