QRG Capital Management Inc. Buys 1,735 Shares of Veeva Systems Inc. $VEEV

Key Points

• QRG Capital Management Inc. increased its stake in Veeva Systems Inc. by 15.7% after purchasing an additional 1,735 shares, bringing its total holdings to 12,771 shares worth approximately $3,678,000.
• Insider trading activity included SVP Jonathan Faddis selling 14,595 shares worth $4,378,500, which represented a 62.96% decrease in ownership.
• Veeva Systems currently holds a market capitalization of $49.15 billion and analysts have a consensus rating of "Moderate Buy" with a price target averaging $303.67.

QRG Capital Management Inc. boosted its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 15.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,771 shares of the technology company's stock after purchasing an additional 1,735 shares during the quarter. QRG Capital Management Inc.'s holdings in Veeva Systems were worth $3,678,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of VEEV. TFB Advisors LLC boosted its position in shares of Veeva Systems by 1.2% during the 1st quarter. TFB Advisors LLC now owns 3,586 shares of the technology company's stock worth $831,000 after acquiring an additional 44 shares in the last quarter. Triangle Securities Wealth Management lifted its stake in Veeva Systems by 0.8% during the second quarter. Triangle Securities Wealth Management now owns 5,782 shares of the technology company's stock worth $1,665,000 after purchasing an additional 45 shares during the last quarter. Marks Group Wealth Management Inc boosted its holdings in shares of Veeva Systems by 3.3% in the 1st quarter. Marks Group Wealth Management Inc now owns 1,427 shares of the technology company's stock valued at $331,000 after purchasing an additional 46 shares in the last quarter. Harbour Investments Inc. increased its stake in shares of Veeva Systems by 7.6% in the 1st quarter. Harbour Investments Inc. now owns 789 shares of the technology company's stock valued at $183,000 after purchasing an additional 56 shares during the last quarter. Finally, Parallel Advisors LLC raised its holdings in shares of Veeva Systems by 4.7% during the 2nd quarter. Parallel Advisors LLC now owns 1,236 shares of the technology company's stock worth $356,000 after buying an additional 56 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Trading Up 1.2%

Shares of VEEV opened at $299.84 on Tuesday. The stock's 50-day moving average price is $281.83 and its two-hundred day moving average price is $263.56. Veeva Systems Inc. has a 12 month low of $200.30 and a 12 month high of $303.47. The company has a market capitalization of $49.15 billion, a PE ratio of 61.57, a PEG ratio of 2.29 and a beta of 0.98.

Insider Activity at Veeva Systems

In related news, SVP Jonathan Faddis sold 14,595 shares of the company's stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $300.00, for a total value of $4,378,500.00. Following the sale, the senior vice president directly owned 8,588 shares in the company, valued at $2,576,400. This represents a 62.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Thomas D. Schwenger sold 3,350 shares of the firm's stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $300.04, for a total transaction of $1,005,134.00. Following the transaction, the insider owned 23,773 shares of the company's stock, valued at approximately $7,132,850.92. The trade was a 12.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,665 shares of company stock worth $5,589,280 over the last quarter. 10.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on VEEV. 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 report on Thursday, August 28th. Piper Sandler raised their target price on shares of Veeva Systems from $325.00 to $355.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Canaccord Genuity Group upped their price target on shares of Veeva Systems from $270.00 to $300.00 and gave the stock a "hold" rating in a report on Thursday, August 28th. Raymond James Financial restated an "outperform" rating and set a $340.00 price objective (up previously from $310.00) on shares of Veeva Systems in a research report on Thursday, August 28th. Finally, Oppenheimer reiterated an "outperform" rating and issued a $325.00 target price on shares of Veeva Systems in a research report on Thursday, August 28th. Sixteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Veeva Systems currently has a consensus rating of "Moderate Buy" and a consensus price target of $303.67.

Veeva Systems Company Profile

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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