GC Wealth Management RIA LLC Acquires Shares of 1,771 Veeva Systems Inc. $VEEV

Key Points

• GC Wealth Management RIA LLC has acquired 1,771 shares of Veeva Systems Inc., valued at approximately $510,000, during the second quarter.
• Veeva Systems stock has a market capitalization of $48.85 billion and currently trades at around $298.00, with analysts giving it an average rating of "Moderate Buy" and a target price of $303.67.
• Insider trading activity includes director Priscilla Hung selling 171 shares at an average price of $284.40, indicating an upward trend in institutional ownership, with 88.20% of shares held by institutional investors.

GC Wealth Management RIA LLC acquired a new stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,771 shares of the technology company's stock, valued at approximately $510,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings 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 purchasing an additional 315,421 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Veeva Systems by 10.7% in the 1st quarter. Alliancebernstein L.P. now owns 5,499,651 shares of the technology company's stock worth $1,273,884,000 after acquiring an additional 532,269 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Veeva Systems by 0.7% in the 1st 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 acquiring an additional 34,169 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Veeva Systems by 20.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company's stock worth $924,754,000 after acquiring an additional 689,700 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Veeva Systems by 7.5% in the 1st quarter. JPMorgan Chase & Co. now owns 3,230,758 shares of the technology company's stock worth $748,341,000 after acquiring an additional 225,125 shares in the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.

Veeva Systems Price Performance

VEEV stock opened at $298.00 on Wednesday. The company has a 50 day moving average price of $281.23 and a 200 day moving average price of $261.68. Veeva Systems Inc. has a fifty-two week low of $200.30 and a fifty-two week high of $299.95. The stock has a market capitalization of $48.85 billion, a PE ratio of 61.19, a price-to-earnings-growth ratio of 2.26 and a beta of 0.95.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, Director Priscilla Hung sold 171 shares of the company's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $284.40, for a total transaction of $48,632.40. Following the completion of the sale, the director owned 3,966 shares in the company, valued at approximately $1,127,930.40. The trade was a 4.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Jonathan Faddis sold 720 shares of the company's 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 sale, the senior vice president owned 7,902 shares of the company's stock, valued at $2,256,969.24. The trade was a 8.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,063 shares of company stock valued at $302,955 in the last quarter. Corporate insiders own 10.30% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on VEEV. Truist Financial boosted their target price on Veeva Systems from $268.00 to $275.00 and gave the stock a "hold" rating in a report on Thursday, August 28th. Citigroup boosted their target price on Veeva Systems from $329.00 to $349.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Needham & Company LLC boosted their target price on Veeva Systems from $300.00 to $355.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Barclays boosted their target price on Veeva Systems from $300.00 to $325.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Finally, Piper Sandler boosted their price objective on shares of Veeva Systems from $325.00 to $355.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Sixteen analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Veeva Systems presently has an average rating of "Moderate Buy" and an average price target of $303.67.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.