Kaufman Rossin Wealth LLC Takes Position in Veeva Systems Inc. $VEEV

Key Points

• Kaufman Rossin Wealth LLC has acquired a new position in Veeva Systems, purchasing 1,635 shares valued at approximately $471,000 in Q2.
• The stock has seen a significant amount of interest from hedge funds, with approximately 88.20% of shares currently held by institutional investors.
• Recent analyst ratings indicate a generally positive outlook, with an average target price of $301.48 and multiple firms issuing "buy" and "hold" ratings.

Kaufman Rossin Wealth LLC acquired a new stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 1,635 shares of the technology company's stock, valued at approximately $471,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Nuveen LLC purchased a new position in shares of Veeva Systems in the first quarter valued at about $365,684,000. Price T Rowe Associates Inc. MD lifted its position in Veeva Systems by 20.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company's stock valued at $924,754,000 after acquiring an additional 689,700 shares during the period. Linonia Partnership LP increased its position in Veeva Systems by 52.7% during the 1st quarter. Linonia Partnership LP now owns 1,836,557 shares of the technology company's stock valued at $425,402,000 after buying an additional 633,585 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Veeva Systems by 48.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,799,931 shares of the technology company's stock valued at $416,918,000 after purchasing an additional 585,785 shares during the last quarter. Finally, Alliancebernstein L.P. raised its holdings in Veeva Systems by 10.7% in the 1st quarter. Alliancebernstein L.P. now owns 5,499,651 shares of the technology company's stock worth $1,273,884,000 after acquiring an additional 532,269 shares during the last quarter. Institutional investors own 88.20% of the company's stock.

Veeva Systems Trading Down 0.8%

NYSE VEEV traded down $2.10 during trading hours on Friday, reaching $276.98. The company had a trading volume of 2,339,568 shares, compared to its average volume of 1,546,638. The stock has a market capitalization of $45.40 billion, a P/E ratio of 56.87, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95. The stock has a 50-day moving average of $280.65 and a 200 day moving average of $259.41. Veeva Systems Inc. has a 1-year low of $200.30 and a 1-year high of $296.72.

Insider Activity at Veeva Systems

In related news, SVP Jonathan Faddis sold 720 shares of the stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the transaction, the senior vice president owned 7,902 shares of the company's stock, valued at $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Priscilla Hung sold 171 shares of the stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $284.40, for a total transaction of $48,632.40. Following the completion of the transaction, the director owned 3,966 shares in the company, valued at $1,127,930.40. This represents a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,063 shares of company stock worth $302,955. 10.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

VEEV has been the topic of several research reports. Needham & Company LLC raised their target price on Veeva Systems from $300.00 to $355.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Canaccord Genuity Group increased their target price on shares of Veeva Systems from $270.00 to $300.00 and gave the stock a "hold" rating in a report on Thursday, August 28th. Evercore ISI lifted their price target on shares of Veeva Systems from $285.00 to $295.00 and gave the company an "in-line" rating in a report on Thursday, August 28th. Mizuho boosted their price objective on Veeva Systems from $295.00 to $325.00 and gave the company an "outperform" rating in a research report on Friday, August 29th. Finally, BTIG Research boosted their target price on shares of Veeva Systems from $335.00 to $340.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Seventeen equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Veeva Systems has an average rating of "Moderate Buy" and a consensus price target of $301.48.

Veeva Systems Company Profile

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.