Ieq Capital LLC Boosts Position in Veeva Systems Inc. $VEEV

Key Points

• Ieq Capital LLC increased its stake in Veeva Systems by 7.0%, acquiring a total of 16,204 shares valued at approximately $3.75 million.
• Several institutional investors have also boosted their positions in Veeva, with overall institutional ownership now at 88.20% of the company's stock.
• Analysts have raised their price targets for Veeva Systems, with the consensus rating now reflecting a "Moderate Buy" and a target price of approximately $299.88.

Ieq Capital LLC raised its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 7.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,204 shares of the technology company's stock after acquiring an additional 1,057 shares during the period. Ieq Capital LLC's holdings in Veeva Systems were worth $3,753,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. Abound Financial LLC acquired a new position in Veeva Systems during the first quarter worth approximately $25,000. ORG Partners LLC acquired a new position in Veeva Systems during the first quarter worth approximately $26,000. Golden State Wealth Management LLC increased its position in Veeva Systems by 152.9% during the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after buying an additional 78 shares during the period. Wayfinding Financial LLC acquired a new position in Veeva Systems during the first quarter worth approximately $32,000. Finally, Key Financial Inc increased its position in Veeva Systems by 161.0% during the first quarter. Key Financial Inc now owns 154 shares of the technology company's stock worth $36,000 after buying an additional 95 shares during the period. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Stock Up 0.2%

VEEV stock traded up $0.56 on Tuesday, reaching $269.76. 1,495,921 shares of the company's stock were exchanged, compared to its average volume of 1,330,421. The stock has a fifty day moving average of $282.16 and a 200-day moving average of $254.56. Veeva Systems Inc. has a twelve month low of $200.30 and a twelve month high of $296.72. The firm has a market cap of $44.08 billion, a PE ratio of 55.39, a P/E/G ratio of 2.12 and a beta of 0.95.

Analysts Set New Price Targets

Several research analysts have commented on the company. Canaccord Genuity Group lifted their price target on Veeva Systems from $270.00 to $300.00 and gave the stock a "hold" rating in a research report on Thursday, August 28th. UBS Group boosted their target price on Veeva Systems from $285.00 to $310.00 and gave the company a "neutral" rating in a report on Thursday, August 28th. Piper Sandler boosted their target price on Veeva Systems from $325.00 to $355.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Needham & Company LLC boosted their target price on Veeva Systems from $300.00 to $355.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Finally, Evercore ISI boosted their target price on Veeva Systems from $285.00 to $295.00 and gave the company an "in-line" rating in a report on Thursday, August 28th. Sixteen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Veeva Systems has a consensus rating of "Moderate Buy" and an average target price of $299.88.

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 stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the transaction, the senior vice president owned 7,902 shares of the company's stock, valued at $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Priscilla Hung sold 172 shares of the business's stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total value of $48,676.00. Following the sale, the director owned 4,137 shares in the company, valued at approximately $1,170,771. The trade was a 3.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,378 shares of company stock valued at $394,217 over the last quarter. Company insiders own 10.30% of the company's stock.

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.