Trexquant Investment LP Trims Stake in Veeva Systems Inc. $VEEV

Key Points

• Trexquant Investment LP has reduced its stake in Veeva Systems Inc. by 66.5%, selling 52,188 shares and owning 26,238 shares worth approximately $6.08 million post-sale.
• Analysts have raised their price targets for Veeva Systems, with Barclays setting a new target of $325 and Needham & Company LLC increasing theirs to $355, indicating a positive outlook for the stock.
• Insider selling activity has occurred, including SVP Jonathan Faddis selling 720 shares, demonstrating a 8.35% decrease in their ownership.

Trexquant Investment LP decreased its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 66.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,238 shares of the technology company's stock after selling 52,188 shares during the quarter. Trexquant Investment LP's holdings in Veeva Systems were worth $6,078,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in VEEV. Vanguard Group Inc. increased its position in shares of Veeva Systems by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 14,760,566 shares of the technology company's stock valued at $3,418,990,000 after purchasing an additional 315,421 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position in shares of Veeva Systems by 0.7% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,203,867 shares of the technology company's stock valued at $1,205,372,000 after purchasing an additional 34,169 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of 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 valued at $924,754,000 after purchasing an additional 689,700 shares during the last quarter. Leigh Baldwin & CO. LLC bought a new position in Veeva Systems in the 4th quarter valued at $685,355,000. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Veeva Systems by 7.5% in the 1st quarter. JPMorgan Chase & Co. now owns 3,230,758 shares of the technology company's stock worth $748,341,000 after buying an additional 225,125 shares during the period. Institutional investors own 88.20% of the company's stock.

Insiders Place Their Bets

In other Veeva Systems news, Director Timothy S. Cabral sold 315 shares of the business's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $289.72, for a total transaction of $91,261.80. Following the transaction, the director owned 5,500 shares of the company's stock, valued at approximately $1,593,460. The trade was a 5.42% decrease in their ownership of the stock. The transaction 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 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 directly owned 4,137 shares in the company, valued at $1,170,771. This trade represents a 3.99% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,378 shares of company stock valued at $394,217. Insiders own 10.30% of the company's stock.

Veeva Systems Trading Up 0.4%

VEEV traded up $0.97 during trading on Wednesday, hitting $270.95. The company's stock had a trading volume of 1,316,256 shares, compared to its average volume of 1,269,295. Veeva Systems Inc. has a twelve month low of $200.30 and a twelve month high of $296.72. The business's fifty day simple moving average is $281.75 and its 200 day simple moving average is $254.78. The firm has a market capitalization of $44.28 billion, a price-to-earnings ratio of 55.64, a P/E/G ratio of 2.12 and a beta of 0.95.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on VEEV shares. Wells Fargo & Company upped their target price on Veeva Systems from $300.00 to $326.00 and gave the stock an "overweight" rating in a report on Tuesday, August 26th. Oppenheimer reiterated an "outperform" rating and issued a $325.00 price target on shares of Veeva Systems in a research note on Thursday, August 28th. Piper Sandler increased 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. KeyCorp raised their price objective on Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Finally, Mizuho raised their price objective on Veeva Systems from $295.00 to $325.00 and gave the stock an "outperform" rating in a research note on Friday, August 29th. Sixteen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $299.88.

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.