Veeva Systems Inc. $VEEV Shares Bought by Pallas Capital Advisors LLC

Key Points

• Pallas Capital Advisors LLC increased its investment in Veeva Systems Inc. by 311.8%, acquiring an additional 8,191 shares, bringing its total to 10,818 shares valued at approximately $3.1 million.
• Analysts have raised their price targets for Veeva Systems, with new targets ranging from $295.00 to $355.00 and a consensus average price target of $301.48, resulting in a "Moderate Buy" rating from analysts.
• Veeva Systems has a strong institutional ownership, with 88.20% of its stock held by institutional investors, reflecting confidence in the company's growth and stability.

Pallas Capital Advisors LLC lifted its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 311.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,818 shares of the technology company's stock after purchasing an additional 8,191 shares during the period. Pallas Capital Advisors LLC's holdings in Veeva Systems were worth $3,115,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Abound Financial LLC purchased a new stake in Veeva Systems in the first quarter valued at $25,000. ORG Partners LLC purchased a new stake in Veeva Systems in the first quarter valued at $26,000. Golden State Wealth Management LLC lifted its position in Veeva Systems by 152.9% in the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock valued at $30,000 after acquiring an additional 78 shares during the last quarter. Wayfinding Financial LLC purchased a new stake in Veeva Systems in the first quarter valued at $32,000. Finally, Key Financial Inc lifted its position in Veeva Systems by 161.0% in the first quarter. Key Financial Inc now owns 154 shares of the technology company's stock valued at $36,000 after acquiring an additional 95 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Veeva Systems

In related news, Director Priscilla Hung sold 172 shares of the company's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total transaction of $48,676.00. Following the transaction, the director owned 4,137 shares of the company's stock, valued at approximately $1,170,771. This represents a 3.99% decrease in their ownership of the stock. 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 company's 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 transaction, the senior vice president directly owned 7,902 shares in the company, valued at $2,256,969.24. The trade was a 8.35% 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 three months. Insiders own 10.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on VEEV. KeyCorp lifted their price objective on shares of Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. UBS Group lifted their price objective on shares of Veeva Systems from $285.00 to $310.00 and gave the company a "neutral" rating in a research note on Thursday, August 28th. JPMorgan Chase & Co. upgraded shares of Veeva Systems from a "neutral" rating to an "overweight" rating and lifted their price objective for the company from $290.00 to $330.00 in a research note on Monday, September 8th. Mizuho lifted their price objective on shares of Veeva Systems from $295.00 to $325.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Finally, Barclays lifted their price objective on shares of Veeva Systems from $300.00 to $325.00 and gave the company an "overweight" rating in a research note on Thursday, August 28th. Seventeen equities 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 stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $301.48.

Veeva Systems Stock Down 0.8%

Shares of VEEV traded down $2.10 on Friday, hitting $276.98. 2,339,568 shares of the stock traded hands, compared to its average volume of 1,332,591. The firm has a market capitalization of $45.40 billion, a P/E ratio of 56.87, a P/E/G ratio of 2.13 and a beta of 0.95. The stock's 50 day moving average is $280.63 and its two-hundred day moving average is $258.58. Veeva Systems Inc. has a 1 year low of $200.30 and a 1 year high of $296.72.

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.