Avanza Fonder AB Raises Holdings in Veeva Systems Inc. $VEEV

Key Points

• Avanza Fonder AB increased its holdings in Veeva Systems Inc. by 23.8%, acquiring an additional 1,938 shares in the second quarter, bringing their total holdings to a value of $2.9 million.
• Insider trading was noted with a director selling 171 shares for approximately $48,632, and another executive selling 720 shares for around $205,646, indicating a decrease in their positions.
• Analysts have recently raised price targets for VEEV shares; Mizuho set a new target of $325, reflecting a strong outlook for the company's growth prospects.

Avanza Fonder AB raised its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 23.8% in the second quarter, according to its most recent filing with the SEC. The firm owned 10,094 shares of the technology company's stock after purchasing an additional 1,938 shares during the quarter. Avanza Fonder AB's holdings in Veeva Systems were worth $2,907,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Veeva Systems by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 14,760,566 shares of the technology company's stock worth $3,418,990,000 after purchasing an additional 315,421 shares during the period. Alliancebernstein L.P. raised its holdings in Veeva Systems by 10.7% during the 1st quarter. Alliancebernstein L.P. now owns 5,499,651 shares of the technology company's stock valued at $1,273,884,000 after buying an additional 532,269 shares during the period. T. Rowe Price Investment Management Inc. increased its holdings in Veeva Systems by 0.7% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,203,867 shares of the technology company's stock worth $1,205,372,000 after purchasing an additional 34,169 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Veeva Systems by 20.9% in 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 during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Veeva Systems by 7.5% during the first quarter. JPMorgan Chase & Co. now owns 3,230,758 shares of the technology company's stock valued at $748,341,000 after buying an additional 225,125 shares during the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on VEEV. BTIG Research boosted their price target on shares of Veeva Systems from $335.00 to $340.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Raymond James Financial reiterated an "outperform" rating and issued a $340.00 price objective (up from $310.00) on shares of Veeva Systems in a research report on Thursday, August 28th. Wall Street Zen upgraded Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Oppenheimer reiterated an "outperform" rating and issued a $325.00 price target on shares of Veeva Systems in a report on Thursday, August 28th. Finally, KeyCorp raised their price objective on shares of Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research report on Monday, July 14th. Seventeen investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Veeva Systems currently has an average rating of "Moderate Buy" and a consensus price target of $301.48.

Veeva Systems Trading Up 1.2%

Shares of VEEV stock traded up $3.46 during trading hours on Monday, reaching $281.25. The company's stock had a trading volume of 1,406,523 shares, compared to its average volume of 1,546,638. Veeva Systems Inc. has a one year low of $200.30 and a one year high of $296.72. The firm's fifty day simple moving average is $280.63 and its 200 day simple moving average is $259.65. The stock has a market capitalization of $46.10 billion, a P/E ratio of 57.75, a P/E/G ratio of 2.15 and a beta of 0.95.

Insider Activity at Veeva Systems

In other Veeva Systems 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 value of $48,676.00. Following the transaction, the director directly owned 4,137 shares in the company, valued at $1,170,771. This represents a 3.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Insiders sold a total of 1,063 shares of company stock worth $302,955 in the last quarter. Company insiders own 10.30% of the company's stock.

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.