Linonia Partnership LP Raises Position in Veeva Systems Inc. (NYSE:VEEV)

Linonia Partnership LP grew its position in Veeva Systems Inc. (NYSE:VEEV) by 42.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 1,202,972 shares of the technology company’s stock after buying an additional 356,300 shares during the quarter. Veeva Systems comprises 13.3% of Linonia Partnership LP’s portfolio, making the stock its 4th biggest position. Linonia Partnership LP’s holdings in Veeva Systems were worth $252,925,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. 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 acquired a new position in Veeva Systems during the 4th quarter worth about $25,000. Smithfield Trust Co grew its holdings in Veeva Systems by 145.5% during the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock worth $27,000 after acquiring an additional 80 shares during the last quarter. Retirement Wealth Solutions LLC acquired a new stake in Veeva Systems in the 4th quarter valued at about $31,000. Finally, Avion Wealth raised its stake in shares of Veeva Systems by 635.0% in the fourth quarter. Avion Wealth now owns 147 shares of the technology company’s stock worth $30,000 after acquiring an additional 127 shares during the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 787 shares of the company’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total transaction of $178,019.40. Following the sale, 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 approximately $1,192,565. This trade represents a 41.38 % decrease in their position. 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. Insiders own 10.50% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on VEEV. The Goldman Sachs Group lowered shares of Veeva Systems from a “buy” rating to a “sell” rating and lowered their price target for the company from $261.00 to $200.00 in a report on Thursday, January 23rd. Morgan Stanley lifted their target price on Veeva Systems from $195.00 to $201.00 and gave the company an “underweight” rating in a research note on Thursday, March 6th. Robert W. Baird upped their price target on Veeva Systems from $283.00 to $285.00 and gave the company an “outperform” rating in a research note on Thursday, March 6th. KeyCorp lowered their price objective on Veeva Systems from $260.00 to $250.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, JPMorgan Chase & Co. upped their target price on shares of Veeva Systems from $218.00 to $249.00 and gave the company a “neutral” rating in a research report on Thursday, March 20th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $256.32.

Veeva Systems Price Performance

Shares of NYSE VEEV opened at $221.01 on Thursday. The business has a 50-day moving average of $228.12 and a 200-day moving average of $223.25. The stock has a market capitalization of $35.96 billion, a price-to-earnings ratio of 54.57, a PEG ratio of 1.89 and a beta of 1.05. Veeva Systems Inc. has a fifty-two week low of $170.25 and a fifty-two week high of $258.93.

Veeva Systems 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.