Veeva Systems Inc. $VEEV Shares Bought by Shell Asset Management Co.

Key Points

• Shell Asset Management Co. increased its stake in Veeva Systems by 16.3%, now owning 15,787 shares, valued at approximately $4.5 million.
• Insider transactions revealed that SVP Jonathan Faddis and Thomas D. Schwenger sold a combined over 18,000 shares recently, representing significant decreases in their ownership.
• Veeva Systems' stock has a market capitalization of $50.23 billion and a price target range given by several analysts between $295.00 and $355.00, indicating strong market interest.

Shell Asset Management Co. raised its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 16.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,787 shares of the technology company's stock after buying an additional 2,209 shares during the quarter. Shell Asset Management Co.'s holdings in Veeva Systems were worth $4,546,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Abound Financial LLC acquired a new stake in Veeva Systems in the 1st quarter valued at approximately $25,000. ORG Partners LLC purchased a new stake in shares of Veeva Systems in the 1st quarter valued at $26,000. Maseco LLP acquired a new position in Veeva Systems during the 2nd quarter worth about $35,000. Golden State Wealth Management LLC boosted its holdings in Veeva Systems by 152.9% during the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock valued at $30,000 after acquiring an additional 78 shares during the period. Finally, Wayfinding Financial LLC acquired a new position in Veeva Systems in the 1st quarter valued at about $32,000. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 14,595 shares of Veeva Systems stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $300.00, for a total transaction of $4,378,500.00. Following the sale, the senior vice president owned 8,588 shares in the company, valued at approximately $2,576,400. The trade was a 62.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas D. Schwenger sold 3,350 shares of the business's stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $300.04, for a total value of $1,005,134.00. Following the completion of the transaction, the insider owned 23,773 shares in the company, valued at $7,132,850.92. This trade represents a 12.35% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,665 shares of company stock valued at $5,589,280. 10.30% of the stock is owned by corporate insiders.

Veeva Systems Trading Up 2.2%

Shares of VEEV opened at $306.45 on Wednesday. The firm has a market capitalization of $50.23 billion, a price-to-earnings ratio of 62.93, a PEG ratio of 2.32 and a beta of 0.98. Veeva Systems Inc. has a twelve month low of $201.54 and a twelve month high of $310.50. The firm's fifty day simple moving average is $282.21 and its 200-day simple moving average is $263.86.

Wall Street Analyst Weigh In

Several research analysts have recently commented on VEEV shares. Evercore ISI raised their price objective on shares of Veeva Systems from $285.00 to $295.00 and gave the company an "in-line" rating in a research note on Thursday, August 28th. BTIG Research raised their price target on shares of Veeva Systems from $335.00 to $340.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. Wells Fargo & Company raised their price target on shares of Veeva Systems from $300.00 to $326.00 and gave the company an "overweight" rating in a research report on Tuesday, August 26th. Piper Sandler raised their price target on shares of Veeva Systems from $325.00 to $355.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Finally, Oppenheimer reissued an "outperform" rating and issued a $325.00 price target on shares of Veeva Systems in a research report on Thursday, August 28th. Sixteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $307.58.

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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