111 Capital Purchases Shares of 6,956 Veeva Systems Inc. $VEEV

Key Points

• 111 Capital has acquired a new stake in Veeva Systems Inc., purchasing 6,956 shares valued at approximately $2 million.
• Insider sales were noted as SVP Jonathan Faddis sold 14,595 shares for $4.38 million, resulting in a significant decrease in his holding position.
• Research firms have raised their price targets for Veeva Systems, with most analysts rating it a "Moderate Buy" and setting a consensus price target of $303.67.

111 Capital purchased a new stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 6,956 shares of the technology company's stock, valued at approximately $2,003,000.

A number of other institutional investors have also bought and sold shares of VEEV. NBC Securities Inc. boosted its position in Veeva Systems by 170,800.0% during the first quarter. NBC Securities Inc. now owns 1,709 shares of the technology company's stock valued at $395,000 after acquiring an additional 1,708 shares during the last quarter. Hennion & Walsh Asset Management Inc. boosted its position in shares of Veeva Systems by 66.0% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 4,162 shares of the technology company's stock worth $964,000 after purchasing an additional 1,655 shares in the last quarter. Generali Investments Management Co LLC boosted its position in shares of Veeva Systems by 28.7% during the 1st quarter. Generali Investments Management Co LLC now owns 13,566 shares of the technology company's stock worth $3,142,000 after purchasing an additional 3,029 shares in the last quarter. Unique Wealth LLC bought a new position in shares of Veeva Systems during the 1st quarter worth about $274,000. Finally, Procyon Advisors LLC boosted its position in shares of Veeva Systems by 15.8% during the 1st quarter. Procyon Advisors LLC now owns 4,394 shares of the technology company's stock worth $1,018,000 after purchasing an additional 598 shares in the last quarter. Institutional investors own 88.20% of the company's stock.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 14,595 shares of the stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $300.00, for a total value of $4,378,500.00. Following the completion of the sale, the senior vice president owned 8,588 shares in the company, valued at approximately $2,576,400. This trade represents a 62.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Thomas D. Schwenger sold 3,350 shares of the stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $300.04, for a total transaction 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. This trade represents a 12.35% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,836 shares of company stock worth $5,637,913. Insiders own 10.30% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on VEEV. Evercore ISI increased their price objective on shares of Veeva Systems from $285.00 to $295.00 and gave the stock an "in-line" rating in a research report on Thursday, August 28th. Truist Financial increased their price objective on shares of Veeva Systems from $268.00 to $275.00 and gave the stock a "hold" rating in a research report on Thursday, August 28th. KeyCorp increased their price objective on shares of Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Wells Fargo & Company increased their price objective on shares of Veeva Systems from $300.00 to $326.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 26th. Finally, Barclays increased their price objective on shares of Veeva Systems from $300.00 to $325.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Sixteen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $303.67.

Veeva Systems Price Performance

VEEV opened at $296.47 on Friday. The firm has a market capitalization of $48.60 billion, a PE ratio of 60.88, a P/E/G ratio of 2.32 and a beta of 0.98. Veeva Systems Inc. has a fifty-two week low of $200.30 and a fifty-two week high of $302.00. The company's 50-day moving average is $281.68 and its 200 day moving average is $262.76.

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.

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