Independent Financial Group LLC purchased a new position in shares of Veeva Systems Inc. (NYSE:VEEV – Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,752 shares of the technology company’s stock, valued at approximately $835,000.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Sivia Capital Partners LLC boosted its stake in shares of Veeva Systems by 225.9% in the second quarter. Sivia Capital Partners LLC now owns 3,122 shares of the technology company’s stock worth $899,000 after acquiring an additional 2,164 shares during the last quarter. Bank of Nova Scotia raised its stake in Veeva Systems by 44.5% in the 2nd quarter. Bank of Nova Scotia now owns 5,866 shares of the technology company’s stock valued at $1,689,000 after purchasing an additional 1,806 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in Veeva Systems by 34.6% in the 2nd quarter. NewEdge Advisors LLC now owns 8,832 shares of the technology company’s stock valued at $2,543,000 after purchasing an additional 2,272 shares in the last quarter. Treasurer of the State of North Carolina boosted its stake in Veeva Systems by 2.2% during the 2nd quarter. Treasurer of the State of North Carolina now owns 68,950 shares of the technology company’s stock worth $19,856,000 after purchasing an additional 1,452 shares during the last quarter. Finally, Diversify Wealth Management LLC raised its position in shares of Veeva Systems by 5.3% in the second quarter. Diversify Wealth Management LLC now owns 11,399 shares of the technology company’s stock valued at $3,140,000 after buying an additional 575 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.
Veeva Systems Stock Performance
Shares of VEEV stock opened at $189.46 on Wednesday. The firm’s 50 day moving average price is $173.03 and its 200-day moving average price is $182.13. Veeva Systems Inc. has a one year low of $148.05 and a one year high of $310.50. The firm has a market cap of $30.78 billion, a P/E ratio of 33.77, a P/E/G ratio of 0.85 and a beta of 0.94.
Insider Transactions at Veeva Systems
In other news, Director Priscilla Hung sold 750 shares of Veeva Systems stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $155.64, for a total value of $116,730.00. Following the completion of the transaction, the director owned 3,253 shares in the company, valued at approximately $506,296.92. This trade represents a 18.74% decrease in their position. The sale was disclosed in a filing with the SEC, 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 owned by corporate insiders.
Analyst Upgrades and Downgrades
Several brokerages recently issued reports on VEEV. BNP Paribas Exane reaffirmed an “outperform” rating and set a $285.00 price objective on shares of Veeva Systems in a research note on Thursday, June 4th. Canaccord Genuity Group decreased their target price on shares of Veeva Systems from $235.00 to $220.00 and set a “hold” rating on the stock in a research note on Thursday, June 4th. Robert W. Baird boosted their target price on Veeva Systems from $250.00 to $260.00 and gave the stock an “outperform” rating in a report on Thursday, June 4th. UBS Group dropped their price target on Veeva Systems from $220.00 to $190.00 and set a “neutral” rating for the company in a research report on Thursday, June 4th. Finally, Weiss Ratings raised Veeva Systems from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, July 10th. Eighteen investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $247.74.
Check Out Our Latest Analysis on VEEV
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.
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