Spyglass Capital Management LLC Grows Stake in Veeva Systems Inc. (NYSE:VEEV)

Spyglass Capital Management LLC increased its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 6.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 224,143 shares of the technology company’s stock after buying an additional 13,537 shares during the quarter. Veeva Systems comprises approximately 3.1% of Spyglass Capital Management LLC’s investment portfolio, making the stock its 20th biggest holding. Spyglass Capital Management LLC owned 0.14% of Veeva Systems worth $47,041,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. General American Investors Co. Inc. purchased a new stake in shares of Veeva Systems during the third quarter valued at $5,133,000. Procyon Advisors LLC purchased a new stake in shares of Veeva Systems during the third quarter valued at $712,000. Envestnet Portfolio Solutions Inc. grew its holdings in shares of Veeva Systems by 44.9% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company’s stock valued at $5,450,000 after buying an additional 9,232 shares during the last quarter. Principal Financial Group Inc. lifted its position in Veeva Systems by 138.9% during the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock valued at $457,366,000 after purchasing an additional 1,267,061 shares during the period. Finally, Oppenheimer Asset Management Inc. lifted its position in Veeva Systems by 3.6% during the third quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company’s stock valued at $16,370,000 after purchasing an additional 2,733 shares during the period. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Price Performance

Veeva Systems stock opened at $226.76 on Friday. The firm has a 50 day simple moving average of $215.45 and a 200-day simple moving average of $201.83. Veeva Systems Inc. has a 1-year low of $165.12 and a 1-year high of $240.68. The stock has a market cap of $36.72 billion, a price-to-earnings ratio of 60.47, a price-to-earnings-growth ratio of 2.20 and a beta of 0.81.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.03. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. The business had revenue of $676.18 million during the quarter, compared to analysts’ expectations of $667.21 million. Equities analysts expect that Veeva Systems Inc. will post 4.19 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Thomas D. Schwenger sold 1,126 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $240.01, for a total value of $270,251.26. Following the transaction, the insider now directly owns 27,013 shares in the company, valued at approximately $6,483,390.13. This represents a 4.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 10.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on VEEV. Citigroup boosted their target price on shares of Veeva Systems from $256.00 to $273.00 and gave the company a “buy” rating in a research report on Tuesday, August 27th. Guggenheim upped their price objective on shares of Veeva Systems from $233.00 to $249.00 and gave the stock a “buy” rating in a research report on Tuesday, October 1st. JPMorgan Chase & Co. upped their price objective on shares of Veeva Systems from $203.00 to $208.00 and gave the stock a “neutral” rating in a research report on Monday, September 9th. Truist Financial upped their price objective on shares of Veeva Systems from $197.00 to $207.00 and gave the stock a “hold” rating in a research report on Tuesday, September 3rd. Finally, UBS Group upped their price objective on shares of Veeva Systems from $185.00 to $215.00 and gave the stock a “neutral” rating in a research report on Monday, August 26th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $236.92.

About Veeva Systems

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.