Dark Forest Capital Management LP Acquires 11,948 Shares of Veeva Systems Inc. $VEEV

Key Points

• Dark Forest Capital Management LP acquired an additional 11,948 shares of Veeva Systems Inc., increasing its holdings by 166.8% to 19,112 shares valued at approximately $4.43 million.
• Major institutions like Vanguard Group Inc. and T. Rowe Price Investment Management Inc. have also increased their stakes, indicating strong institutional interest with 88.20% of Veeva's stock owned by institutional investors.
• The stock price of Veeva Systems (NYSE:VEEV) opened at $268.85, showing a decline of 1.3%, and analysts have set varied price targets reflecting overall positive ratings.

Dark Forest Capital Management LP raised its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 166.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,112 shares of the technology company's stock after buying an additional 11,948 shares during the quarter. Dark Forest Capital Management LP's holdings in Veeva Systems were worth $4,427,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Abound Financial LLC purchased a new stake in Veeva Systems during the 1st quarter valued at approximately $25,000. ORG Partners LLC purchased a new stake in Veeva Systems during the 1st quarter valued at approximately $26,000. Golden State Wealth Management LLC grew its holdings 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 buying an additional 78 shares in the last quarter. Wayfinding Financial LLC purchased a new position in shares of Veeva Systems in the first quarter valued at $32,000. Finally, Key Financial Inc grew its holdings in shares of Veeva Systems by 161.0% in the first 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. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of the transaction, the senior vice president directly 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Priscilla Hung sold 172 shares of Veeva Systems stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total transaction of $48,676.00. Following the transaction, the director directly owned 4,137 shares of the company's stock, valued at $1,170,771. The trade was a 3.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,063 shares of company stock valued at $302,955 over the last ninety days. 10.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on VEEV. Wall Street Zen raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Canaccord Genuity Group raised their target price on shares of Veeva Systems from $270.00 to $300.00 and gave the company a "hold" rating in a report on Thursday, August 28th. JPMorgan Chase & Co. raised their target price on shares of Veeva Systems from $274.00 to $290.00 and gave the company a "neutral" rating in a report on Thursday, August 28th. BTIG Research raised their target price on shares of Veeva Systems from $335.00 to $340.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Finally, Truist Financial raised their target price on shares of Veeva Systems from $268.00 to $275.00 and gave the company a "hold" rating in a report on Thursday, August 28th. Sixteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Veeva Systems currently has an average rating of "Moderate Buy" and an average target price of $299.88.

Veeva Systems Stock Performance

NYSE VEEV traded up $3.06 on Friday, hitting $273.12. 1,438,211 shares of the stock were exchanged, compared to its average volume of 1,348,364. The stock has a fifty day moving average price of $281.33 and a two-hundred day moving average price of $255.67. The firm has a market capitalization of $44.77 billion, a P/E ratio of 56.08, a P/E/G ratio of 2.12 and a beta of 0.95. Veeva Systems Inc. has a 52-week low of $200.30 and a 52-week high of $296.72.

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.