J. Safra Sarasin Holding AG Cuts Stock Holdings in Veeva Systems Inc. $VEEV

Key Points

• J. Safra Sarasin Holding AG reduced its stake in Veeva Systems Inc. by 8.5%, owning 12,997 shares valued at approximately $3,743,000 after selling 1,206 shares in Q2.
• Investment analysts have raised their target prices for Veeva Systems, with the majority giving it a consensus rating of "Moderate Buy" and an average target price of $303.67.
• Insider selling occurred with Director Priscilla Hung selling 171 shares at an average price of $284.40, marking a 4.13% decrease in her position.

J. Safra Sarasin Holding AG lowered its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 8.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,997 shares of the technology company's stock after selling 1,206 shares during the period. J. Safra Sarasin Holding AG's holdings in Veeva Systems were worth $3,743,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sowell Financial Services LLC bought a new position in shares of Veeva Systems during the 1st quarter worth approximately $274,000. Crossmark Global Holdings Inc. purchased a new stake in shares of Veeva Systems during the first quarter valued at approximately $299,000. GAMMA Investing LLC increased its position in shares of Veeva Systems by 13.8% during the first quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock valued at $422,000 after acquiring an additional 221 shares during the last quarter. Janney Montgomery Scott LLC bought a new stake in Veeva Systems during the first quarter worth $5,876,000. Finally, Private Trust Co. NA boosted its position in Veeva Systems by 35.0% in the first quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock worth $57,000 after purchasing an additional 64 shares during the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Trading Up 2.4%

Veeva Systems stock opened at $300.43 on Friday. Veeva Systems Inc. has a 1-year low of $200.30 and a 1-year high of $300.88. The firm has a market capitalization of $49.24 billion, a price-to-earnings ratio of 61.69, a P/E/G ratio of 2.26 and a beta of 0.98. The firm has a 50 day simple moving average of $281.57 and a 200 day simple moving average of $262.34.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Evercore ISI raised their target price on Veeva Systems from $285.00 to $295.00 and gave the company an "in-line" rating in a research report on Thursday, August 28th. Barclays increased their price target 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. Raymond James Financial reaffirmed an "outperform" rating and issued a $340.00 price objective (up previously from $310.00) on shares of Veeva Systems in a research report on Thursday, August 28th. JPMorgan Chase & Co. raised shares of Veeva Systems from a "neutral" rating to an "overweight" rating and increased their target price for the company from $290.00 to $330.00 in a research report on Monday, September 8th. Finally, Wells Fargo & Company raised their price target on shares of Veeva Systems from $300.00 to $326.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 26th. Sixteen investment 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $303.67.

Insiders Place Their Bets

In other Veeva Systems news, Director Priscilla Hung sold 171 shares of the firm's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $284.40, for a total value of $48,632.40. Following the completion of the transaction, the director owned 3,966 shares in the company, valued at $1,127,930.40. This trade represents a 4.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 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. The trade was a 8.35% decrease in their position. The disclosure for this sale can be found here. 10.30% of the stock is owned by company insiders.

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.

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