Square Wave Partners L.P. Makes New Investment in Veeva Systems Inc. (NYSE:VEEV)

Square Wave Partners L.P. bought a new stake in Veeva Systems Inc. (NYSE:VEEV) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 68,802 shares of the technology company’s stock, valued at approximately $14,466,000. Veeva Systems makes up approximately 13.9% of Square Wave Partners L.P.’s holdings, making the stock its 3rd biggest holding.

Several other institutional investors and hedge funds have also added to or reduced their stakes in VEEV. Cardinal Capital Management lifted its stake in Veeva Systems by 0.3% in the fourth quarter. Cardinal Capital Management now owns 15,727 shares of the technology company’s stock valued at $3,307,000 after buying an additional 44 shares during the period. Johnson Financial Group Inc. raised its position in shares of Veeva Systems by 22.7% in the 4th quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company’s stock valued at $56,000 after acquiring an additional 44 shares during the period. MassMutual Private Wealth & Trust FSB boosted its stake in Veeva Systems by 72.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock worth $25,000 after acquiring an additional 50 shares during the last quarter. Patriot Financial Group Insurance Agency LLC grew its holdings in Veeva Systems by 0.7% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 6,975 shares of the technology company’s stock valued at $1,467,000 after purchasing an additional 51 shares during the period. Finally, Old North State Wealth Management LLC increased its stake in Veeva Systems by 0.4% in the fourth quarter. Old North State Wealth Management LLC now owns 15,351 shares of the technology company’s stock valued at $3,228,000 after purchasing an additional 55 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Trading Up 0.4%

NYSE:VEEV opened at $242.48 on Monday. The stock has a market cap of $39.45 billion, a P/E ratio of 59.87, a PEG ratio of 1.89 and a beta of 0.96. The stock has a 50 day simple moving average of $228.63 and a 200 day simple moving average of $226.41. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93.

Insiders Place Their Bets

In related news, SVP Jonathan Faddis sold 787 shares of the firm’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total value of $178,019.40. Following the transaction, the senior vice president now owns 8,668 shares in the company, valued at approximately $1,960,701.60. This trade represents a 8.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Timothy S. Cabral sold 3,882 shares of the company’s stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $216.83, for a total transaction of $841,734.06. Following the sale, the director now directly owns 5,500 shares of the company’s stock, valued at $1,192,565. This represents a 41.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,869 shares of company stock worth $1,284,917 in the last quarter. 10.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. boosted their target price on Veeva Systems from $218.00 to $249.00 and gave the company a “neutral” rating in a research note on Thursday, March 20th. Piper Sandler cut their price target on shares of Veeva Systems from $290.00 to $255.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. The Goldman Sachs Group cut shares of Veeva Systems from a “buy” rating to a “sell” rating and cut their price objective for the company from $261.00 to $200.00 in a research report on Thursday, January 23rd. Stephens reissued an “overweight” rating and issued a $280.00 price target on shares of Veeva Systems in a research note on Thursday, March 6th. Finally, Scotiabank upped their price objective on Veeva Systems from $240.00 to $245.00 and gave the stock a “sector perform” rating in a research report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, Veeva Systems currently has a consensus rating of “Moderate Buy” and an average target price of $254.92.

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.