Platinum Investment Management Ltd. Reduces Stake in Veeva Systems Inc. $VEEV

Key Points

• Platinum Investment Management Ltd. decreased its stake in Veeva Systems by 23.4%, owning 12,646 shares worth approximately $3.64 million after selling 3,862 shares in the second quarter.
• Several institutions, including Abound Financial LLC and ORG Partners LLC, have initiated new investments in Veeva Systems, demonstrating growing interest, as 88.20% of the stock is now owned by hedge funds and institutional investors.
• Analysts have raised their price targets for Veeva Systems, with Canaccord Genuity increasing its target from $270 to $300, while others set targets as high as $355, reflecting a consensus rating of "Moderate Buy" with an average target of $303.67.

Platinum Investment Management Ltd. lowered its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 23.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,646 shares of the technology company's stock after selling 3,862 shares during the period. Platinum Investment Management Ltd.'s holdings in Veeva Systems were worth $3,642,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in 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 shares of Veeva Systems in the first quarter worth about $26,000. Golden State Wealth Management LLC boosted its stake in shares of Veeva Systems by 152.9% in the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after buying an additional 78 shares during the last quarter. Wayfinding Financial LLC purchased a new stake in shares of Veeva Systems in the first quarter worth about $32,000. Finally, Maseco LLP purchased a new stake in shares of Veeva Systems in the second quarter worth about $35,000. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Trading Down 1.5%

Shares of Veeva Systems stock opened at $293.44 on Thursday. The firm has a market capitalization of $48.10 billion, a PE ratio of 60.26, a P/E/G ratio of 2.30 and a beta of 0.98. Veeva Systems Inc. has a twelve month low of $200.30 and a twelve month high of $299.95. The firm's 50-day moving average price is $281.39 and its 200 day moving average price is $261.90.

Analysts Set New Price Targets

Several research firms have commented on VEEV. Canaccord Genuity Group upped their price objective on Veeva Systems from $270.00 to $300.00 and gave the stock a "hold" rating in a research report on Thursday, August 28th. Oppenheimer reissued an "outperform" rating and set a $325.00 price target on shares of Veeva Systems in a report on Thursday, August 28th. Piper Sandler increased 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. Truist Financial increased their target price on shares of Veeva Systems from $268.00 to $275.00 and gave the stock a "hold" rating in a research note on Thursday, August 28th. Finally, Wells Fargo & Company increased their target price on shares of Veeva Systems from $300.00 to $326.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 26th. Sixteen research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $303.67.

Insider Activity at Veeva Systems

In other news, 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 value of $205,646.40. Following the transaction, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. This trade represents a 8.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Priscilla Hung sold 171 shares of the firm's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $284.40, for a total value of $48,632.40. Following the completion of the transaction, the director owned 3,966 shares in the company, valued at $1,127,930.40. The trade was a 4.13% decrease in their position. The disclosure for this sale can be found here. 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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