Veeva Systems Inc. $VEEV Shares Sold by Thomasville National Bank

Key Points

• Thomasville National Bank has reduced its holdings in Veeva Systems Inc. by 1.4%, now owning 83,395 shares valued at approximately $24.02 million, making it the bank's 22nd largest holding.
• Recent analysts' ratings reflect a positive outlook for Veeva Systems, with multiple firms increasing their price targets significantly, including JPMorgan raising it from $290 to $330.
• Insider transactions reveal notable sales, with senior vice president Jonathan Faddis selling 720 shares at an average price of $285.62, resulting in an 8.35% reduction in his ownership.

Thomasville National Bank cut its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 1.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 83,395 shares of the technology company's stock after selling 1,191 shares during the period. Veeva Systems comprises 1.6% of Thomasville National Bank's portfolio, making the stock its 22nd biggest position. Thomasville National Bank owned 0.05% of Veeva Systems worth $24,016,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in VEEV. Nuveen LLC bought a new position in shares of Veeva Systems in the 1st quarter worth $365,684,000. Price T Rowe Associates Inc. MD grew its stake in Veeva Systems by 20.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company's stock worth $924,754,000 after buying an additional 689,700 shares during the last quarter. Linonia Partnership LP grew its stake in Veeva Systems by 52.7% during the 1st quarter. Linonia Partnership LP now owns 1,836,557 shares of the technology company's stock worth $425,402,000 after buying an additional 633,585 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Veeva Systems by 48.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,799,931 shares of the technology company's stock worth $416,918,000 after buying an additional 585,785 shares during the last quarter. Finally, Alliancebernstein L.P. grew its stake in Veeva Systems by 10.7% during the 1st quarter. Alliancebernstein L.P. now owns 5,499,651 shares of the technology company's stock worth $1,273,884,000 after buying an additional 532,269 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

Insider Activity at Veeva Systems

In other Veeva Systems news, Director Priscilla Hung sold 172 shares of the firm's stock in a transaction 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 sale, the director directly owned 4,137 shares in the company, valued at $1,170,771. This trade represents a 3.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction 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 completion of the sale, the senior vice president owned 7,902 shares in the company, valued at approximately $2,256,969.24. This represents a 8.35% 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 quarter. 10.30% of the stock is currently owned by company insiders.

Veeva Systems Stock Up 1.2%

Shares of Veeva Systems stock traded up $3.46 during mid-day trading on Monday, reaching $281.25. 1,332,883 shares of the stock traded hands, compared to its average volume of 1,332,573. The business has a 50-day moving average of $280.65 and a 200 day moving average of $259.41. Veeva Systems Inc. has a fifty-two week low of $200.30 and a fifty-two week high of $296.72. The stock has a market capitalization of $46.10 billion, a PE ratio of 57.75, a PEG ratio of 2.15 and a beta of 0.95.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on VEEV. Raymond James Financial restated an "outperform" rating and set a $340.00 target price (up from $310.00) on shares of Veeva Systems in a research note on Thursday, August 28th. Piper Sandler boosted their price target on Veeva Systems from $325.00 to $355.00 and gave the company an "overweight" rating in a research note on Thursday, August 28th. JPMorgan Chase & Co. upgraded Veeva Systems from a "neutral" rating to an "overweight" rating and boosted their price target for the company from $290.00 to $330.00 in a research note on Monday, September 8th. UBS Group boosted their price target on Veeva Systems from $285.00 to $310.00 and gave the company a "neutral" rating in a research note on Thursday, August 28th. Finally, Stifel Nicolaus boosted their price target on Veeva Systems from $295.00 to $320.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Seventeen investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $301.48.

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.