Eventide Asset Management LLC Takes Position in Veeva Systems Inc. $VEEV

Key Points

• Eventide Asset Management LLC has made a new investment in Veeva Systems Inc., purchasing 1,401 shares valued at approximately $328,000.
• Institutional investors and hedge funds collectively own 88.20% of Veeva Systems' stock, indicating strong institutional interest.
• Recent analyst upgrades have increased price targets for Veeva Systems, with UBS Group raising theirs from $285 to $310 and several others issuing "buy" ratings.

Eventide Asset Management LLC purchased a new stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 1,401 shares of the technology company's stock, valued at approximately $328,000.

A number of other large investors have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Veeva Systems by 2.2% in 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 period. Alliancebernstein L.P. boosted its stake in Veeva Systems by 10.7% in the first quarter. Alliancebernstein L.P. now owns 5,499,651 shares of the technology company's stock worth $1,273,884,000 after purchasing an additional 532,269 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in Veeva Systems by 0.7% in the first quarter. T. Rowe Price Investment Management Inc. now owns 5,203,867 shares of the technology company's stock worth $1,205,372,000 after purchasing an additional 34,169 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Veeva Systems by 20.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company's stock worth $924,754,000 after purchasing an additional 689,700 shares in the last quarter. Finally, Leigh Baldwin & CO. LLC acquired a new position in Veeva Systems in the fourth quarter worth $685,355,000. 88.20% of the stock is currently owned by institutional investors.

Insider Activity at Veeva Systems

In related news, Director Priscilla Hung sold 172 shares of the stock in a transaction that occurred 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 completion of the transaction, the director directly owned 4,137 shares of the company's stock, valued at approximately $1,170,771. This represents a 3.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Jonathan Faddis sold 720 shares of the stock in a transaction that occurred 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 transaction, the senior vice president directly 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 disclosure for this sale can be found here. Insiders have sold 1,063 shares of company stock valued at $302,955 over the last three months. Insiders own 10.30% of the company's stock.

Veeva Systems Price Performance

Shares of Veeva Systems stock traded up $3.06 during trading hours on Friday, hitting $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 50 day moving average of $281.33 and a 200 day moving average of $255.48. The company has a market capitalization of $44.77 billion, a PE ratio of 56.08, a price-to-earnings-growth ratio of 2.12 and a beta of 0.95.

Analyst Upgrades and Downgrades

VEEV has been the topic of several research reports. Raymond James Financial reaffirmed an "outperform" rating and set a $340.00 price target (up previously from $310.00) on shares of Veeva Systems in a research note on Thursday, August 28th. Oppenheimer reaffirmed an "outperform" rating and set a $325.00 price target on shares of Veeva Systems in a research note on Thursday, August 28th. Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. BTIG Research upped their price target on Veeva Systems from $335.00 to $340.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Finally, Mizuho upped their price target on Veeva Systems from $295.00 to $325.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Sixteen investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Veeva Systems has an average rating of "Moderate Buy" and an average price target of $299.88.

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.