Veeva Systems Inc. $VEEV Shares Acquired by Inspire Investing LLC

Key Points

• Inspire Investing LLC increased its stake in Veeva Systems Inc. by 47.7% in the first quarter, owning 28,703 shares valued at approximately $6.65 million.
• Veeva Systems has experienced positive analyst ratings, with 17 analysts rating the stock a Buy and target prices ranging from $275 to $355.
• Currently, institutional investors own 88.20% of Veeva's stock, indicating strong confidence from institutional players in the technology company's potential.

Inspire Investing LLC lifted its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 47.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,703 shares of the technology company's stock after acquiring an additional 9,268 shares during the quarter. Veeva Systems accounts for approximately 0.8% of Inspire Investing LLC's investment portfolio, making the stock its 18th biggest holding. Inspire Investing LLC's holdings in Veeva Systems were worth $6,648,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Strs Ohio acquired a new position in Veeva Systems in the 1st quarter worth about $11,628,000. Geneos Wealth Management Inc. grew its holdings in Veeva Systems by 7.8% in the first quarter. Geneos Wealth Management Inc. now owns 2,200 shares of the technology company's stock valued at $510,000 after purchasing an additional 160 shares during the period. Focus Partners Wealth increased its position in shares of Veeva Systems by 1.2% in the first quarter. Focus Partners Wealth now owns 98,113 shares of the technology company's stock valued at $22,726,000 after buying an additional 1,152 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Veeva Systems by 48.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,799,931 shares of the technology company's stock worth $416,918,000 after acquiring an additional 585,785 shares during the period. Finally, Peloton Wealth Strategists increased its stake in shares of Veeva Systems by 8.6% during the first quarter. Peloton Wealth Strategists now owns 8,145 shares of the technology company's stock worth $1,887,000 after purchasing an additional 647 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Trading Up 2.1%

Shares of NYSE VEEV opened at $280.25 on Friday. Veeva Systems Inc. has a 12-month low of $200.30 and a 12-month high of $296.72. The stock has a market cap of $45.94 billion, a PE ratio of 57.55, a P/E/G ratio of 2.13 and a beta of 0.95. The company has a 50-day moving average of $281.15 and a 200 day moving average of $256.75.

Wall Street Analyst Weigh In

VEEV has been the subject of a number of research reports. Truist Financial boosted their target price on shares of Veeva Systems from $268.00 to $275.00 and gave the stock a "hold" rating in a research note on Thursday, August 28th. Raymond James Financial reissued an "outperform" rating and set a $340.00 target price (up previously from $310.00) on shares of Veeva Systems in a research note on Thursday, August 28th. Needham & Company LLC boosted their target price on shares of Veeva Systems from $300.00 to $355.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Mizuho boosted their target price on shares of Veeva Systems from $295.00 to $325.00 and gave the stock an "outperform" rating in a research note on Friday, August 29th. Finally, Piper Sandler boosted their target price on shares of Veeva Systems from $325.00 to $355.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Seventeen investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $301.48.

Insider Activity

In related news, 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 completion of the sale, the senior vice president owned 7,902 shares of the company's stock, valued at approximately $2,256,969.24. This represents a 8.35% decrease in their position. 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 171 shares of the business's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $284.40, for a total transaction of $48,632.40. Following the completion of the transaction, the director owned 3,966 shares in the company, valued at $1,127,930.40. The trade was a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,063 shares of company stock valued at $302,955. 10.30% of the stock is owned by corporate insiders.

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.

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