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 holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 166.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 19,112 shares of the technology company's stock after acquiring an additional 11,948 shares during the period. Dark Forest Capital Management LP's holdings in Veeva Systems were worth $4,427,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. grew its position in Veeva Systems by 2.2% during the first quarter. Vanguard Group Inc. now owns 14,760,566 shares of the technology company's stock valued at $3,418,990,000 after acquiring an additional 315,421 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its position in Veeva Systems by 0.7% during the first quarter. T. Rowe Price Investment Management Inc. now owns 5,203,867 shares of the technology company's stock valued at $1,205,372,000 after acquiring an additional 34,169 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Veeva Systems by 20.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company's stock valued at $924,754,000 after acquiring an additional 689,700 shares during the last quarter. Leigh Baldwin & CO. LLC purchased a new stake in shares of Veeva Systems during the fourth quarter valued at approximately $685,355,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of Veeva Systems by 7.5% during the first quarter. JPMorgan Chase & Co. now owns 3,230,758 shares of the technology company's stock valued at $748,341,000 after purchasing an additional 225,125 shares during the period. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Stock Down 1.3%

Shares of VEEV stock opened at $268.85 on Tuesday. The stock has a fifty day moving average of $282.16 and a 200 day moving average of $254.56. Veeva Systems Inc. has a 52 week low of $200.30 and a 52 week high of $296.72. The firm has a market capitalization of $43.93 billion, a price-to-earnings ratio of 55.21, a PEG ratio of 2.12 and a beta of 0.95.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. JPMorgan Chase & Co. increased their price objective on Veeva Systems from $274.00 to $290.00 and gave the company a "neutral" rating in a research note on Thursday, August 28th. Needham & Company LLC increased their price objective on Veeva Systems from $300.00 to $355.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Canaccord Genuity Group increased their price objective on Veeva Systems from $270.00 to $300.00 and gave the company a "hold" rating in a research note on Thursday, August 28th. Raymond James Financial reissued an "outperform" rating and set a $340.00 price objective (up previously from $310.00) on shares of Veeva Systems in a research note on Thursday, August 28th. Finally, UBS Group increased their price objective on Veeva Systems from $285.00 to $310.00 and gave the company a "neutral" rating in a research note on Thursday, August 28th. Sixteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Veeva Systems currently has a consensus rating of "Moderate Buy" and a consensus price target of $299.88.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction on 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 sale, the senior vice president owned 7,902 shares of the company's stock, valued at $2,256,969.24. This trade represents a 8.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Timothy S. Cabral sold 315 shares of the firm's 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 completion of the sale, the director directly owned 5,500 shares of the company's stock, 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 sold 1,378 shares of company stock valued at $394,217 over the last quarter. 10.30% of the stock is owned by company insiders.

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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