Kestra Investment Management LLC Buys 1,189 Shares of Veeva Systems Inc. $VEEV

Key Points

• Kestra Investment Management LLC increased its stake in Veeva Systems Inc. by 34.0%, owning a total of 4,687 shares valued at approximately $1,086,000 after purchasing an additional 1,189 shares.
• Multiple hedge funds including Vanguard Group Inc. and Alliancebernstein L.P. also boosted their positions in Veeva Systems, indicating strong institutional interest with a collective ownership of 88.20%.
• Veeva Systems' stock has a market capitalization of $44.77 billion and received recent price targets from analysts ranging from $300.00 to $325.00, suggesting a consensus rating of "Moderate Buy."

Kestra Investment Management LLC raised its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 34.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,687 shares of the technology company's stock after purchasing an additional 1,189 shares during the period. Kestra Investment Management LLC's holdings in Veeva Systems were worth $1,086,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Veeva Systems by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 14,760,566 shares of the technology company's stock worth $3,418,990,000 after buying an additional 315,421 shares during the period. Alliancebernstein L.P. lifted its position in Veeva Systems by 10.7% during the first 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 during the last quarter. T. Rowe Price Investment Management Inc. lifted its position in Veeva Systems by 0.7% during 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 acquiring an additional 34,169 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Veeva Systems by 20.9% during 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 acquiring an additional 689,700 shares during the period. Finally, Leigh Baldwin & CO. LLC acquired a new position in shares of Veeva Systems in the fourth quarter valued at approximately $685,355,000. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Stock Up 1.1%

VEEV opened at $273.12 on Monday. The stock has a market capitalization of $44.77 billion, a price-to-earnings ratio of 56.08, a P/E/G ratio of 2.12 and a beta of 0.95. Veeva Systems Inc. has a twelve month low of $200.30 and a twelve month high of $296.72. The company has a 50-day simple moving average of $281.33 and a 200 day simple moving average of $255.67.

Insider Buying and Selling

In other Veeva Systems news, Director Priscilla Hung sold 171 shares of the company's stock in a transaction on Monday, July 7th. The stock was sold at an average price of $284.40, for a total transaction of $48,632.40. Following the completion of the sale, the director directly owned 3,966 shares in the company, valued at $1,127,930.40. This represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction 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 completion of the sale, the senior vice president directly owned 7,902 shares in the company, valued at approximately $2,256,969.24. This represents a 8.35% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,063 shares of company stock valued at $302,955. 10.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Oppenheimer reissued an "outperform" rating and set a $325.00 price target on shares of Veeva Systems in a report on Thursday, August 28th. UBS Group lifted their target price on Veeva Systems from $285.00 to $310.00 and gave the stock a "neutral" rating in a report on Thursday, August 28th. Wall Street Zen raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Canaccord Genuity Group raised their price target on shares of Veeva Systems from $270.00 to $300.00 and gave the stock a "hold" rating in a research report on Thursday, August 28th. Finally, Stifel Nicolaus lifted their price objective on shares of Veeva Systems from $295.00 to $320.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Sixteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Veeva Systems has a consensus rating of "Moderate Buy" and a consensus target price of $299.88.

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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