Veeva Systems Inc. $VEEV Holdings Raised by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company has increased its stake in Veeva Systems Inc. by 31.3%, now owning 93,918 shares valued at approximately $21.75 million.
• Veeva Systems’ stock is trading at $269.76 with a market capitalization of $44.08 billion, and has received mixed ratings from analysts, with target prices ranging from $210 to $325.
• Insiders have sold a total of 1,378 shares valued at $394,217 in the last 90 days, indicating some selling activity among company executives.

The Manufacturers Life Insurance Company raised its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 31.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 93,918 shares of the technology company's stock after purchasing an additional 22,370 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.06% of Veeva Systems worth $21,754,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in VEEV. Beacon Pointe Advisors LLC purchased a new position in Veeva Systems in the fourth quarter valued at about $261,000. BNP Paribas Financial Markets raised its position in Veeva Systems by 112.7% in the fourth quarter. BNP Paribas Financial Markets now owns 143,094 shares of the technology company's stock valued at $30,086,000 after purchasing an additional 75,830 shares during the period. Benjamin Edwards Inc. raised its position in Veeva Systems by 12.9% in the fourth quarter. Benjamin Edwards Inc. now owns 7,477 shares of the technology company's stock valued at $1,572,000 after purchasing an additional 857 shares during the period. Castlekeep Investment Advisors LLC purchased a new stake in shares of Veeva Systems during the fourth quarter worth about $1,989,000. Finally, Captrust Financial Advisors increased its position in shares of Veeva Systems by 20.8% during the fourth quarter. Captrust Financial Advisors now owns 9,497 shares of the technology company's stock worth $1,997,000 after acquiring an additional 1,632 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Trading Up 1.1%

Veeva Systems stock traded up $3.06 during midday trading on Friday, hitting $273.12. The stock had a trading volume of 1,438,211 shares, compared to its average volume of 1,318,675. The stock has a market cap of $44.63 billion, a P/E ratio of 56.08, a P/E/G ratio of 2.10 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. The business has a fifty day moving average price of $281.33 and a 200 day moving average price of $255.30.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on VEEV shares. Citigroup lifted their target price on Veeva Systems from $329.00 to $349.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Stifel Nicolaus lifted their target price on Veeva Systems from $295.00 to $320.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. JPMorgan Chase & Co. lifted their target price on Veeva Systems from $274.00 to $290.00 and gave the stock a "neutral" rating in a research report on Thursday, August 28th. Finally, Truist Financial lifted their target price on Veeva Systems from $268.00 to $275.00 and gave the stock a "hold" rating 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 company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $299.88.

Insider Buying and Selling

In other 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 completion of the transaction, the senior vice president directly owned 7,902 shares in the company, valued at approximately $2,256,969.24. The trade was a 8.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Priscilla Hung sold 172 shares of the business's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total value 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. Over the last 90 days, insiders sold 1,063 shares of company stock valued at $302,955. 10.30% of the stock is currently owned by insiders.

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.