OMNI 360 Wealth Inc. Makes New $332,000 Investment in Veeva Systems Inc. $VEEV

Key Points

• OMNI 360 Wealth Inc. has made a new investment of approximately $332,000 in Veeva Systems Inc., acquiring 1,152 shares in the second quarter.
• A significant portion of Veeva Systems Inc.'s stock, about 88.20%, is currently owned by institutional investors and hedge funds, indicating strong institutional interest in the company.
• Several analysts have recently raised their price targets for Veeva Systems, with a consensus price target now at $301.48 and many recommending the stock as a "Buy".

OMNI 360 Wealth Inc. bought a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,152 shares of the technology company's stock, valued at approximately $332,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Sowell Financial Services LLC acquired a new position in shares of Veeva Systems in the first quarter worth about $274,000. Crossmark Global Holdings Inc. acquired a new position in shares of Veeva Systems in the first quarter worth about $299,000. Janney Montgomery Scott LLC acquired a new position in shares of Veeva Systems in the first quarter worth about $5,876,000. GAMMA Investing LLC boosted its holdings in shares of Veeva Systems by 13.8% in the first quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock worth $422,000 after buying an additional 221 shares during the period. Finally, Private Trust Co. NA boosted its holdings in shares of Veeva Systems by 35.0% during the first quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock worth $57,000 after purchasing an additional 64 shares during the period. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Priscilla Hung sold 172 shares of Veeva Systems stock in a transaction that occurred 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 of the company's stock, valued at $1,170,771. This trade represents a 3.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of the transaction, 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 three months, insiders sold 1,063 shares of company stock worth $302,955. Insiders own 10.30% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. 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 report on Thursday, August 28th. Piper Sandler raised their price target on shares of Veeva Systems from $325.00 to $355.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Needham & Company LLC raised their price target on shares of Veeva Systems from $300.00 to $355.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Wells Fargo & Company raised their price target on shares of Veeva Systems from $300.00 to $326.00 and gave the stock an "overweight" rating in a report on Tuesday, August 26th. Finally, Evercore ISI raised their price objective on shares of Veeva Systems from $285.00 to $295.00 and gave the company an "in-line" rating in a research report on Thursday, August 28th. Seventeen equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $301.48.

Veeva Systems Stock Performance

Shares of VEEV opened at $276.21 on Friday. The firm has a market cap of $45.27 billion, a PE ratio of 56.72, a PEG ratio of 2.17 and a beta of 0.95. The firm's 50 day moving average price is $281.13 and its 200 day moving average price is $257.33. Veeva Systems Inc. has a twelve month low of $200.30 and a twelve month high of $296.72.

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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