V Square Quantitative Management LLC Increases Position in Veeva Systems Inc. $VEEV

Key Points

• V Square Quantitative Management LLC increased its holdings in Veeva Systems Inc. by 1,240.5% during the second quarter, bringing its total shares to 2,051, valued at $591,000.
• Insider selling occurred as Director Priscilla Hung and SVP Jonathan Faddis sold shares totaling $254,278, indicating a decrease in their ownership.
• Research firms have raised their price targets for Veeva Systems, with Needham & Company adjusting its target from $300 to $355, and the stock currently holds an average rating of "Moderate Buy."

V Square Quantitative Management LLC lifted its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 1,240.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,051 shares of the technology company's stock after acquiring an additional 1,898 shares during the quarter. V Square Quantitative Management LLC's holdings in Veeva Systems were worth $591,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Abound Financial LLC acquired a new position in Veeva Systems in the first quarter worth about $25,000. ORG Partners LLC acquired a new position in Veeva Systems in the first quarter worth about $26,000. Maseco LLP acquired a new position in Veeva Systems in the second quarter worth about $35,000. Golden State Wealth Management LLC grew its stake in Veeva Systems by 152.9% in the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after purchasing an additional 78 shares in the last quarter. Finally, Wayfinding Financial LLC acquired a new position in Veeva Systems in the first quarter worth about $32,000. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Priscilla Hung sold 171 shares of Veeva Systems stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $284.40, for a total transaction of $48,632.40. Following the sale, the director owned 3,966 shares of the company's stock, valued at approximately $1,127,930.40. The trade was a 4.13% 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, 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 sale, the senior vice president directly owned 7,902 shares in the company, valued at approximately $2,256,969.24. This trade represents a 8.35% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,063 shares of company stock worth $302,955. Corporate insiders own 10.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on VEEV. Needham & Company LLC lifted their price target on Veeva Systems from $300.00 to $355.00 and gave the stock 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. Truist Financial lifted their target price on Veeva Systems from $268.00 to $275.00 and gave the company a "hold" rating in a research note on Thursday, August 28th. Finally, Mizuho lifted their target price on Veeva Systems from $295.00 to $325.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Sixteen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $303.67.

Veeva Systems Trading Up 1.7%

VEEV opened at $298.00 on Wednesday. The business's 50 day moving average is $281.23 and its 200-day moving average is $261.68. The stock has a market cap of $48.85 billion, a PE ratio of 61.19, a price-to-earnings-growth ratio of 2.26 and a beta of 0.95. Veeva Systems Inc. has a twelve month low of $200.30 and a twelve month high of $299.95.

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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