Insider Selling: Veeva Systems (NYSE:VEEV) Insider Sells $1,005,134.00 in Stock

Veeva Systems Inc. (NYSE:VEEV) insider Thomas Schwenger sold 3,350 shares of the company’s stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $300.04, for a total value of $1,005,134.00. Following the completion of the sale, the insider owned 23,773 shares of the company’s stock, valued at approximately $7,132,850.92. The trade was a 12.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Veeva Systems Price Performance

VEEV opened at $296.47 on Monday. The company has a 50 day simple moving average of $281.68 and a two-hundred day simple moving average of $263.13. The firm has a market cap of $48.59 billion, a P/E ratio of 60.88, a PEG ratio of 2.29 and a beta of 0.98. Veeva Systems Inc. has a 1-year low of $200.30 and a 1-year high of $302.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Nuveen LLC purchased a new stake in Veeva Systems during the first quarter valued at $365,684,000. Norges Bank bought a new stake in shares of Veeva Systems in the 2nd quarter worth about $384,265,000. Durable Capital Partners LP purchased a new stake in shares of Veeva Systems during the 2nd quarter valued at about $281,351,000. AQR Capital Management LLC lifted its holdings in shares of Veeva Systems by 111.7% in the 2nd quarter. AQR Capital Management LLC now owns 1,838,046 shares of the technology company’s stock valued at $526,508,000 after acquiring an additional 969,905 shares during the last quarter. Finally, Schroder Investment Management Group grew its position in Veeva Systems by 1,039.4% in the second quarter. Schroder Investment Management Group now owns 1,014,974 shares of the technology company’s stock worth $292,292,000 after acquiring an additional 925,896 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on VEEV. BTIG Research raised their price target on Veeva Systems from $335.00 to $340.00 and gave the company a “buy” rating in a report on Thursday, August 28th. Needham & Company LLC lifted their target price on Veeva Systems from $300.00 to $355.00 and gave the company a “buy” rating in a research note on Thursday, August 28th. Wall Street Zen cut Veeva Systems from a “buy” rating to a “hold” rating in a report on Friday. Oppenheimer reiterated an “outperform” rating and set a $325.00 price objective on shares of Veeva Systems in a research report on Thursday, August 28th. Finally, KeyCorp boosted their target price on shares of Veeva Systems from $285.00 to $325.00 and gave the stock an “overweight” rating in a report on Monday, July 14th. Sixteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $303.67.

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.