Linonia Partnership LP Acquires 121,018 Shares of Veeva Systems Inc. (NYSE:VEEV)

Linonia Partnership LP increased its holdings in Veeva Systems Inc. (NYSE:VEEV) by 16.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 846,672 shares of the technology company’s stock after acquiring an additional 121,018 shares during the quarter. Veeva Systems makes up about 10.8% of Linonia Partnership LP’s holdings, making the stock its 4th biggest position. Linonia Partnership LP’s holdings in Veeva Systems were worth $177,691,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of VEEV. Patriot Financial Group Insurance Agency LLC boosted its position in shares of Veeva Systems by 0.7% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 6,924 shares of the technology company’s stock worth $1,453,000 after purchasing an additional 48 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its position in shares of Veeva Systems by 1.2% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,307 shares of the technology company’s stock worth $904,000 after purchasing an additional 50 shares in the last quarter. Clearbridge Investments LLC boosted its position in shares of Veeva Systems by 0.4% during the 2nd quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company’s stock worth $2,138,000 after purchasing an additional 52 shares in the last quarter. Western Pacific Wealth Management LP boosted its position in shares of Veeva Systems by 23.3% during the 1st quarter. Western Pacific Wealth Management LP now owns 307 shares of the technology company’s stock worth $71,000 after purchasing an additional 58 shares in the last quarter. Finally, Park Place Capital Corp boosted its position in shares of Veeva Systems by 11.5% during the 3rd quarter. Park Place Capital Corp now owns 574 shares of the technology company’s stock worth $120,000 after purchasing an additional 59 shares in the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.

Veeva Systems Stock Performance

Shares of NYSE:VEEV traded up $5.00 on Monday, hitting $221.58. The stock had a trading volume of 70,351 shares, compared to its average volume of 949,334. Veeva Systems Inc. has a twelve month low of $165.12 and a twelve month high of $240.68. The firm’s 50 day moving average price is $214.54 and its 200-day moving average price is $201.16. The company has a market capitalization of $35.88 billion, a price-to-earnings ratio of 57.75, a price-to-earnings-growth ratio of 2.09 and a beta of 0.81.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Wednesday, August 28th. The technology company reported $1.07 EPS 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 company had revenue of $676.18 million for the quarter, compared to the consensus estimate of $667.21 million. As a group, sell-side analysts predict that Veeva Systems Inc. will post 4.21 EPS for the current year.

Analyst Upgrades and Downgrades

VEEV has been the topic of several research analyst reports. StockNews.com upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. BNP Paribas began coverage on shares of Veeva Systems in a research report on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 price objective on the stock. Robert W. Baird decreased their price objective on shares of Veeva Systems from $251.00 to $245.00 and set an “outperform” rating on the stock in a research report on Monday, October 28th. Royal Bank of Canada boosted their price objective on shares of Veeva Systems from $250.00 to $275.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Finally, Guggenheim boosted 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. One analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $236.92.

Insiders Place Their Bets

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $240.01, for a total transaction of $270,251.26. Following the completion of the sale, the insider now directly owns 27,013 shares of the company’s stock, valued at approximately $6,483,390.13. The trade was a 4.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 10.50% of the company’s stock.

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.