AQR Capital Management LLC Acquires 19,934 Shares of Veeva Systems Inc. $VEEV

Key Points

• AQR Capital Management LLC increased its stake in Veeva Systems by 2.4% in the first quarter, now owning 868,141 shares valued at approximately $200.4 million.
• Analysts have recently raised their price targets for Veeva Systems, with Barclays setting a new target of $325.00, while the consensus price target stands at $299.88.
• Insiders have sold a combined 1,378 shares of Veeva Systems stock in the last quarter, representing a total value of $394,217, indicating some insider profit-taking.

AQR Capital Management LLC raised its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 2.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 868,141 shares of the technology company's stock after acquiring an additional 19,934 shares during the quarter. AQR Capital Management LLC owned about 0.53% of Veeva Systems worth $200,376,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of VEEV. Leigh Baldwin & CO. LLC bought a new position in Veeva Systems in the 4th quarter valued at about $685,355,000. Nuveen LLC bought a new position in Veeva Systems in the 1st quarter valued at about $365,684,000. Price T Rowe Associates Inc. MD raised its holdings in Veeva Systems by 20.9% in 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. Stockbridge Partners LLC bought a new position in Veeva Systems in the 4th quarter valued at about $137,260,000. Finally, Linonia Partnership LP raised its holdings in Veeva Systems by 52.7% in the 1st quarter. Linonia Partnership LP now owns 1,836,557 shares of the technology company's stock valued at $425,402,000 after acquiring an additional 633,585 shares during the period. 88.20% of the stock is owned by institutional investors.

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 sale, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. This trade represents a 8.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Priscilla Hung sold 171 shares of the firm's 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 sale, the director owned 3,966 shares in the company, valued at $1,127,930.40. This represents a 4.13% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,063 shares of company stock worth $302,955 in the last quarter. 10.30% of the stock is currently owned by company insiders.

Veeva Systems Stock Performance

Shares of NYSE VEEV traded up $3.06 during trading hours on Friday, hitting $273.12. 1,438,211 shares of the stock were exchanged, compared to its average volume of 1,318,675. The company has a market cap of $44.63 billion, a PE ratio of 56.08, a price-to-earnings-growth ratio of 2.12 and a beta of 0.95. The company's fifty day simple moving average is $281.33 and its two-hundred day simple moving average is $255.48. Veeva Systems Inc. has a 1-year low of $200.30 and a 1-year high of $296.72.

Wall Street Analyst Weigh In

Several research analysts have weighed in on VEEV shares. KeyCorp increased their price target on shares of Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a report on Monday, July 14th. Wall Street Zen raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. JPMorgan Chase & Co. raised their target price on shares of Veeva Systems from $274.00 to $290.00 and gave the stock a "neutral" rating in a report on Thursday, August 28th. UBS Group raised their target price on shares of Veeva Systems from $285.00 to $310.00 and gave the stock a "neutral" rating in a report on Thursday, August 28th. Finally, Piper Sandler raised their target price on shares of Veeva Systems from $325.00 to $355.00 and gave the stock an "overweight" rating in a 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 stock. According to MarketBeat, Veeva Systems currently has a consensus rating of "Moderate Buy" and a consensus price target of $299.88.

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.