Focus Partners Advisor Solutions LLC Acquires New Holdings in Veeva Systems Inc. $VEEV

Key Points

• Focus Partners Advisor Solutions LLC made a new investment of $258,000 in Veeva Systems Inc., acquiring 1,112 shares during the 1st quarter.
• Multiple large investors increased their stakes in Veeva Systems, with Ensign Peak Advisors Inc. growing its stake by 63.3%, now owning over 103,000 shares valued at approximately $21.7 million.
• Veeva Systems' stock received various analyst upgrades, with price targets raised significantly, indicating strong bullish sentiment; for example, Raymond James Financial set a price target of $340, up from $310.

Focus Partners Advisor Solutions LLC purchased a new stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,112 shares of the technology company's stock, valued at approximately $258,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sowell Financial Services LLC purchased a new stake in Veeva Systems in the 1st quarter valued at $274,000. Crossmark Global Holdings Inc. purchased a new stake in Veeva Systems in the 1st quarter valued at $299,000. Janney Montgomery Scott LLC purchased a new stake in Veeva Systems in the 1st quarter valued at $5,876,000. GAMMA Investing LLC raised its position in Veeva Systems by 13.8% in the 1st quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock valued at $422,000 after purchasing an additional 221 shares during the last quarter. Finally, Private Trust Co. NA raised its position in Veeva Systems by 35.0% in the 1st quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock valued at $57,000 after purchasing an additional 64 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Wall Street Analysts Forecast Growth

VEEV has been the subject of several research reports. KeyCorp upped their price target on shares of Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research report on Monday, July 14th. Truist Financial lifted 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. Piper Sandler boosted their price target 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. Barclays raised their price objective on shares of Veeva Systems from $300.00 to $325.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Finally, Raymond James Financial reiterated an "outperform" rating and set a $340.00 target price (up previously from $310.00) on shares of Veeva Systems in a research report 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 issued a Sell rating to the company's stock. According to MarketBeat.com, Veeva Systems has a consensus rating of "Moderate Buy" and a consensus price target of $301.48.

Insider Transactions at Veeva Systems

In related news, Director Priscilla Hung sold 171 shares of the stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $284.40, for a total value of $48,632.40. Following the sale, the director directly owned 3,966 shares of the company's stock, valued at approximately $1,127,930.40. This represents a 4.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Jonathan Faddis sold 720 shares of the stock in a transaction dated 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 sale, the senior vice president directly owned 7,902 shares in the company, valued at approximately $2,256,969.24. The trade was a 8.35% 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 worth $302,955. 10.30% of the stock is owned by corporate insiders.

Veeva Systems Trading Down 2.7%

Shares of NYSE:VEEV traded down $7.70 on Wednesday, reaching $274.99. 1,527,897 shares of the company were exchanged, compared to its average volume of 1,335,474. Veeva Systems Inc. has a 1-year low of $200.30 and a 1-year high of $296.72. The firm has a market cap of $45.07 billion, a price-to-earnings ratio of 56.47, a price-to-earnings-growth ratio of 2.20 and a beta of 0.95. The company has a 50-day moving average of $281.23 and a 200-day moving average of $256.25.

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.