AG2R LA Mondiale Gestion D Actifs Acquires Shares of 6,530 Veeva Systems Inc. $VEEV

Key Points

• AG2R LA Mondiale Gestion D Actifs has acquired a new stake in Veeva Systems Inc., purchasing 6,530 shares valued at approximately $1.5 million in the first quarter.
• Institutional investors own 88.20% of Veeva Systems, with several hedge funds, including Vanguard Group and Alliancebernstein, increasing their holdings during the same period.
• Analysts have raised their price targets for Veeva Systems, with a consensus target price of $301.48, indicating a continued bullish outlook for the company stock.

AG2R LA Mondiale Gestion D Actifs acquired a new stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 6,530 shares of the technology company's stock, valued at approximately $1,513,000.

A number of other hedge funds also recently bought and sold shares of VEEV. Vanguard Group Inc. increased its holdings in shares of Veeva Systems by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 14,760,566 shares of the technology company's stock worth $3,418,990,000 after buying an additional 315,421 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of Veeva Systems by 10.7% during the 1st quarter. Alliancebernstein L.P. now owns 5,499,651 shares of the technology company's stock worth $1,273,884,000 after buying an additional 532,269 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in shares of Veeva Systems by 0.7% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,203,867 shares of the technology company's stock worth $1,205,372,000 after buying an additional 34,169 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of 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 worth $924,754,000 after buying an additional 689,700 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of Veeva Systems by 7.5% during the 1st quarter. JPMorgan Chase & Co. now owns 3,230,758 shares of the technology company's stock worth $748,341,000 after buying an additional 225,125 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Insider Activity at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 720 shares of the firm'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 value of $205,646.40. Following the completion of the transaction, the senior vice president owned 7,902 shares of the company's stock, valued at $2,256,969.24. This trade represents a 8.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Priscilla Hung sold 172 shares of the firm's stock in a transaction 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 completion of the sale, the director owned 4,137 shares in the company, valued at $1,170,771. The trade was a 3.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,063 shares of company stock valued at $302,955 in the last three months. 10.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Needham & Company LLC raised their price target on shares of Veeva Systems from $300.00 to $355.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Stifel Nicolaus raised their price target on shares of Veeva Systems from $295.00 to $320.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Morgan Stanley increased their price objective on shares of Veeva Systems from $210.00 to $222.00 and gave the stock an "underweight" rating in a research report on Thursday, August 28th. Piper Sandler increased their price objective on shares of Veeva Systems from $325.00 to $355.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Finally, Canaccord Genuity Group increased their price objective 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. Seventeen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Veeva Systems currently has an average rating of "Moderate Buy" and a consensus target price of $301.48.

Veeva Systems Stock Down 1.2%

Shares of VEEV stock opened at $276.21 on Friday. Veeva Systems Inc. has a 52 week low of $200.30 and a 52 week high of $296.72. The stock has a market capitalization of $45.27 billion, a PE ratio of 56.72, a P/E/G ratio of 2.17 and a beta of 0.95. The firm has a 50 day moving average of $281.13 and a two-hundred day moving average of $257.33.

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.

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