Park Avenue Securities LLC Purchases New Shares in Veeva Systems Inc. $VEEV

Park Avenue Securities LLC acquired a new stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 11,553 shares of the technology company's stock, valued at approximately $3,327,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of VEEV. Vanguard Group Inc. grew its stake in shares of Veeva Systems by 2.2% in the first quarter. Vanguard Group Inc. now owns 14,760,566 shares of the technology company's stock valued at $3,418,990,000 after acquiring an additional 315,421 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in Veeva Systems by 10.7% in the 1st quarter. Alliancebernstein L.P. now owns 5,499,651 shares of the technology company's stock valued at $1,273,884,000 after purchasing an additional 532,269 shares during the period. T. Rowe Price Investment Management Inc. grew its position in shares of Veeva Systems by 0.7% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,203,867 shares of the technology company's stock worth $1,205,372,000 after purchasing an additional 34,169 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Veeva Systems by 20.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company's stock worth $924,754,000 after purchasing an additional 689,700 shares during the period. Finally, JPMorgan Chase & Co. increased its holdings in shares of Veeva Systems by 7.5% during the first quarter. JPMorgan Chase & Co. now owns 3,230,758 shares of the technology company's stock worth $748,341,000 after purchasing an additional 225,125 shares during the period. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Stock Down 0.8%

Shares of VEEV stock opened at $278.75 on Wednesday. The business has a fifty day simple moving average of $280.62 and a 200 day simple moving average of $259.78. The company has a market cap of $45.69 billion, a P/E ratio of 57.24, a P/E/G ratio of 2.18 and a beta of 0.95. Veeva Systems Inc. has a twelve month low of $200.30 and a twelve month high of $296.72.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on VEEV. UBS Group boosted their price target on Veeva Systems from $285.00 to $310.00 and gave the company a "neutral" rating in a research note on Thursday, August 28th. Needham & Company LLC upped their target price on Veeva Systems from $300.00 to $355.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. BTIG Research raised their price target on Veeva Systems from $335.00 to $340.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Piper Sandler boosted their price target on Veeva Systems from $325.00 to $355.00 and gave the company an "overweight" rating in a research note on Thursday, August 28th. Finally, JPMorgan Chase & Co. upgraded shares of Veeva Systems from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $290.00 to $330.00 in a research note on Monday, September 8th. Seventeen investment analysts have rated the stock with a Buy rating, six 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 presently has a consensus rating of "Moderate Buy" and an average price target of $301.48.

Insider Transactions at Veeva Systems

In other news, SVP Jonathan Faddis sold 720 shares of the stock in a transaction 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Priscilla Hung sold 172 shares of the business's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total value of $48,676.00. Following the sale, 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 sold 1,063 shares of company stock valued at $302,955 in the last three months. Company insiders own 10.30% of the company's stock.

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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