Lbp Am Sa Decreases Stake in Veeva Systems Inc. $VEEV

Key Points

• Lbp Am Sa decreased its stake in Veeva Systems Inc. by 14.1% in Q2, holding 38,312 shares worth approximately $11 million.
• Several institutional investors significantly increased their holdings in Veeva, with NBC Securities Inc. raising its stake by an astonishing 170,800%.
• Analysts have set new target prices for Veeva Systems, with estimates ranging from $210.00 to $349.00, reflecting a general consensus rating of "Moderate Buy."

Lbp Am Sa lowered its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 14.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 38,312 shares of the technology company's stock after selling 6,269 shares during the period. Lbp Am Sa's holdings in Veeva Systems were worth $11,033,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in VEEV. Versant Capital Management Inc raised its holdings in shares of Veeva Systems by 374.7% in the first quarter. Versant Capital Management Inc now owns 375 shares of the technology company's stock worth $87,000 after buying an additional 296 shares during the last quarter. NBC Securities Inc. raised its holdings in shares of Veeva Systems by 170,800.0% in the first quarter. NBC Securities Inc. now owns 1,709 shares of the technology company's stock worth $395,000 after buying an additional 1,708 shares during the last quarter. Merit Financial Group LLC raised its holdings in shares of Veeva Systems by 6.3% in the first quarter. Merit Financial Group LLC now owns 40,205 shares of the technology company's stock worth $9,313,000 after buying an additional 2,395 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its holdings in shares of Veeva Systems by 66.0% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 4,162 shares of the technology company's stock worth $964,000 after buying an additional 1,655 shares during the last quarter. Finally, Apella Capital LLC raised its holdings in shares of Veeva Systems by 16.3% in the first quarter. Apella Capital LLC now owns 14,296 shares of the technology company's stock worth $3,103,000 after buying an additional 2,006 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Analysts Set New Price Targets

VEEV has been the subject of several recent research reports. Mizuho raised their target price on shares of Veeva Systems from $295.00 to $325.00 and gave the stock an "outperform" rating in a report on Friday, August 29th. Citigroup raised their target price on shares of Veeva Systems from $329.00 to $349.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. KeyCorp raised their target price on shares of Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. UBS Group raised their target price on shares of Veeva Systems from $285.00 to $310.00 and gave the stock a "neutral" rating in a report on Thursday, August 28th. Finally, Morgan Stanley raised their target price on shares of Veeva Systems from $210.00 to $222.00 and gave the stock an "underweight" rating in a report on Thursday, August 28th. Sixteen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $303.67.

Veeva Systems Stock Performance

VEEV opened at $293.44 on Thursday. Veeva Systems Inc. has a fifty-two week low of $200.30 and a fifty-two week high of $299.95. The company has a fifty day moving average of $281.39 and a two-hundred day moving average of $261.90. The stock has a market capitalization of $48.10 billion, a price-to-earnings ratio of 60.26, a PEG ratio of 2.30 and a beta of 0.98.

Insider Buying and Selling

In other news, Director Priscilla Hung sold 171 shares of the stock in a transaction that occurred 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 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 filing with the SEC, which is available at the SEC website. Also, SVP Jonathan Faddis sold 720 shares of the business's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the sale, the senior vice president directly owned 7,902 shares of the company's stock, valued at $2,256,969.24. This represents a 8.35% decrease in their position. The disclosure for this sale can be found here. Company insiders own 10.30% of the company's stock.

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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