NorthCrest Asset Manangement LLC Has $14.62 Million Holdings in Veeva Systems Inc. $VEEV

Key Points

• NorthCrest Asset Management LLC increased its holdings in Veeva Systems Inc. by 2.8%, totaling $14.62 million as of the end of the most recent quarter.
• Multiple brokerages have raised their price targets for Veeva Systems, with Mizuho setting a new objective of $325 and Piper Sandler raising theirs to $355.
• Veeva Systems stock currently has a market cap of $44.93 billion and an average rating of "Moderate Buy" from analysts, with a consensus target price of $301.48.

NorthCrest Asset Manangement LLC raised its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 2.8% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 51,435 shares of the technology company's stock after purchasing an additional 1,413 shares during the period. NorthCrest Asset Manangement LLC's holdings in Veeva Systems were worth $14,622,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its position in Veeva Systems by 96.8% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 26,612 shares of the technology company's stock worth $7,566,000 after purchasing an additional 13,088 shares in the last quarter. Bath Savings Trust Co boosted its position in shares of Veeva Systems by 23.0% in the second quarter. Bath Savings Trust Co now owns 37,921 shares of the technology company's stock valued at $10,920,000 after acquiring an additional 7,087 shares during the period. Mn Services Vermogensbeheer B.V. lifted its position in Veeva Systems by 4.5% during the second quarter. Mn Services Vermogensbeheer B.V. now owns 57,800 shares of the technology company's stock valued at $16,645,000 after purchasing an additional 2,500 shares during the last quarter. Wedmont Private Capital lifted its holdings in shares of Veeva Systems by 4.5% in the 2nd quarter. Wedmont Private Capital now owns 2,299 shares of the technology company's stock worth $654,000 after acquiring an additional 99 shares during the last quarter. Finally, Swedbank AB raised its holdings in Veeva Systems by 0.7% in the 2nd quarter. Swedbank AB now owns 1,038,617 shares of the technology company's stock worth $299,101,000 after purchasing an additional 6,788 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently weighed in on VEEV. Mizuho increased their price objective on shares of Veeva Systems from $295.00 to $325.00 and gave the stock an "outperform" rating in a research note on Friday, August 29th. Piper Sandler boosted 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. Wells Fargo & Company raised their price objective on Veeva Systems from $300.00 to $326.00 and gave the company an "overweight" rating in a report on Tuesday, August 26th. JPMorgan Chase & Co. upgraded Veeva Systems from a "neutral" rating to an "overweight" rating and raised their target price for the company from $290.00 to $330.00 in a report on Monday, September 8th. Finally, Needham & Company LLC boosted their target price on Veeva Systems from $300.00 to $355.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Seventeen 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's stock. Based on data from MarketBeat, Veeva Systems currently has an average rating of "Moderate Buy" and a consensus target price of $301.48.

Veeva Systems Stock Up 0.1%

VEEV stock opened at $274.10 on Thursday. The company has a market cap of $44.93 billion, a PE ratio of 56.28, a price-to-earnings-growth ratio of 2.13 and a beta of 0.95. Veeva Systems Inc. has a 52 week low of $200.30 and a 52 week high of $296.72. The business has a 50-day simple moving average of $280.69 and a 200 day simple moving average of $258.17.

Insiders Place Their Bets

In related 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 transaction of $48,632.40. Following the transaction, the director directly owned 3,966 shares of the company's stock, valued at approximately $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 accessible through this link. Also, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction that occurred on Thursday, July 10th. The stock was 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 owned 7,902 shares in the company, valued at approximately $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,063 shares of company stock valued at $302,955 over the last three months. 10.30% of the stock is currently owned by insiders.

Veeva Systems 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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