Veeva Systems Inc. $VEEV Shares Sold by DAVENPORT & Co LLC

Key Points

• DAVENPORT & Co LLC reduced its holdings in Veeva Systems by 10.8%, selling 1,111 shares during the second quarter, leading to ownership of 9,186 shares valued at approximately $2.6 million.
• Insider Thomas D. Schwenger sold 3,350 shares for over $1 million, while SVP Jonathan Faddis sold 720 shares, indicating decreased positions among company insiders.
• Analysts have recently increased price targets for Veeva Systems, with TD Cowen raising it from $297 to $380, reflecting a shift in outlook towards a "buy" rating.

DAVENPORT & Co LLC lessened its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 10.8% in the second quarter, according to its most recent filing with the SEC. The firm owned 9,186 shares of the technology company's stock after selling 1,111 shares during the quarter. DAVENPORT & Co LLC's holdings in Veeva Systems were worth $2,645,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Abound Financial LLC acquired a new stake in Veeva Systems in the first quarter worth about $25,000. ORG Partners LLC acquired a new stake in Veeva Systems in the first quarter worth about $26,000. Golden State Wealth Management LLC lifted its stake in shares of Veeva Systems by 152.9% in the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after acquiring an additional 78 shares during the period. Wayfinding Financial LLC acquired a new stake in shares of Veeva Systems in the 1st quarter worth approximately $32,000. Finally, Maseco LLP acquired a new stake in shares of Veeva Systems in the 2nd quarter worth approximately $35,000. Institutional investors and hedge funds own 88.20% of the company's stock.

Insider Activity

In other Veeva Systems news, insider Thomas D. Schwenger sold 3,350 shares of the firm's stock in a transaction dated Thursday, October 2nd. The stock was sold at an average price of $300.04, for a total transaction of $1,005,134.00. Following the completion of the sale, the insider directly owned 23,773 shares in the company, valued at approximately $7,132,850.92. This trade represents a 12.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Jonathan Faddis sold 720 shares of the company's stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $298.12, for a total value of $214,646.40. Following the completion of the transaction, the senior vice president owned 7,868 shares in the company, valued at $2,345,608.16. This represents a 8.38% 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 $5,598,280. Company insiders own 10.30% of the company's stock.

Veeva Systems Stock Performance

Veeva Systems stock opened at $301.91 on Thursday. The firm has a market capitalization of $49.49 billion, a price-to-earnings ratio of 61.99, a P/E/G ratio of 2.37 and a beta of 0.98. The company has a 50 day moving average price of $282.51 and a 200 day moving average price of $264.13. Veeva Systems Inc. has a 52 week low of $201.54 and a 52 week high of $310.50.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. TD Cowen raised shares of Veeva Systems from a "hold" rating to a "buy" rating and upped their price target for the stock from $297.00 to $380.00 in a research note on Tuesday. Stifel Nicolaus upped their price objective on Veeva Systems from $295.00 to $320.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Morgan Stanley upped their price objective on Veeva Systems from $210.00 to $222.00 and gave the company an "underweight" rating in a report on Thursday, August 28th. UBS Group upped their price objective on Veeva Systems from $285.00 to $310.00 and gave the company a "neutral" rating in a report on Thursday, August 28th. Finally, Barclays upped their price target on shares of Veeva Systems from $300.00 to $325.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Sixteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $307.58.

Veeva Systems 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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