Veeva Systems Inc. $VEEV Shares Sold by Petrus Trust Company LTA

Key Points

• Petrus Trust Company LTA has significantly reduced its holdings in Veeva Systems Inc. by 63.3% during the first quarter, selling 3,710 shares and leaving it with 2,148 shares valued at approximately $498,000.
• Multiple institutional investors, including Nissay Asset Management Corp and NewEdge Advisors LLC, have either increased or initiated stakes in Veeva Systems, with 88.20% of the stock currently held by institutional investors.
• Analysts have recently raised their price targets for Veeva Systems, with estimates now ranging from $295.00 to $349.00, reflecting a generally favorable outlook for the company's stock.

Petrus Trust Company LTA lessened its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 63.3% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,148 shares of the technology company's stock after selling 3,710 shares during the quarter. Petrus Trust Company LTA's holdings in Veeva Systems were worth $498,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Abound Financial LLC acquired a new stake in shares of Veeva Systems during the first quarter worth about $25,000. ORG Partners LLC acquired a new stake in shares of Veeva Systems during the first quarter worth about $26,000. Golden State Wealth Management LLC lifted its position in shares of Veeva Systems by 152.9% during the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after purchasing an additional 78 shares in the last quarter. Wayfinding Financial LLC acquired a new stake in shares of Veeva Systems during the first quarter worth about $32,000. Finally, Key Financial Inc lifted its position in shares of Veeva Systems by 161.0% during the first quarter. Key Financial Inc now owns 154 shares of the technology company's stock worth $36,000 after purchasing an additional 95 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Insider Buying and Selling

In other Veeva Systems news, Director Priscilla Hung sold 171 shares of the firm's stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $284.40, for a total transaction of $48,632.40. Following the sale, the director 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction that occurred 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 sale, the senior vice president directly owned 7,902 shares in the company, valued at approximately $2,256,969.24. The trade was a 8.35% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,063 shares of company stock worth $302,955. 10.30% of the stock is owned by corporate insiders.

Veeva Systems Stock Performance

VEEV stock traded down $7.70 during midday trading on Wednesday, reaching $274.99. 1,527,897 shares of the company were exchanged, compared to its average volume of 1,335,474. Veeva Systems Inc. has a 1-year low of $200.30 and a 1-year high of $296.72. The stock's 50-day simple moving average is $281.23 and its 200 day simple moving average is $256.25. The company has a market cap of $45.07 billion, a price-to-earnings ratio of 56.47, a price-to-earnings-growth ratio of 2.20 and a beta of 0.95.

Analyst Upgrades and Downgrades

VEEV has been the topic of several analyst reports. Truist Financial raised their target price on shares of Veeva Systems from $268.00 to $275.00 and gave the company a "hold" rating in a report on Thursday, August 28th. Citigroup raised their target price on shares of Veeva Systems from $329.00 to $349.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Wall Street Zen raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Raymond James Financial reaffirmed an "outperform" rating and issued a $340.00 target price (up previously from $310.00) on shares of Veeva Systems in a report on Thursday, August 28th. Finally, Stifel Nicolaus raised their target price on shares of Veeva Systems from $295.00 to $320.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Seventeen investment 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. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $301.48.

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.