AXQ Capital LP Takes $910,000 Position in Veeva Systems Inc. $VEEV

AXQ Capital LP bought a new stake in Veeva Systems Inc. (NYSE:VEEV) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 4,076 shares of the technology company’s stock, valued at approximately $910,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in VEEV. Board of the Pension Protection Fund acquired a new position in shares of Veeva Systems in the 4th quarter valued at approximately $27,000. Raiffeisen Bank International AG acquired a new position in shares of Veeva Systems in the 3rd quarter valued at approximately $28,000. Newbridge Financial Services Group Inc. increased its position in Veeva Systems by 322.6% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 131 shares of the technology company’s stock worth $29,000 after purchasing an additional 100 shares in the last quarter. Activest Wealth Management increased its position in Veeva Systems by 3,175.0% during the 4th quarter. Activest Wealth Management now owns 131 shares of the technology company’s stock worth $29,000 after purchasing an additional 127 shares in the last quarter. Finally, BOK Financial Private Wealth Inc. acquired a new position in Veeva Systems during the 4th quarter worth approximately $33,000. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Stock Performance

Shares of NYSE VEEV opened at $182.93 on Wednesday. The firm has a 50 day moving average price of $166.44 and a two-hundred day moving average price of $198.31. Veeva Systems Inc. has a 52-week low of $148.05 and a 52-week high of $310.50. The stock has a market cap of $29.88 billion, a P/E ratio of 33.81, a price-to-earnings-growth ratio of 0.84 and a beta of 0.95.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings data on Wednesday, March 4th. The technology company reported $2.06 EPS for the quarter, beating analysts’ consensus estimates of $1.94 by $0.12. The company had revenue of $835.95 million for the quarter, compared to analyst estimates of $810.95 million. Veeva Systems had a net margin of 28.44% and a return on equity of 13.80%. The company’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.74 EPS. Analysts predict that Veeva Systems Inc. will post 6.45 earnings per share for the current fiscal year.

Insider Transactions at Veeva Systems

In related news, Director Priscilla Hung sold 750 shares of the stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $155.64, for a total transaction of $116,730.00. Following the transaction, the director directly owned 3,253 shares of the company’s stock, valued at $506,296.92. This represents a 18.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on VEEV. Barclays lowered their price objective on shares of Veeva Systems from $305.00 to $250.00 and set an “overweight” rating for the company in a research report on Wednesday, February 25th. Piper Sandler lowered their price objective on shares of Veeva Systems from $355.00 to $285.00 and set an “overweight” rating for the company in a research report on Thursday, March 5th. UBS Group upped their price objective on shares of Veeva Systems from $200.00 to $220.00 and gave the stock a “neutral” rating in a research report on Thursday, March 5th. TD Cowen lowered their price objective on shares of Veeva Systems from $380.00 to $300.00 and set a “buy” rating for the company in a research report on Thursday, March 5th. Finally, Wells Fargo & Company lowered their price objective on shares of Veeva Systems from $333.00 to $317.00 and set an “overweight” rating for the company in a research report on Thursday, March 5th. Sixteen investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Veeva Systems presently has an average rating of “Moderate Buy” and an average price target of $276.52.

Veeva Systems Profile

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.