UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Buys 585,785 Shares of Veeva Systems Inc. $VEEV

Key Points

• UBS Asset Management increased its holdings in Veeva Systems Inc. by 48.2%, owning approximately 1.799 million shares valued at $416.9 million.
• Veeva Systems' stock is currently trading at $282.51, with analysts rating it a Moderate Buy and a consensus target price of $301.48.
• Insider transactions revealed a 4.13% decrease in ownership for Director Priscilla Hung, who sold 171 shares averaging $284.40 each.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 48.2% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,799,931 shares of the technology company's stock after purchasing an additional 585,785 shares during the quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned approximately 1.11% of Veeva Systems worth $416,918,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Captrust Financial Advisors increased its holdings in Veeva Systems by 20.8% in the 4th 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 in the last quarter. CoreCap Advisors LLC increased its holdings in Veeva Systems by 31.7% in the 4th quarter. CoreCap Advisors LLC now owns 249 shares of the technology company's stock worth $52,000 after acquiring an additional 60 shares in the last quarter. Janus Henderson Group PLC increased its holdings in Veeva Systems by 7.0% in the 4th quarter. Janus Henderson Group PLC now owns 14,788 shares of the technology company's stock worth $3,109,000 after acquiring an additional 964 shares in the last quarter. Meridiem Capital Partners LP purchased a new stake in Veeva Systems in the 4th quarter worth approximately $3,058,000. Finally, Nellore Capital Management LLC increased its holdings in Veeva Systems by 50.0% in the 4th quarter. Nellore Capital Management LLC now owns 341,345 shares of the technology company's stock worth $71,768,000 after acquiring an additional 113,714 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on VEEV shares. JPMorgan Chase & Co. raised shares of Veeva Systems from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $290.00 to $330.00 in a report on Monday. Truist Financial increased their target price on shares of Veeva Systems from $268.00 to $275.00 and gave the stock a "hold" rating in a report on Thursday, August 28th. Needham & Company LLC increased their target price on shares of Veeva Systems from $300.00 to $355.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Oppenheimer reissued an "outperform" rating and issued a $325.00 target price on shares of Veeva Systems in a report on Thursday, August 28th. Finally, Canaccord Genuity Group increased their price objective on shares of Veeva Systems from $270.00 to $300.00 and gave the company a "hold" rating in a report on Thursday, August 28th. Seventeen equities research 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. According to MarketBeat, Veeva Systems currently has an average rating of "Moderate Buy" and a consensus price target of $301.48.

Insider Buying and Selling

In other news, Director Priscilla Hung sold 172 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total transaction of $48,676.00. Following the completion of the transaction, the director directly owned 4,137 shares in the company, valued at approximately $1,170,771. This represents a 3.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jonathan Faddis sold 720 shares of the 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 transaction, the senior vice president owned 7,902 shares of the company's stock, valued at $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 have sold a total of 1,063 shares of company stock valued at $302,955 over the last quarter. Corporate insiders own 10.30% of the company's stock.

Veeva Systems Price Performance

Shares of NYSE VEEV traded down $3.26 during midday trading on Friday, reaching $276.21. 935,743 shares of the stock traded hands, compared to its average volume of 1,479,340. The stock has a market capitalization of $45.27 billion, a PE ratio of 56.72, a P/E/G ratio of 2.17 and a beta of 0.95. Veeva Systems Inc. has a one year low of $200.30 and a one year high of $296.72. The company's 50 day moving average is $281.13 and its 200 day moving average is $257.13.

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.