National Wealth Management Group LLC Acquires New Shares in Veeva Systems Inc. $VEEV

Key Points

• National Wealth Management Group LLC has acquired 1,919 shares of Veeva Systems Inc. valued at approximately $444,000 in the first quarter.
• Analysts have raised their price targets for Veeva Systems, with Barclays setting a new target of $325.00 and BTIG increasing it to $340.00.
• Insider transactions show a slight decrease in holdings, with Director Priscilla Hung selling 172 shares and SVP Jonathan Faddis selling 720 shares in recent months.

National Wealth Management Group LLC bought a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 1,919 shares of the technology company's stock, valued at approximately $444,000.

Several other hedge funds have also made changes to their positions in the stock. NewEdge Advisors LLC lifted its holdings in shares of Veeva Systems by 3.5% in the 1st quarter. NewEdge Advisors LLC now owns 6,560 shares of the technology company's stock worth $1,519,000 after purchasing an additional 221 shares during the last quarter. Hancock Whitney Corp lifted its holdings in shares of Veeva Systems by 0.5% in the 1st quarter. Hancock Whitney Corp now owns 76,016 shares of the technology company's stock worth $17,608,000 after purchasing an additional 345 shares during the last quarter. Edmond DE Rothschild Holding S.A. lifted its holdings in shares of Veeva Systems by 4.2% in the 1st quarter. Edmond DE Rothschild Holding S.A. now owns 457,396 shares of the technology company's stock worth $105,947,000 after purchasing an additional 18,350 shares during the last quarter. Eventide Asset Management LLC bought a new stake in shares of Veeva Systems in the 1st quarter worth approximately $328,000. Finally, Alliancebernstein L.P. lifted 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 purchasing an additional 532,269 shares during the last quarter. Institutional investors own 88.20% of the company's stock.

Analyst Ratings Changes

VEEV has been the topic of several recent research reports. Morgan Stanley raised their price target on Veeva Systems from $210.00 to $222.00 and gave the stock an "underweight" rating in a report on Thursday, August 28th. Truist Financial lifted their target price on Veeva Systems from $268.00 to $275.00 and gave the company a "hold" rating in a research note on Thursday, August 28th. BTIG Research lifted their target price on Veeva Systems from $335.00 to $340.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Mizuho lifted their target price on Veeva Systems from $295.00 to $325.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Finally, Stifel Nicolaus lifted their target price on Veeva Systems from $295.00 to $320.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Seventeen research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $301.48.

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the transaction, the senior vice president owned 7,902 shares in the company, valued at approximately $2,256,969.24. The trade was a 8.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Priscilla Hung sold 172 shares of Veeva Systems stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total value of $48,676.00. Following the transaction, the director owned 4,137 shares in the company, valued at $1,170,771. This represents a 3.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,063 shares of company stock worth $302,955 in the last quarter. 10.30% of the stock is currently owned by corporate insiders.

Veeva Systems Trading Down 3.0%

Shares of NYSE VEEV traded down $8.60 during mid-day trading on Wednesday, reaching $274.09. The company had a trading volume of 646,208 shares, compared to its average volume of 1,330,156. Veeva Systems Inc. has a 1-year low of $200.30 and a 1-year high of $296.72. The stock has a market cap of $44.93 billion, a PE ratio of 56.28, a P/E/G ratio of 2.20 and a beta of 0.95. The company has a 50-day moving average price of $281.23 and a two-hundred day moving average price of $256.25.

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.