Rafferty Asset Management LLC Sells 2,518 Shares of Veeva Systems Inc. $VEEV

Key Points

• Rafferty Asset Management LLC reduced its stake in Veeva Systems by 26.9%, now holding 6,830 shares valued at $1,582,000.
• Several institutional investors modified their holdings, with Linonia Partnership LP increasing its stake by 52.7%, bringing its total to 1,836,557 shares worth approximately $425 million.
• Analysts are optimistic about Veeva Systems, with multiple firms raising their price targets, including Piper Sandler raising its target from $325 to $355, reflecting a consensus rating of "Moderate Buy."

Rafferty Asset Management LLC lessened its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 26.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,830 shares of the technology company's stock after selling 2,518 shares during the quarter. Rafferty Asset Management LLC's holdings in Veeva Systems were worth $1,582,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of VEEV. Abound Financial LLC bought a new stake in shares of Veeva Systems in the 1st quarter worth approximately $25,000. ORG Partners LLC bought a new stake in shares of Veeva Systems in the 1st quarter worth approximately $26,000. Golden State Wealth Management LLC raised its holdings in shares of Veeva Systems by 152.9% in the 1st 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 during the period. Wayfinding Financial LLC bought a new stake in shares of Veeva Systems in the 1st quarter worth approximately $32,000. Finally, Key Financial Inc raised its holdings in Veeva Systems by 161.0% during the 1st quarter. Key Financial Inc now owns 154 shares of the technology company's stock valued at $36,000 after acquiring an additional 95 shares during the period. Institutional investors own 88.20% of the company's stock.

Veeva Systems Stock Down 0.3%

NYSE:VEEV traded down $0.78 during midday trading on Thursday, hitting $270.17. The company had a trading volume of 1,265,759 shares, compared to its average volume of 1,329,956. Veeva Systems Inc. has a 52-week low of $200.30 and a 52-week high of $296.72. The stock's fifty day moving average price is $281.75 and its 200-day moving average price is $254.78. The company has a market capitalization of $44.15 billion, a PE ratio of 55.48, a P/E/G ratio of 2.12 and a beta of 0.95.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 720 shares of the company'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 transaction, the senior vice president directly owned 7,902 shares in the company, valued at approximately $2,256,969.24. The trade was a 8.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Priscilla Hung sold 172 shares of the company's stock in a transaction 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 owned 4,137 shares of the company's stock, valued at $1,170,771. This trade represents a 3.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,378 shares of company stock worth $394,217. Corporate insiders own 10.30% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on VEEV shares. Oppenheimer reissued an "outperform" rating and set a $325.00 target price on shares of Veeva Systems in a report on Thursday, August 28th. Stifel Nicolaus boosted their target price on shares of Veeva Systems from $295.00 to $320.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Citigroup boosted their target price on shares of Veeva Systems from $329.00 to $349.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Morgan Stanley boosted their target price on shares of Veeva Systems from $210.00 to $222.00 and gave the company an "underweight" rating in a report on Thursday, August 28th. Finally, KeyCorp boosted their target price 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. Sixteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company 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.