Counterpoint Mutual Funds LLC Takes Position in Veeva Systems Inc. $VEEV

Key Points

• Counterpoint Mutual Funds LLC acquired a new position in Veeva Systems, purchasing 6,691 shares valued at approximately $1,927,000 during the second quarter.
• A significant number of institutional investors raised their stakes in Veeva Systems, with a reported 88.20% of the company's stock now owned by such investors.
• Brokerages have increased their price targets for Veeva Systems' shares, with estimates ranging from $295.00 to $355.00 and a consensus target price of $301.48.

Counterpoint Mutual Funds LLC purchased a new stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 6,691 shares of the technology company's stock, valued at approximately $1,927,000.

Several other institutional investors and hedge funds have also recently modified their holdings of VEEV. Vident Advisory LLC raised its stake in shares of Veeva Systems by 27.9% during the fourth quarter. Vident Advisory LLC now owns 2,752 shares of the technology company's stock valued at $579,000 after acquiring an additional 601 shares in the last quarter. Vise Technologies Inc. bought a new stake in shares of Veeva Systems during the fourth quarter valued at approximately $204,000. Public Employees Retirement System of Ohio raised its stake in shares of Veeva Systems by 16.6% during the fourth quarter. Public Employees Retirement System of Ohio now owns 62,804 shares of the technology company's stock valued at $13,205,000 after acquiring an additional 8,947 shares in the last quarter. Forum Financial Management LP raised its stake in shares of Veeva Systems by 75.9% during the fourth quarter. Forum Financial Management LP now owns 2,144 shares of the technology company's stock valued at $451,000 after acquiring an additional 925 shares in the last quarter. Finally, Mackenzie Financial Corp raised its stake in shares of Veeva Systems by 24.6% during the fourth quarter. Mackenzie Financial Corp now owns 32,742 shares of the technology company's stock valued at $6,884,000 after acquiring an additional 6,467 shares in the last quarter. Institutional investors own 88.20% of the company's stock.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 720 shares of the company's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $285.62, for a total value of $205,646.40. Following 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Priscilla Hung sold 171 shares of the company's stock in a transaction on 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 in the company, valued at approximately $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. Over the last ninety days, insiders sold 1,063 shares of company stock worth $302,955. 10.30% of the stock is owned by corporate insiders.

Veeva Systems Stock Performance

NYSE:VEEV opened at $281.25 on Tuesday. Veeva Systems Inc. has a one year low of $200.30 and a one year high of $296.72. The firm has a market cap of $46.10 billion, a price-to-earnings ratio of 57.75, a PEG ratio of 2.15 and a beta of 0.95. The firm's fifty day moving average is $280.63 and its two-hundred day moving average is $259.65.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on VEEV. Evercore ISI boosted their price objective on shares of Veeva Systems from $285.00 to $295.00 and gave the stock an "in-line" rating in a research note on Thursday, August 28th. Barclays boosted their price objective on shares of Veeva Systems from $300.00 to $325.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Stifel Nicolaus boosted their price objective on shares of Veeva Systems from $295.00 to $320.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Needham & Company LLC boosted their price objective on shares of Veeva Systems from $300.00 to $355.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Finally, Piper Sandler boosted their price objective on shares of Veeva Systems from $325.00 to $355.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Seventeen equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus 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.

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