Concentric Capital Strategies LP Decreases Stock Position in Veeva Systems Inc. $VEEV

Key Points

• Concentric Capital Strategies LP significantly reduced its stake in Veeva Systems Inc. by 88.7%, holding 1,830 shares worth $424,000 after selling 14,341 shares in the first quarter.
• Several institutional investors made substantial adjustments to their holdings in Veeva Systems, with Leigh Baldwin & CO. LLC acquiring a new stake valued at $685.36 million in the fourth quarter.
• Analysts have raised their price targets for Veeva Systems, with Piper Sandler and Needham & Company both increasing their targets to $355.00, corresponding to a consensus price target of $299.88 among research analysts.

Concentric Capital Strategies LP decreased its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 88.7% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,830 shares of the technology company's stock after selling 14,341 shares during the quarter. Concentric Capital Strategies LP's holdings in Veeva Systems were worth $424,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Abound Financial LLC purchased a new position in shares of Veeva Systems during the first quarter valued at approximately $25,000. ORG Partners LLC purchased a new position in Veeva Systems in the 1st quarter valued at approximately $26,000. Golden State Wealth Management LLC lifted its stake in Veeva Systems by 152.9% during the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after purchasing an additional 78 shares during the last quarter. Wayfinding Financial LLC purchased a new stake in shares of Veeva Systems during the first quarter worth approximately $32,000. Finally, Key Financial Inc increased its stake in Veeva Systems by 161.0% in 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 in the last quarter. Institutional investors own 88.20% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on VEEV. Stifel Nicolaus increased their target price on Veeva Systems from $295.00 to $320.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Piper Sandler lifted 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. Wells Fargo & Company increased their price target on shares of Veeva Systems from $300.00 to $326.00 and gave the company an "overweight" rating in a research report on Tuesday, August 26th. Wall Street Zen upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Finally, Canaccord Genuity Group lifted their target price on shares of Veeva Systems from $270.00 to $300.00 and gave the stock a "hold" rating in a research report on Thursday, August 28th. Sixteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Veeva Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $299.88.

Insider Activity

In related news, SVP Jonathan Faddis sold 720 shares of Veeva Systems 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 in the company, valued at $2,256,969.24. The trade was a 8.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Priscilla Hung sold 171 shares of the company's stock in a transaction that occurred 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 completion of the sale, the director owned 3,966 shares of the company's stock, valued at $1,127,930.40. This trade represents a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,063 shares of company stock valued at $302,955. 10.30% of the stock is owned by corporate insiders.

Veeva Systems Trading Up 1.1%

NYSE:VEEV traded up $3.06 during mid-day trading on Friday, reaching $273.12. The company's stock had a trading volume of 1,438,211 shares, compared to its average volume of 1,348,364. Veeva Systems Inc. has a 12-month low of $200.30 and a 12-month high of $296.72. The stock has a market cap of $44.77 billion, a P/E ratio of 56.08, a PEG ratio of 2.12 and a beta of 0.95. The firm's fifty day moving average price is $281.33 and its two-hundred day moving average price is $255.48.

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.