Blair William & Co. IL Trims Holdings in Veeva Systems Inc. $VEEV

Key Points

• Blair William & Co. IL reduced its stake in Veeva Systems by 1.1%, now holding approximately $370 million worth of shares, making it the firm’s 16th largest holding.
• Insiders at Veeva Systems, including SVP Jonathan Faddis, significantly sold their shares, with Faddis reducing his holdings by 62.96% after selling 14,595 shares.
• A number of analysts have upgraded their ratings for Veeva Systems, with TD Cowen raising the price target from $297 to $380 and maintaining a "buy" rating.

Blair William & Co. IL lessened its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 1.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,284,962 shares of the technology company's stock after selling 13,959 shares during the period. Veeva Systems makes up about 1.0% of Blair William & Co. IL's investment portfolio, making the stock its 16th largest holding. Blair William & Co. IL owned 0.79% of Veeva Systems worth $370,043,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently modified their holdings of VEEV. TFB Advisors LLC grew its position in Veeva Systems by 1.2% in the 1st quarter. TFB Advisors LLC now owns 3,586 shares of the technology company's stock valued at $831,000 after acquiring an additional 44 shares during the last quarter. Triangle Securities Wealth Management boosted its stake in shares of Veeva Systems by 0.8% during the second quarter. Triangle Securities Wealth Management now owns 5,782 shares of the technology company's stock valued at $1,665,000 after purchasing an additional 45 shares during the period. Marks Group Wealth Management Inc lifted its holdings in Veeva Systems by 3.3% during the 1st quarter. Marks Group Wealth Management Inc now owns 1,427 shares of the technology company's stock valued at $331,000 after buying an additional 46 shares in the last quarter. Harbour Investments Inc. lifted its holdings in Veeva Systems by 7.6% during the 1st quarter. Harbour Investments Inc. now owns 789 shares of the technology company's stock valued at $183,000 after buying an additional 56 shares in the last quarter. Finally, Parallel Advisors LLC lifted its holdings in Veeva Systems by 4.7% during the 2nd quarter. Parallel Advisors LLC now owns 1,236 shares of the technology company's stock valued at $356,000 after buying an additional 56 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Veeva Systems news, SVP Jonathan Faddis sold 14,595 shares of Veeva Systems stock in a transaction dated 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 owned 8,588 shares in the company, valued at approximately $2,576,400. This trade represents a 62.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Thomas D. Schwenger sold 3,350 shares of the firm's stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $300.04, for a total value of $1,005,134.00. Following the sale, the insider directly owned 23,773 shares in the company, valued at approximately $7,132,850.92. This trade represents a 12.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,665 shares of company stock valued at $5,598,280 over the last 90 days. 10.30% of the stock is currently owned by insiders.

Veeva Systems Trading Down 1.4%

Shares of NYSE:VEEV opened at $301.91 on Thursday. The company's 50 day moving average is $282.51 and its 200 day moving average is $264.13. The company has a market cap of $49.49 billion, a PE ratio of 61.99, a price-to-earnings-growth ratio of 2.37 and a beta of 0.98. Veeva Systems Inc. has a twelve month low of $201.54 and a twelve month high of $310.50.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on VEEV shares. TD Cowen raised Veeva Systems from a "hold" rating to a "buy" rating and lifted their target price for the company from $297.00 to $380.00 in a research report on Tuesday. Piper Sandler raised their target price on shares of Veeva Systems from $325.00 to $355.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. BTIG Research boosted their price target on shares of Veeva Systems from $335.00 to $340.00 and gave the company a "buy" rating in a report on Thursday, August 28th. KeyCorp increased their price objective on shares of Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Finally, Evercore ISI boosted their price objective on shares of Veeva Systems from $285.00 to $295.00 and gave the stock an "in-line" rating in a research note on Thursday, August 28th. Sixteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $307.58.

About Veeva Systems

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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