1,060 Shares in Veeva Systems Inc. $VEEV Acquired by Freedom Investment Management Inc.

Key Points

• Freedom Investment Management Inc. purchased 1,060 shares of Veeva Systems, valued at approximately $245,000, indicating growing institutional interest in the company.
• Veeva Systems reported strong quarterly earnings, with an EPS of $1.97, beating estimates by $0.23 and reflecting a 16.7% year-over-year revenue increase.
• Research analysts have raised price targets for Veeva Systems, with Citigroup setting a target of $349.00, suggesting a positive outlook for the company's stock performance.

Freedom Investment Management Inc. bought a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,060 shares of the technology company's stock, valued at approximately $245,000.

Several other hedge funds also recently made changes to their positions in VEEV. Abound Financial LLC acquired a new stake in shares of Veeva Systems in the 1st quarter worth $25,000. ORG Partners LLC acquired a new stake in shares of Veeva Systems in the 1st quarter worth $26,000. Golden State Wealth Management LLC lifted its stake in shares of Veeva Systems by 152.9% in the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after acquiring an additional 78 shares during the period. Wayfinding Financial LLC acquired a new stake in shares of Veeva Systems in the 1st quarter worth $32,000. Finally, Key Financial Inc lifted its stake in shares of Veeva Systems by 161.0% in the 1st quarter. Key Financial Inc now owns 154 shares of the technology company's stock worth $36,000 after acquiring an additional 95 shares during the period. Institutional investors and hedge funds own 88.20% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. BTIG Research raised their price objective on shares of Veeva Systems from $335.00 to $340.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. UBS Group raised their price objective on shares of Veeva Systems from $285.00 to $310.00 and gave the company a "neutral" rating in a research note on Thursday, August 28th. Raymond James Financial reiterated an "outperform" rating and issued a $340.00 price objective (up previously from $310.00) on shares of Veeva Systems in a research note on Thursday, August 28th. Morgan Stanley raised their price objective on shares of Veeva Systems from $210.00 to $222.00 and gave the company an "underweight" rating in a research note on Thursday, August 28th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Veeva Systems from $274.00 to $290.00 and gave the company a "neutral" rating in a research note on Thursday, August 28th. Sixteen 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. According to MarketBeat, Veeva Systems has a consensus rating of "Moderate Buy" and an average target price of $299.88.

Insider Transactions at Veeva Systems

In other news, SVP Jonathan Faddis sold 720 shares of Veeva Systems 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 $2,256,969.24. The trade was a 8.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Priscilla Hung sold 171 shares of Veeva Systems stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $284.40, for a total transaction of $48,632.40. Following the sale, the director owned 3,966 shares of the company's stock, valued at approximately $1,127,930.40. This trade represents a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,378 shares of company stock worth $394,217 over the last ninety days. 10.30% of the stock is currently owned by corporate insiders.

Veeva Systems Trading Down 0.4%

Shares of NYSE VEEV traded down $1.14 during midday trading on Wednesday, reaching $268.84. 294,392 shares of the stock were exchanged, compared to its average volume of 1,323,957. The company has a market capitalization of $43.93 billion, a P/E ratio of 55.21, 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. The stock has a 50 day moving average price of $281.92 and a 200-day moving average price of $254.66.

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.