BNP Paribas Financial Markets Reduces Stock Holdings in Veeva Systems Inc. $VEEV

Key Points

• BNP Paribas Financial Markets reduced its stake in Veeva Systems Inc. by 2.7%, now owning approximately 139,212 shares valued at about $32.2 million.
• Several analysts have raised their price targets for Veeva, with UBS Group increasing it to $310 and Needham & Company lifting it to $355, while the stock has an average rating of "Moderate Buy".
• Insider trading activity showed that key executives have recently sold shares, collectively reducing their positions by over 10% in recent transactions.

BNP Paribas Financial Markets cut its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 2.7% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 139,212 shares of the technology company's stock after selling 3,882 shares during the period. BNP Paribas Financial Markets owned about 0.09% of Veeva Systems worth $32,246,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Leigh Baldwin & CO. LLC purchased a new stake in shares of Veeva Systems during the fourth quarter worth $685,355,000. Nuveen LLC purchased a new position in Veeva Systems during the first quarter worth about $365,684,000. Price T Rowe Associates Inc. MD boosted 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 purchasing an additional 689,700 shares during the last quarter. Stockbridge Partners LLC purchased a new stake in shares of Veeva Systems in the 4th quarter valued at approximately $137,260,000. Finally, Linonia Partnership LP increased its holdings in shares of Veeva Systems by 52.7% during the 1st quarter. Linonia Partnership LP now owns 1,836,557 shares of the technology company's stock worth $425,402,000 after buying an additional 633,585 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on VEEV shares. Piper Sandler increased their price objective on Veeva Systems from $325.00 to $355.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. JPMorgan Chase & Co. increased their price target on Veeva Systems from $274.00 to $290.00 and gave the stock a "neutral" rating in a report on Thursday, August 28th. Morgan Stanley boosted their price objective on shares of Veeva Systems from $210.00 to $222.00 and gave the company an "underweight" rating in a report on Thursday, August 28th. Oppenheimer reaffirmed an "outperform" rating and set a $325.00 target price on shares of Veeva Systems in a research note on Thursday, August 28th. Finally, Citigroup boosted their price target on shares of Veeva Systems from $329.00 to $349.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Sixteen 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 data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $299.88.

Insider Buying and Selling

In other news, Director Priscilla Hung sold 171 shares of the firm's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $284.40, for a total value of $48,632.40. Following the sale, the director directly owned 3,966 shares in the company, valued at approximately $1,127,930.40. This trade represents a 4.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Timothy S. Cabral sold 315 shares of the business's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $289.72, for a total transaction of $91,261.80. Following the transaction, the director owned 5,500 shares of the company's stock, valued at approximately $1,593,460. The trade was a 5.42% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,378 shares of company stock worth $394,217. Company insiders own 10.30% of the company's stock.

Veeva Systems Trading Up 0.4%

NYSE:VEEV traded up $0.97 during midday trading on Wednesday, reaching $270.95. The company had a trading volume of 1,316,256 shares, compared to its average volume of 1,269,295. Veeva Systems Inc. has a 12-month low of $200.30 and a 12-month high of $296.72. The firm has a market capitalization of $44.28 billion, a price-to-earnings ratio of 55.64, a PEG ratio of 2.12 and a beta of 0.95. The stock's fifty day simple moving average is $281.75 and its 200-day simple moving average is $254.78.

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.