EFG Asset Management North America Corp. Has $6.68 Million Position in Veeva Systems Inc. $VEEV

Key Points

• EFG Asset Management North America Corp. reduced its holdings in Veeva Systems Inc. by 16.6%, now owning 28,842 shares valued at approximately $6.68 million.
• Several analysts upgraded their price target for Veeva Systems, with Mizuho setting it at $325.00 and BTIG Research increasing it to $340.00, reflecting a strong buy sentiment.
• Insider selling was reported, notably by Director Priscilla Hung, who sold 172 shares at an average price of $283.00, resulting in a 3.99% decrease in her position.

EFG Asset Management North America Corp. cut its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 16.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 28,842 shares of the technology company's stock after selling 5,734 shares during the quarter. Veeva Systems accounts for about 1.1% of EFG Asset Management North America Corp.'s portfolio, making the stock its 12th largest position. EFG Asset Management North America Corp.'s holdings in Veeva Systems were worth $6,680,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in VEEV. Leigh Baldwin & CO. LLC bought a new stake in shares of Veeva Systems during the 4th quarter valued at approximately $685,355,000. Nuveen LLC bought a new stake in shares of Veeva Systems during the 1st quarter valued at approximately $365,684,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Veeva Systems by 20.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company's stock valued at $924,754,000 after purchasing an additional 689,700 shares during the last quarter. Stockbridge Partners LLC bought a new stake in shares of Veeva Systems during the 4th quarter valued at approximately $137,260,000. Finally, Linonia Partnership LP grew its holdings in shares of Veeva Systems by 52.7% during the 1st quarter. Linonia Partnership LP now owns 1,836,557 shares of the technology company's stock valued at $425,402,000 after purchasing an additional 633,585 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

Veeva Systems Stock Performance

Shares of NYSE VEEV traded up $3.06 during midday trading on Friday, reaching $273.12. The stock had a trading volume of 1,438,211 shares, compared to its average volume of 1,318,675. The firm has a market cap of $44.63 billion, a price-to-earnings ratio of 56.08, a price-to-earnings-growth ratio of 2.12 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. The company's 50 day moving average price is $281.33 and its 200 day moving average price is $255.48.

Insider Buying and Selling

In other news, SVP Jonathan Faddis sold 720 shares of the business's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $285.62, for a total value of $205,646.40. Following the transaction, the senior vice president owned 7,902 shares in the company, valued at approximately $2,256,969.24. The trade was a 8.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Priscilla Hung sold 172 shares of the business's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total transaction of $48,676.00. Following the completion of the transaction, the director owned 4,137 shares in the company, valued at $1,170,771. This trade represents a 3.99% 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 90 days. Corporate insiders own 10.30% of the company's stock.

Wall Street Analysts Forecast Growth

VEEV has been the topic of several recent research reports. Stifel Nicolaus lifted their target price on shares of Veeva Systems from $295.00 to $320.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Citigroup lifted their target price on shares of Veeva Systems from $329.00 to $349.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Raymond James Financial reiterated an "outperform" rating and set a $340.00 target price (up from $310.00) on shares of Veeva Systems in a research report on Thursday, August 28th. Morgan Stanley lifted their target price on shares of Veeva Systems from $210.00 to $222.00 and gave the stock an "underweight" rating in a research report on Thursday, August 28th. Finally, Truist Financial lifted their target price on shares of Veeva Systems from $268.00 to $275.00 and gave the stock a "hold" rating in a research report on Thursday, August 28th. Sixteen investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Veeva Systems currently has an average rating of "Moderate Buy" and an average price target of $299.88.

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.