Seilern Investment Management Ltd Trims Stock Position in Veeva Systems Inc. $VEEV

Key Points

• Seilern Investment Management Ltd. reduced its stake in Veeva Systems by 19.9% in Q2, now holding approximately 336,049 shares, which accounts for about 6.4% of its portfolio.
• Insider trading activity included sales by Senior Vice President Jonathan Faddis and Director Priscilla Hung, reflecting decreases in ownership of 8.35% and 4.13%, respectively.
• Analysts have raised price targets for Veeva Systems, with Piper Sandler increasing theirs from $325 to $355 and others also giving favorable ratings amid a strong consensus of "Moderate Buy."

Seilern Investment Management Ltd lessened its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 19.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 336,049 shares of the technology company's stock after selling 83,709 shares during the quarter. Veeva Systems accounts for approximately 6.4% of Seilern Investment Management Ltd's portfolio, making the stock its 6th largest holding. Seilern Investment Management Ltd owned about 0.21% of Veeva Systems worth $96,775,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Abound Financial LLC purchased a new stake in Veeva Systems during the first quarter valued at about $25,000. ORG Partners LLC purchased a new stake in Veeva Systems during the first quarter valued at about $26,000. Golden State Wealth Management LLC boosted 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 valued at $30,000 after buying an additional 78 shares during the period. Wayfinding Financial LLC purchased a new stake in Veeva Systems during the first quarter valued at about $32,000. Finally, Key Financial Inc boosted its position in Veeva Systems by 161.0% during the first quarter. Key Financial Inc now owns 154 shares of the technology company's stock valued at $36,000 after buying an additional 95 shares during the period. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

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 completion of the sale, the senior vice president directly 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 sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Priscilla Hung sold 171 shares of the firm's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $284.40, for a total transaction of $48,632.40. Following the completion of the sale, the director owned 3,966 shares of the company's stock, valued at $1,127,930.40. This trade represents a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,063 shares of company stock valued at $302,955 over the last 90 days. 10.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

VEEV has been the subject of several analyst reports. Piper Sandler upped their price target 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 company a "hold" rating in a research report on Thursday, August 28th. JPMorgan Chase & Co. upgraded shares of Veeva Systems from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $290.00 to $330.00 in a report on Monday, September 8th. Evercore ISI increased their target price on shares of Veeva Systems from $285.00 to $295.00 and gave the stock an "in-line" rating in a report on Thursday, August 28th. Finally, Wall Street Zen upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Seventeen equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $301.48.

Veeva Systems Price Performance

Shares of VEEV opened at $276.21 on Friday. Veeva Systems Inc. has a one year low of $200.30 and a one year high of $296.72. The company has a 50-day simple moving average of $281.13 and a two-hundred day simple moving average of $257.33. The firm has a market capitalization of $45.27 billion, a PE ratio of 56.72, a price-to-earnings-growth ratio of 2.17 and a beta of 0.95.

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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