TD Private Client Wealth LLC Sells 3,289 Shares of Veeva Systems Inc. $VEEV

Key Points

• TD Private Client Wealth LLC has reduced its stake in Veeva Systems by 41.5% during the second quarter, now holding 4,632 shares worth approximately $1.33 million.
• Analyst ratings for Veeva Systems indicate a consensus of "Moderate Buy"** with a target price averaging $301.48, reflecting optimism among analysts despite varying price targets.
• Insider selling activity was noted with senior executives decreasing their holdings, including SVP Jonathan Faddis who sold 720 shares valued at over $205,000 in July.

TD Private Client Wealth LLC decreased its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 41.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 4,632 shares of the technology company's stock after selling 3,289 shares during the period. TD Private Client Wealth LLC's holdings in Veeva Systems were worth $1,334,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. TFB Advisors LLC boosted its holdings in shares of Veeva Systems by 1.2% during the first quarter. TFB Advisors LLC now owns 3,586 shares of the technology company's stock worth $831,000 after acquiring an additional 44 shares during the period. Triangle Securities Wealth Management increased its stake in shares of 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 period. Marks Group Wealth Management Inc lifted its holdings in Veeva Systems by 3.3% during the 1st quarter. Marks Group Wealth Management Inc now owns 1,427 shares of the technology company's stock worth $331,000 after purchasing an additional 46 shares during the last quarter. Harbour Investments Inc. boosted its stake in 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 period. Finally, Parallel Advisors LLC boosted its stake in Veeva Systems by 4.7% in the 2nd quarter. Parallel Advisors LLC now owns 1,236 shares of the technology company's stock valued at $356,000 after purchasing an additional 56 shares during the period. Institutional investors and hedge funds own 88.20% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on VEEV shares. UBS Group increased their price objective on Veeva Systems from $285.00 to $310.00 and gave the stock a "neutral" rating in a research report on Thursday, August 28th. BTIG Research upped their price target on shares of Veeva Systems from $335.00 to $340.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Raymond James Financial reaffirmed an "outperform" rating and set a $340.00 price target (up from $310.00) on shares of Veeva Systems in a research report on Thursday, August 28th. Truist Financial boosted their price objective 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. Finally, Wall Street Zen upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Seventeen analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Veeva Systems has a consensus rating of "Moderate Buy" and a consensus target price of $301.48.

Insider Activity at Veeva Systems

In related news, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction that occurred on 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 directly 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 through this link. Also, Director Priscilla Hung sold 172 shares of the business'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 transaction, the director owned 4,137 shares of the company's stock, valued at approximately $1,170,771. This represents a 3.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,063 shares of company stock valued at $302,955 over the last 90 days. Corporate insiders own 10.30% of the company's stock.

Veeva Systems Stock Up 0.8%

VEEV stock opened at $280.08 on Friday. Veeva Systems Inc. has a 52 week low of $200.30 and a 52 week high of $296.72. The business has a 50-day simple moving average of $280.59 and a 200 day simple moving average of $260.19. The company has a market cap of $45.91 billion, a PE ratio of 57.51, a price-to-earnings-growth ratio of 2.15 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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