Park West Asset Management LLC Acquires New Position in Veeva Systems Inc. $VEEV

Key Points

• Park West Asset Management LLC purchased 41,900 shares of Veeva Systems Inc. for approximately $9.7 million, indicating strong interest from institutional investors.
• Several other institutional investors have also made moves, with 88.20% of Veeva's stock now owned by institutional shareholders.
• Analysts have raised their price targets on Veeva Systems, with a consensus target of $299.88, reflecting optimism about the company's growth potential.

Park West Asset Management LLC bought a new stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 41,900 shares of the technology company's stock, valued at approximately $9,705,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Sowell Financial Services LLC bought a new position in Veeva Systems during the 1st quarter valued at about $274,000. Crossmark Global Holdings Inc. bought a new stake in Veeva Systems in the first quarter worth about $299,000. Janney Montgomery Scott LLC purchased a new position in shares of Veeva Systems during the first quarter valued at approximately $5,876,000. GAMMA Investing LLC grew its stake in shares of Veeva Systems by 13.8% during the first quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock valued at $422,000 after buying an additional 221 shares during the last quarter. Finally, Private Trust Co. NA raised its holdings in shares of Veeva Systems by 35.0% in the first quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock worth $57,000 after buying an additional 64 shares during the period. Hedge funds and other institutional investors own 88.20% of the company's stock.

Insider Transactions at Veeva Systems

In related news, SVP Jonathan Faddis sold 720 shares of the business's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of the transaction, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. The trade was a 8.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Priscilla Hung sold 172 shares of the stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total transaction of $48,676.00. Following the sale, the director directly owned 4,137 shares of the company's stock, valued at $1,170,771. The trade was a 3.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,063 shares of company stock valued at $302,955 over the last quarter. 10.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on VEEV shares. Mizuho boosted their target price on shares of Veeva Systems from $295.00 to $325.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Canaccord Genuity Group raised their target price on shares of Veeva Systems from $270.00 to $300.00 and gave the stock a "hold" rating in a research report on Thursday, August 28th. Barclays lifted their price target on shares of Veeva Systems from $300.00 to $325.00 and gave the company an "overweight" rating in a research note on Thursday, August 28th. Stifel Nicolaus increased their price objective on Veeva Systems from $295.00 to $320.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Finally, BTIG Research lifted their target price on Veeva Systems from $335.00 to $340.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. Seventeen research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, Veeva Systems has a consensus rating of "Moderate Buy" and a consensus target price of $301.48.

Veeva Systems Trading Down 0.1%

Shares of NYSE:VEEV traded down $0.27 on Tuesday, reaching $282.51. The company had a trading volume of 1,046,249 shares, compared to its average volume of 1,421,996. The firm has a market capitalization of $46.31 billion, a PE ratio of 58.01, a PEG ratio of 2.20 and a beta of 0.95. Veeva Systems Inc. has a 52-week low of $200.30 and a 52-week high of $296.72. The firm's 50 day simple moving average is $281.23 and its 200-day simple moving average is $256.25.

Veeva Systems 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.