Spyglass Capital Management LLC Acquires 83,658 Shares of Veeva Systems Inc. (NYSE:VEEV)

Spyglass Capital Management LLC boosted its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 37.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 307,801 shares of the technology company’s stock after acquiring an additional 83,658 shares during the period. Veeva Systems accounts for 3.6% of Spyglass Capital Management LLC’s holdings, making the stock its 15th biggest position. Spyglass Capital Management LLC’s holdings in Veeva Systems were worth $64,715,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of VEEV. T. Rowe Price Investment Management Inc. boosted its holdings in Veeva Systems by 3.5% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,169,698 shares of the technology company’s stock valued at $1,086,930,000 after purchasing an additional 177,201 shares during the last quarter. Leigh Baldwin & CO. LLC purchased a new position in Veeva Systems in the 4th quarter valued at about $685,355,000. FMR LLC raised its stake in Veeva Systems by 7.8% in the 4th quarter. FMR LLC now owns 3,213,360 shares of the technology company’s stock valued at $675,609,000 after purchasing an additional 232,116 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Veeva Systems by 17.5% during the fourth quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company’s stock worth $631,935,000 after acquiring an additional 447,041 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Veeva Systems by 36.0% in the fourth quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company’s stock valued at $623,186,000 after purchasing an additional 784,741 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on VEEV shares. Scotiabank upped their price objective on Veeva Systems from $240.00 to $245.00 and gave the company a “sector perform” rating in a report on Thursday, March 6th. Stephens reaffirmed an “overweight” rating and issued a $280.00 price target on shares of Veeva Systems in a research note on Thursday, March 6th. Morgan Stanley raised their price objective on Veeva Systems from $195.00 to $201.00 and gave the stock an “underweight” rating in a research report on Thursday, March 6th. KeyCorp decreased their target price on shares of Veeva Systems from $260.00 to $250.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Finally, Truist Financial increased their target price on shares of Veeva Systems from $210.00 to $217.00 and gave the stock a “hold” rating in a research note on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $254.92.

Veeva Systems Price Performance

Shares of VEEV opened at $242.48 on Monday. The firm has a fifty day moving average price of $228.63 and a 200 day moving average price of $226.41. The stock has a market cap of $39.45 billion, a PE ratio of 59.87, a price-to-earnings-growth ratio of 1.89 and a beta of 0.96. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93.

Insider Activity

In other Veeva Systems news, Director Timothy S. Cabral sold 3,882 shares of the firm’s 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 in the company, valued at approximately $1,192,565. This trade represents a 41.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Thomas D. Schwenger sold 1,200 shares of the firm’s stock in a transaction on 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. The trade was a 4.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,869 shares of company stock valued at $1,284,917 in the last ninety days. 10.30% of the stock is currently owned by company insiders.

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.