Veeva Systems Inc. $VEEV Shares Sold by Belpointe Asset Management LLC

Key Points

• Belpointe Asset Management LLC reduced its stake in Veeva Systems Inc. by 30.0%, now holding 5,047 shares valued at approximately $1,169,000.
• Insider transactions included SVP Jonathan Faddis selling 720 shares and Director Priscilla Hung selling 171 shares, both reducing their ownership percentages in the company.
• Analysts have raised price targets for Veeva Systems, with Piper Sandler increasing its target to $355.00 and Citigroup to $349.00, reflecting a positive outlook of the stock.

Belpointe Asset Management LLC trimmed its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 30.0% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,047 shares of the technology company's stock after selling 2,165 shares during the period. Belpointe Asset Management LLC's holdings in Veeva Systems were worth $1,169,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of VEEV. CoreCap Advisors LLC grew its stake in Veeva Systems by 31.7% in the fourth quarter. CoreCap Advisors LLC now owns 249 shares of the technology company's stock worth $52,000 after purchasing an additional 60 shares in the last quarter. Janus Henderson Group PLC grew its stake in Veeva Systems by 7.0% in the fourth quarter. Janus Henderson Group PLC now owns 14,788 shares of the technology company's stock worth $3,109,000 after purchasing an additional 964 shares in the last quarter. Nissay Asset Management Corp Japan ADV grew its stake in Veeva Systems by 0.8% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 18,732 shares of the technology company's stock worth $4,009,000 after purchasing an additional 157 shares in the last quarter. Quantinno Capital Management LP grew its stake in Veeva Systems by 56.1% in the fourth quarter. Quantinno Capital Management LP now owns 8,356 shares of the technology company's stock worth $1,757,000 after purchasing an additional 3,004 shares in the last quarter. Finally, Point72 Hong Kong Ltd grew its stake in Veeva Systems by 63.3% in the fourth quarter. Point72 Hong Kong Ltd now owns 22,322 shares of the technology company's stock worth $4,693,000 after purchasing an additional 8,656 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, SVP Jonathan Faddis sold 720 shares of Veeva Systems 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 sale, the senior vice president owned 7,902 shares of the company's stock, valued at approximately $2,256,969.24. The trade was a 8.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Priscilla Hung sold 171 shares of Veeva Systems stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $284.40, for a total value of $48,632.40. Following the sale, the director directly owned 3,966 shares in the company, valued at approximately $1,127,930.40. This trade represents a 4.13% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,063 shares of company stock worth $302,955. Corporate insiders own 10.30% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on VEEV. Piper Sandler lifted their price target on Veeva Systems from $325.00 to $355.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Canaccord Genuity Group lifted their target price on Veeva Systems from $270.00 to $300.00 and gave the company a "hold" rating in a research note on Thursday, August 28th. Wall Street Zen upgraded Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Truist Financial lifted their target price on Veeva Systems from $268.00 to $275.00 and gave the company a "hold" rating in a research note on Thursday, August 28th. Finally, Citigroup lifted their target price on Veeva Systems from $329.00 to $349.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Seventeen analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Veeva Systems has an average rating of "Moderate Buy" and an average price target of $301.48.

Veeva Systems Trading Up 2.1%

VEEV opened at $280.25 on Friday. The business's 50 day moving average is $281.15 and its 200-day moving average is $256.75. The stock has a market cap of $45.94 billion, a PE ratio of 57.55, a price-to-earnings-growth ratio of 2.13 and a beta of 0.95. Veeva Systems Inc. has a twelve month low of $200.30 and a twelve month high of $296.72.

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.

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