Veeva Systems Inc. $VEEV Shares Acquired by Channel Wealth LLC

Key Points

• Channel Wealth LLC increased its stake in Veeva Systems by 6.5%, owning a total of 18,760 shares valued at approximately $5.4 million.
• Several brokerages have recently raised their price targets for Veeva Systems, with KeyCorp and Piper Sandler setting new targets of $325 and $355 respectively, indicating a bullish outlook.
• Insiders at Veeva Systems have recently sold shares, with notable sales including a Senior Vice President who reduced their position by 8.35%.

Channel Wealth LLC increased its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 6.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 18,760 shares of the technology company's stock after buying an additional 1,139 shares during the quarter. Veeva Systems comprises approximately 1.5% of Channel Wealth LLC's portfolio, making the stock its 20th largest position. Channel Wealth LLC's holdings in Veeva Systems were worth $5,403,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Sowell Financial Services LLC acquired a new stake in Veeva Systems in the 1st quarter valued at approximately $274,000. Crossmark Global Holdings Inc. acquired a new stake in Veeva Systems in the 1st quarter valued at approximately $299,000. GAMMA Investing LLC increased its holdings in Veeva Systems by 13.8% in the 1st quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock valued at $422,000 after purchasing an additional 221 shares during the last quarter. Janney Montgomery Scott LLC acquired a new stake in Veeva Systems in the 1st quarter valued at approximately $5,876,000. Finally, Private Trust Co. NA increased its holdings in Veeva Systems by 35.0% in the 1st quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock valued at $57,000 after purchasing an additional 64 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Insider Transactions at Veeva Systems

In other news, SVP Jonathan Faddis sold 720 shares of the company's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $285.62, for a total value of $205,646.40. Following the completion of the sale, the senior vice president directly owned 7,902 shares of the company's stock, valued at approximately $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Priscilla Hung sold 171 shares of the company's stock in a transaction dated 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 directly owned 3,966 shares of the company's stock, valued at $1,127,930.40. The trade was a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,063 shares of company stock valued at $302,955 over the last ninety days. Corporate insiders own 10.30% of the company's stock.

Veeva Systems Stock Down 0.8%

VEEV traded down $2.10 on Friday, reaching $276.98. The company had a trading volume of 2,339,568 shares, compared to its average volume of 1,332,591. Veeva Systems Inc. has a 1 year low of $200.30 and a 1 year high of $296.72. The stock has a market capitalization of $45.40 billion, a PE ratio of 56.87, a P/E/G ratio of 2.13 and a beta of 0.95. The stock has a 50-day moving average price of $280.63 and a 200-day moving average price of $258.58.

Wall Street Analyst Weigh In

VEEV has been the subject of several research reports. Oppenheimer restated an "outperform" rating and issued a $325.00 price target on shares of Veeva Systems in a research note on Thursday, August 28th. Raymond James Financial restated an "outperform" rating and issued a $340.00 price target (up previously from $310.00) on shares of Veeva Systems in a research note on Thursday, August 28th. BTIG Research boosted their price target on shares of Veeva Systems from $335.00 to $340.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Truist Financial boosted their price target on shares of Veeva Systems from $268.00 to $275.00 and gave the stock a "hold" rating in a research note on Thursday, August 28th. Finally, Mizuho boosted their price target on shares of Veeva Systems from $295.00 to $325.00 and gave the stock an "outperform" rating in a research note on Friday, August 29th. Seventeen research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $301.48.

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.