Veeva Systems Inc. $VEEV Stock Holdings Lessened by Teza Capital Management LLC

Key Points

• Teza Capital Management LLC reduced its stake in Veeva Systems Inc. by 91.5% in Q1 2023, leaving them with 1,480 shares, worth approximately $343,000.
• Several institutional investors, including Abound Financial LLC and ORG Partners LLC, have entered new positions in Veeva Systems, while some have significantly increased their holdings.
• Analyst ratings for Veeva Systems have improved, with several firms raising their price targets, suggesting a consensus rating of "Moderate Buy" with an average target of $301.48.

Teza Capital Management LLC trimmed its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 91.5% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,480 shares of the technology company's stock after selling 15,891 shares during the period. Teza Capital Management LLC's holdings in Veeva Systems were worth $343,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. TFB Advisors LLC boosted its stake in Veeva Systems by 1.2% in the first quarter. TFB Advisors LLC now owns 3,586 shares of the technology company's stock valued at $831,000 after acquiring an additional 44 shares during the period. Marks Group Wealth Management Inc boosted its stake in Veeva Systems by 3.3% in the first quarter. Marks Group Wealth Management Inc now owns 1,427 shares of the technology company's stock valued at $331,000 after acquiring an additional 46 shares during the period. Harbour Investments Inc. boosted its stake in Veeva Systems by 7.6% in the first quarter. Harbour Investments Inc. now owns 789 shares of the technology company's stock valued at $183,000 after acquiring an additional 56 shares during the period. CoreCap Advisors LLC boosted its stake in Veeva Systems by 31.7% in the fourth quarter. CoreCap Advisors LLC now owns 249 shares of the technology company's stock valued at $52,000 after acquiring an additional 60 shares during the period. Finally, Crestwood Advisors Group LLC boosted its stake in Veeva Systems by 3.7% in the first quarter. Crestwood Advisors Group LLC now owns 1,690 shares of the technology company's stock valued at $391,000 after acquiring an additional 61 shares during the period. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Veeva Systems

In related news, SVP Jonathan Faddis sold 720 shares of the business'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 transaction of $205,646.40. Following the sale, the senior vice president owned 7,902 shares of the company's stock, valued at $2,256,969.24. The trade was a 8.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Priscilla Hung sold 171 shares of the business's stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $284.40, for a total value of $48,632.40. Following the sale, the director directly owned 3,966 shares in the company, valued at approximately $1,127,930.40. The trade was a 4.13% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,063 shares of company stock worth $302,955. 10.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Wall Street Zen upgraded Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Stifel Nicolaus lifted their target price on Veeva Systems from $295.00 to $320.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. KeyCorp lifted their target price on Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Morgan Stanley lifted their target price on Veeva Systems from $210.00 to $222.00 and gave the company an "underweight" rating in a research note on Thursday, August 28th. Finally, Citigroup lifted their price target on Veeva Systems from $329.00 to $349.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Seventeen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $301.48.

Veeva Systems Stock Performance

Shares of VEEV traded down $3.26 during mid-day trading on Friday, reaching $276.21. 935,742 shares of the company's stock traded hands, compared to its average volume of 1,333,734. The business's 50-day moving average price is $281.15 and its 200-day moving average price is $256.75. The stock has a market capitalization of $45.27 billion, a P/E ratio of 56.72, a price-to-earnings-growth ratio of 2.13 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.

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.