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

TenCore Partners LP acquired a new stake in Veeva Systems Inc. (NYSE:VEEV) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 1,000 shares of the technology company’s stock, valued at approximately $210,000. Veeva Systems makes up approximately 0.1% of TenCore Partners LP’s holdings, making the stock its 12th biggest position.

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

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Piper Sandler decreased their price target on Veeva Systems from $290.00 to $255.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Truist Financial lifted their price objective on Veeva Systems from $210.00 to $217.00 and gave the company a “hold” rating in a report on Thursday, March 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $270.00 target price on shares of Veeva Systems in a report on Thursday, March 6th. Morgan Stanley increased their target price on shares of Veeva Systems from $195.00 to $201.00 and gave the stock an “underweight” rating in a research report on Thursday, March 6th. Finally, StockNews.com raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a report on Monday, February 17th. Two equities research analysts have 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 data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $254.92.

Veeva Systems Stock Performance

NYSE VEEV opened at $242.48 on Friday. The stock 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 52 week low of $170.25 and a 52 week high of $258.93. The stock has a fifty day moving average of $228.63 and a 200-day moving average of $226.29.

Insider Activity

In related news, SVP Jonathan Faddis sold 787 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total value of $178,019.40. Following the transaction, the senior vice president now directly owns 8,668 shares in the company, valued at $1,960,701.60. This represents a 8.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Thomas D. Schwenger sold 1,200 shares of Veeva Systems stock in a transaction on Monday, April 14th. The stock was sold at an average price of $220.97, for a total transaction of $265,164.00. Following the sale, the insider now directly owns 25,889 shares of the company’s stock, valued at $5,720,692.33. This represents 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 over the last 90 days. 10.30% of the stock is owned by company insiders.

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.