Allegiance Financial Group Advisory Services LLC Takes Position in Veeva Systems Inc. $VEEV

Key Points

• Allegiance Financial Group Advisory Services LLC has acquired a new stake in Veeva Systems Inc., purchasing 1,170 shares valued at approximately $337,000 during the 2nd quarter.
• Several Wall Street analysts have upgraded their ratings on Veeva Systems, with target prices increasing notably, indicating a positive outlook for the stock.
• Insider trading activity includes significant share sales by company executives, reflecting a 12.35% and 62.96% decrease in their ownership, respectively.

Allegiance Financial Group Advisory Services LLC bought a new stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,170 shares of the technology company's stock, valued at approximately $337,000.

Other hedge funds have also recently made changes to their positions in the company. Abound Financial LLC purchased a new stake in shares of Veeva Systems during the 1st quarter valued at about $25,000. ORG Partners LLC bought a new position in Veeva Systems during the 1st quarter valued at about $26,000. Golden State Wealth Management LLC grew its holdings in Veeva Systems by 152.9% during the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock valued at $30,000 after purchasing an additional 78 shares during the last quarter. Wayfinding Financial LLC bought a new position in Veeva Systems during the 1st quarter valued at about $32,000. Finally, Legacy Investment Solutions LLC bought a new position in Veeva Systems during the 2nd quarter valued at about $32,000. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Evercore ISI upped 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. JPMorgan Chase & Co. upgraded shares of Veeva Systems from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $290.00 to $330.00 in a research note on Monday, September 8th. TD Cowen upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating and upped their target price for the stock from $297.00 to $380.00 in a research note on Tuesday. Citigroup upped their target price on shares of Veeva Systems from $329.00 to $349.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Finally, Canaccord Genuity Group upped their price target 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. Sixteen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $307.58.

Insiders Place Their Bets

In other Veeva Systems news, insider Thomas D. Schwenger sold 3,350 shares of the firm's stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $300.04, for a total value of $1,005,134.00. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Jonathan Faddis sold 14,595 shares of the firm's stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $300.00, for a total transaction of $4,378,500.00. Following the completion of the transaction, the senior vice president directly owned 8,588 shares of the company's stock, valued at approximately $2,576,400. This represents a 62.96% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,665 shares of company stock valued at $5,598,280. Corporate insiders own 10.30% of the company's stock.

Veeva Systems Stock Down 1.4%

NYSE:VEEV opened at $301.91 on Thursday. Veeva Systems Inc. has a 52 week low of $201.54 and a 52 week high of $310.50. The firm has a 50 day moving average of $282.51 and a 200 day moving average of $264.13. The stock has a market capitalization of $49.49 billion, a price-to-earnings ratio of 61.99, a PEG ratio of 2.37 and a beta of 0.98.

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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