Veeva Systems Inc. $VEEV Holdings Boosted by Liberty Capital Management Inc.

Key Points

• Liberty Capital Management Inc. increased its stake in Veeva Systems by 25.7% during the second quarter, now holding shares valued at approximately $2.4 million.
• Veeva has received several analyst upgrades, with price targets increased by firms including BTIG Research and KeyCorp, reflecting a positive market outlook.
• Currently, 88.20% of Veeva Systems stock is owned by hedge funds and institutional investors, indicating strong institutional interest in the company.

Liberty Capital Management Inc. grew its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 25.7% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,271 shares of the technology company's stock after acquiring an additional 1,692 shares during the period. Liberty Capital Management Inc.'s holdings in Veeva Systems were worth $2,382,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Poinciana Advisors Group LLC purchased a new position in shares of Veeva Systems during the 2nd quarter valued at $352,000. Northwest Wealth Management LLC purchased a new position in shares of Veeva Systems during the 2nd quarter valued at $259,000. Raleigh Capital Management Inc. grew its holdings in shares of Veeva Systems by 29.5% during the 2nd quarter. Raleigh Capital Management Inc. now owns 557 shares of the technology company's stock valued at $160,000 after acquiring an additional 127 shares in the last quarter. HB Wealth Management LLC grew its holdings in shares of Veeva Systems by 2.2% during the 2nd quarter. HB Wealth Management LLC now owns 18,424 shares of the technology company's stock valued at $5,306,000 after acquiring an additional 402 shares in the last quarter. Finally, GC Wealth Management RIA LLC purchased a new position in shares of Veeva Systems during the 2nd quarter valued at $510,000. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on VEEV shares. BTIG Research boosted their price target on shares of Veeva Systems from $335.00 to $340.00 and gave the company a "buy" rating in a report on Thursday, August 28th. KeyCorp boosted their price target on shares of Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a report on Monday, July 14th. Stifel Nicolaus upped their price objective on shares of Veeva Systems from $295.00 to $320.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Wells Fargo & Company upped their price objective on shares of Veeva Systems from $300.00 to $326.00 and gave the stock an "overweight" rating in a report on Tuesday, August 26th. Finally, Citigroup upped their price objective on shares of Veeva Systems from $329.00 to $349.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Sixteen 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.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $303.67.

Veeva Systems Stock Performance

Shares of VEEV opened at $298.00 on Wednesday. The company has a 50-day simple moving average of $281.23 and a 200-day simple moving average of $261.68. The firm has a market capitalization of $48.85 billion, a P/E ratio of 61.19, a P/E/G ratio of 2.26 and a beta of 0.95. Veeva Systems Inc. has a 52 week low of $200.30 and a 52 week high of $299.95.

Insider Transactions at Veeva Systems

In other news, Director Priscilla Hung sold 172 shares of the company's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total transaction of $48,676.00. Following the completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jonathan Faddis sold 720 shares of the company's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $285.62, for a total transaction of $205,646.40. Following the transaction, the senior vice president directly owned 7,902 shares of the company's stock, valued at $2,256,969.24. This represents a 8.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,063 shares of company stock valued at $302,955 in the last ninety days. 10.30% of the stock is owned by company insiders.

Veeva Systems 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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