Merit Financial Group LLC Boosts Stock Position in Veeva Systems Inc. $VEEV

Key Points

• Merit Financial Group LLC increased its stake in Veeva Systems by 12.5% during the second quarter, holding now 45,247 shares valued at approximately $13.03 million.
• Wall Street analysts have boosted their price targets for Veeva Systems, with Canaccord Genuity raising it to $300 and Wells Fargo to $326, reflecting a positive outlook for the company's stock.
• Insider transactions revealed that Veeva Systems' Director Priscilla Hung sold 171 shares, and SVP Jonathan Faddis sold 14,595 shares, indicating significant shifts in personal holdings.

Merit Financial Group LLC grew its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 12.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 45,247 shares of the technology company's stock after buying an additional 5,042 shares during the quarter. Merit Financial Group LLC's holdings in Veeva Systems were worth $13,030,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in VEEV. NBC Securities Inc. increased its position 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 valued at $395,000 after buying an additional 1,708 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its stake 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 acquiring an additional 1,655 shares during the last quarter. Procyon Advisors LLC boosted its stake in shares of Veeva Systems by 15.8% in the first quarter. Procyon Advisors LLC now owns 4,394 shares of the technology company's stock worth $1,018,000 after acquiring an additional 598 shares during the last quarter. Harrington Investments INC boosted its stake in shares of Veeva Systems by 4.4% in the first quarter. Harrington Investments INC now owns 7,005 shares of the technology company's stock worth $1,623,000 after acquiring an additional 295 shares during the last quarter. Finally, Blue Zone Wealth Advisors LLC boosted its stake in shares of Veeva Systems by 9.7% in the first quarter. Blue Zone Wealth Advisors LLC now owns 17,219 shares of the technology company's stock worth $3,988,000 after acquiring an additional 1,525 shares during the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Canaccord Genuity Group lifted their price target on Veeva Systems from $270.00 to $300.00 and gave the stock a "hold" rating in a research note on Thursday, August 28th. Wells Fargo & Company lifted their price target on Veeva Systems from $300.00 to $326.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 26th. Piper Sandler lifted their price target on Veeva Systems from $325.00 to $355.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. UBS Group lifted their price objective on Veeva Systems from $285.00 to $310.00 and gave the stock a "neutral" rating in a research report on Thursday, August 28th. Finally, KeyCorp lifted their price objective on Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Sixteen investment 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. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $303.67.

Insider Transactions at Veeva Systems

In other news, Director Priscilla Hung sold 171 shares of the firm'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 transaction, the director directly owned 3,966 shares in the company, valued at $1,127,930.40. This trade represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Jonathan Faddis sold 14,595 shares of the firm's stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $300.00, for a total value of $4,378,500.00. Following the transaction, the senior vice president owned 8,588 shares of the company's stock, valued at approximately $2,576,400. This represents a 62.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,836 shares of company stock worth $5,637,913 over the last ninety days. Company insiders own 10.30% of the company's stock.

Veeva Systems Trading Down 1.4%

NYSE VEEV opened at $296.47 on Friday. The stock has a market cap of $48.60 billion, a PE ratio of 60.88, a P/E/G ratio of 2.29 and a beta of 0.98. Veeva Systems Inc. has a twelve month low of $200.30 and a twelve month high of $302.00. The stock has a fifty day simple moving average of $281.68 and a 200-day simple moving average of $262.93.

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.

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