Caxton Associates LLP Buys New Shares in Veeva Systems Inc. $VEEV

Key Points

• Caxton Associates LLP purchased a new stake in Veeva Systems Inc., acquiring 4,034 shares valued at approximately $934,000 in the first quarter.
• Vanguard Group and Alliancebernstein L.P. increased their holdings in Veeva Systems by 2.2% and 10.7% respectively, signaling strong institutional interest in the company.
• Analysts have raised their target prices for Veeva Systems, with Needham & Company setting a new price target of $355.00 and consensus ratings reflecting a strong "Moderate Buy" outlook.

Caxton Associates LLP bought a new stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 4,034 shares of the technology company's stock, valued at approximately $934,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Veeva Systems by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 14,760,566 shares of the technology company's stock valued at $3,418,990,000 after purchasing an additional 315,421 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in Veeva Systems by 10.7% during the 1st quarter. Alliancebernstein L.P. now owns 5,499,651 shares of the technology company's stock valued at $1,273,884,000 after purchasing an additional 532,269 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in 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 valued at $1,205,372,000 after purchasing an additional 34,169 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in 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 valued at $924,754,000 after purchasing an additional 689,700 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Veeva Systems by 7.5% during the 1st quarter. JPMorgan Chase & Co. now owns 3,230,758 shares of the technology company's stock valued at $748,341,000 after purchasing an additional 225,125 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Needham & Company LLC raised their price target on Veeva Systems from $300.00 to $355.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Stifel Nicolaus raised their price target on Veeva Systems from $295.00 to $320.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Raymond James Financial reissued an "outperform" rating and set a $340.00 target price (up previously from $310.00) on shares of Veeva Systems in a report on Thursday, August 28th. Morgan Stanley lifted their target price on Veeva Systems from $210.00 to $222.00 and gave the stock an "underweight" rating in a report on Thursday, August 28th. Finally, Oppenheimer reissued an "outperform" rating and set a $325.00 target price on shares of Veeva Systems in a report on Thursday, August 28th. Seventeen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $301.48.

Insider Transactions at Veeva Systems

In related news, SVP Jonathan Faddis sold 720 shares of the business's stock in a transaction dated Thursday, July 10th. The stock was 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. The trade was a 8.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Priscilla Hung sold 172 shares of the business's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total value of $48,676.00. Following the completion of the transaction, the director directly owned 4,137 shares of the company's stock, valued at approximately $1,170,771. This trade represents a 3.99% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,063 shares of company stock valued at $302,955. 10.30% of the stock is owned by insiders.

Veeva Systems Stock Performance

VEEV opened at $274.99 on Thursday. Veeva Systems Inc. has a fifty-two week low of $200.30 and a fifty-two week high of $296.72. The company has a market capitalization of $45.07 billion, a P/E ratio of 56.47, a P/E/G ratio of 2.20 and a beta of 0.95. The stock has a fifty day moving average of $281.09 and a 200-day moving average of $256.38.

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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