Veeva Systems Inc. $VEEV Shares Bought by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. increased its stake in Veeva Systems Inc. by 10.7%, owning approximately 5.5 million shares worth about $1.27 billion after acquiring 532,269 shares in the 1st quarter.
• Analyst ratings have been positive, with multiple firms raising their price targets for Veeva, with Barclays setting a new target at $325 and Morgan Stanley targeting $222.
• Insider selling activity includes Director Timothy S. Cabral, who sold 315 shares, resulting in a 5.42% reduction of his holdings in the company.

Alliancebernstein L.P. raised its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 10.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,499,651 shares of the technology company's stock after buying an additional 532,269 shares during the period. Alliancebernstein L.P. owned about 3.38% of Veeva Systems worth $1,273,884,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Leigh Baldwin & CO. LLC bought a new position in Veeva Systems in the fourth quarter valued at approximately $685,355,000. Nuveen LLC bought a new stake in Veeva Systems during the 1st quarter worth about $365,684,000. Price T Rowe Associates Inc. MD lifted its position in Veeva Systems by 20.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company's stock worth $924,754,000 after buying an additional 689,700 shares in the last quarter. Stockbridge Partners LLC acquired a new position in shares of Veeva Systems during the 4th quarter worth about $137,260,000. Finally, Linonia Partnership LP increased its stake in shares of Veeva Systems by 52.7% during the 1st quarter. Linonia Partnership LP now owns 1,836,557 shares of the technology company's stock worth $425,402,000 after purchasing an additional 633,585 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

Veeva Systems Stock Up 1.1%

Shares of Veeva Systems stock traded up $3.06 during trading on Friday, reaching $273.12. 1,438,211 shares of the stock were exchanged, compared to its average volume of 1,318,675. Veeva Systems Inc. has a 1 year low of $200.30 and a 1 year high of $296.72. The firm has a market cap of $44.63 billion, a price-to-earnings ratio of 56.08, a price-to-earnings-growth ratio of 2.12 and a beta of 0.95. The stock's fifty day moving average is $281.33 and its 200 day moving average is $255.48.

Analysts Set New Price Targets

VEEV has been the topic of a number of analyst reports. Piper Sandler increased their target price on shares of Veeva Systems from $325.00 to $355.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Canaccord Genuity Group raised their target price on shares of Veeva Systems from $270.00 to $300.00 and gave the company a "hold" rating in a research report on Thursday, August 28th. KeyCorp lifted their price target on shares of Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Wells Fargo & Company boosted their price target on Veeva Systems from $300.00 to $326.00 and gave the company an "overweight" rating in a research note on Tuesday, August 26th. Finally, BTIG Research upped their target price on shares of Veeva Systems from $335.00 to $340.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Sixteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $299.88.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 720 shares of the stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of the transaction, the senior vice president directly owned 7,902 shares of the company's stock, valued at approximately $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Priscilla Hung sold 171 shares of the company'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 sale, the director owned 3,966 shares in the company, valued at $1,127,930.40. This represents 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 sold 1,063 shares of company stock valued at $302,955. 10.30% of the stock is currently owned by 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.