Comerica Bank Decreases Stock Holdings in Veeva Systems Inc. $VEEV

Key Points

• Comerica Bank reduced its stake in Veeva Systems Inc. by 14.0%, selling 2,081 shares and retaining 12,831 shares valued at approximately $2.97 million as of the last quarter.
• Several institutional investors, including Vanguard Group and JPMorgan Chase, have increased their holdings in Veeva Systems, demonstrating strong institutional interest in the company.
• Wall Street analysts have raised their price targets for Veeva Systems, with Needham & Company setting a target of $355.00, indicating strong market confidence in the stock's performance.

Comerica Bank lessened its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 14.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 12,831 shares of the technology company's stock after selling 2,081 shares during the quarter. Comerica Bank's holdings in Veeva Systems were worth $2,972,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in VEEV. Abound Financial LLC bought a new stake in Veeva Systems during the 1st quarter valued at approximately $25,000. ORG Partners LLC bought a new stake in Veeva Systems during the 1st quarter valued at approximately $26,000. Golden State Wealth Management LLC raised its stake in Veeva Systems by 152.9% during the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock valued at $30,000 after purchasing an additional 78 shares during the period. Wayfinding Financial LLC bought a new stake in Veeva Systems during the 1st quarter valued at approximately $32,000. Finally, Key Financial Inc raised its stake in Veeva Systems by 161.0% during the 1st quarter. Key Financial Inc now owns 154 shares of the technology company's stock valued at $36,000 after purchasing an additional 95 shares during the period. Institutional investors own 88.20% of the company's stock.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, Director Priscilla Hung sold 172 shares of the company's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total value of $48,676.00. Following the transaction, the director owned 4,137 shares of the company's stock, valued at $1,170,771. This represents a 3.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Timothy S. Cabral sold 315 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $289.72, for a total value of $91,261.80. Following the transaction, the director directly owned 5,500 shares in the company, valued at $1,593,460. The trade was a 5.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,378 shares of company stock valued at $394,217 in the last quarter. 10.30% of the stock is owned by insiders.

Veeva Systems Stock Performance

Veeva Systems stock traded down $2.96 during mid-day trading on Thursday, hitting $268.00. The company's stock had a trading volume of 525,046 shares, compared to its average volume of 1,325,336. The company has a 50 day moving average of $281.75 and a 200-day moving average of $254.78. The stock has a market cap of $43.79 billion, a PE ratio of 55.05, a P/E/G ratio of 2.12 and a beta of 0.95. Veeva Systems Inc. has a one year low of $200.30 and a one year high of $296.72.

Analysts Set New Price Targets

VEEV has been the topic of a number of research reports. Raymond James Financial reaffirmed an "outperform" rating and issued a $340.00 price objective (up previously from $310.00) on shares of Veeva Systems in a research note on Thursday, August 28th. Truist Financial lifted their target price on Veeva Systems from $268.00 to $275.00 and gave the stock a "hold" rating in a report on Thursday, August 28th. JPMorgan Chase & Co. lifted their target price on Veeva Systems from $274.00 to $290.00 and gave the stock a "neutral" rating in a report on Thursday, August 28th. KeyCorp lifted their target price on Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Finally, Piper Sandler lifted their target price on Veeva Systems from $325.00 to $355.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Sixteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Veeva Systems has an average rating of "Moderate Buy" and a consensus price target of $299.88.

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.