Poinciana Advisors Group LLC Buys Shares of 1,221 Veeva Systems Inc. $VEEV

Key Points

• Poinciana Advisors Group LLC acquired a new stake in Veeva Systems, purchasing 1,221 shares valued at approximately $352,000 during the second quarter.
• Equities research analysts have raised their price targets for Veeva Systems, with firms like JPMorgan Chase & Co. upgrading the stock from "neutral" to "overweight" and setting a target price of $330.00.
• Institutional investors and hedge funds own 88.20% of Veeva Systems, indicating strong institutional interest in the company.

Poinciana Advisors Group LLC bought a new stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,221 shares of the technology company's stock, valued at approximately $352,000.

Other hedge funds have also modified their holdings of the company. Abound Financial LLC purchased a new stake in shares of Veeva Systems in the first quarter worth about $25,000. ORG Partners LLC acquired a new position in shares of Veeva Systems during the first quarter valued at approximately $26,000. Maseco LLP acquired a new position in shares of Veeva Systems during the second quarter valued at approximately $35,000. Golden State Wealth Management LLC lifted its position in 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 buying an additional 78 shares in the last quarter. Finally, Wayfinding Financial LLC purchased a new position in Veeva Systems during the first quarter worth approximately $32,000. 88.20% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on VEEV shares. Canaccord Genuity Group raised their target price on Veeva Systems from $270.00 to $300.00 and gave the stock a "hold" rating in a research note on Thursday, August 28th. JPMorgan Chase & Co. upgraded Veeva Systems from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $290.00 to $330.00 in a report on Monday, September 8th. Evercore ISI lifted their price target on Veeva Systems from $285.00 to $295.00 and gave the stock an "in-line" rating in a report on Thursday, August 28th. Needham & Company LLC lifted their price target on Veeva Systems from $300.00 to $355.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Finally, Truist Financial boosted their target price on Veeva Systems from $268.00 to $275.00 and gave the company a "hold" rating in a 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 company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $301.48.

Insider Transactions at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction dated Thursday, July 10th. The shares were 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 of the company's stock, valued at $2,256,969.24. This trade represents a 8.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Priscilla Hung sold 172 shares of the firm'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 completion of the sale, the director owned 4,137 shares in the company, valued at $1,170,771. The trade was 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 over the last quarter. Insiders own 10.30% of the company's stock.

Veeva Systems Trading Up 1.0%

Shares of NYSE VEEV opened at $293.15 on Tuesday. The stock has a fifty day moving average price of $280.99 and a 200 day moving average price of $261.43. The company has a market cap of $48.05 billion, a P/E ratio of 60.19, a P/E/G ratio of 2.24 and a beta of 0.95. Veeva Systems Inc. has a 12-month low of $200.30 and a 12-month 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.

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