TenCore Partners LP Makes New $210,000 Investment in Veeva Systems Inc. (NYSE:VEEV)

TenCore Partners LP acquired a new stake in shares of Veeva Systems Inc. (NYSE:VEEV) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,000 shares of the technology company’s stock, valued at approximately $210,000. Veeva Systems makes up about 0.1% of TenCore Partners LP’s holdings, making the stock its 12th biggest position.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Teza Capital Management LLC lifted its stake in Veeva Systems by 17.4% in the 4th quarter. Teza Capital Management LLC now owns 17,371 shares of the technology company’s stock worth $3,652,000 after acquiring an additional 2,570 shares in the last quarter. True Wealth Design LLC increased its holdings in shares of Veeva Systems by 46.0% in the 4th quarter. True Wealth Design LLC now owns 203 shares of the technology company’s stock valued at $43,000 after purchasing an additional 64 shares during the period. Stockbridge Partners LLC purchased a new stake in shares of Veeva Systems in the fourth quarter worth approximately $137,260,000. Siemens Fonds Invest GmbH boosted its holdings in shares of Veeva Systems by 1,538.3% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,195 shares of the technology company’s stock worth $11,605,000 after purchasing an additional 51,826 shares during the period. Finally, Sherbrooke Park Advisers LLC purchased a new position in Veeva Systems during the fourth quarter valued at approximately $920,000. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Timothy S. Cabral sold 3,882 shares of the company’s stock in a transaction on 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 in the company, valued at $1,192,565. This represents a 41.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Jonathan Faddis sold 787 shares of the 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 completion of 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 trade represents a 8.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,869 shares of company stock valued at $1,284,917. 10.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Stephens reiterated an “overweight” rating and issued a $280.00 target price on shares of Veeva Systems in a research report on Thursday, March 6th. Robert W. Baird increased their price objective on Veeva Systems from $283.00 to $285.00 and gave the stock an “outperform” rating in a report on Thursday, March 6th. Scotiabank lifted their price objective on Veeva Systems from $240.00 to $245.00 and gave the company a “sector perform” rating in a research report on Thursday, March 6th. Truist Financial upped 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. Finally, Morgan Stanley raised their price target on Veeva Systems from $195.00 to $201.00 and gave the stock an “underweight” rating in a research note on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $254.92.

Veeva Systems Stock Up 0.4%

VEEV opened at $242.48 on Friday. The stock’s 50 day moving average price is $228.63 and its two-hundred day moving average price is $226.29. The firm has a market capitalization of $39.45 billion, a P/E ratio of 59.87, a price-to-earnings-growth ratio of 1.89 and a beta of 0.96. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93.

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.