Veeva Systems Inc. $VEEV Shares Sold by Fortis Capital Advisors LLC

Key Points

• Fortis Capital Advisors LLC reduced its stake in Veeva Systems by 30% during the first quarter, leaving it with 5,047 shares worth approximately $1.17 million.
• Insider trading activity includes a sale by Director Priscilla Hung, who sold 172 shares at $283 each, reducing her ownership by about 4%.
• Analyst ratings show a consensus "Moderate Buy" rating for VEEV, with price targets ranging from $210 to $355, indicating potential for growth despite mixed opinions.

Fortis Capital Advisors LLC reduced its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 30.0% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 5,047 shares of the technology company's stock after selling 2,165 shares during the period. Fortis Capital Advisors LLC's holdings in Veeva Systems were worth $1,169,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sowell Financial Services LLC acquired a new stake in Veeva Systems during the first quarter worth about $274,000. Crossmark Global Holdings Inc. acquired a new stake in Veeva Systems during the first quarter worth about $299,000. Janney Montgomery Scott LLC acquired a new stake in Veeva Systems during the first quarter worth about $5,876,000. GAMMA Investing LLC grew its holdings in Veeva Systems by 13.8% during the first quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock worth $422,000 after acquiring an additional 221 shares during the period. Finally, Private Trust Co. NA grew its holdings in Veeva Systems by 35.0% during the first quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock worth $57,000 after acquiring an additional 64 shares during the period. 88.20% of the stock is owned by institutional investors and hedge funds.

Veeva Systems Price Performance

VEEV stock traded down $3.26 during trading on Friday, hitting $276.21. The stock had a trading volume of 935,743 shares, compared to its average volume of 1,479,340. The company's 50-day moving average price is $281.13 and its two-hundred day moving average price is $257.13. The stock has a market capitalization of $45.27 billion, a P/E ratio of 56.72, a PEG ratio of 2.17 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.

Analysts Set New Price Targets

Several analysts recently commented on the company. BTIG Research raised their target price on Veeva Systems from $335.00 to $340.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Stifel Nicolaus raised their target price on Veeva Systems from $295.00 to $320.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. JPMorgan Chase & Co. upgraded Veeva Systems from a "neutral" rating to an "overweight" rating and raised their target price for the company from $290.00 to $330.00 in a research report on Monday. Citigroup raised their target price on Veeva Systems from $329.00 to $349.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. Finally, Raymond James Financial restated 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. Seventeen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, Veeva Systems currently has a consensus rating of "Moderate Buy" and a consensus target price of $301.48.

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 value of $205,646.40. Following the sale, the senior vice president directly owned 7,902 shares of the company's stock, valued at $2,256,969.24. The trade was 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 171 shares of Veeva Systems stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $284.40, for a total value of $48,632.40. Following the completion of the sale, the director directly owned 3,966 shares in the company, valued at $1,127,930.40. This represents a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,063 shares of company stock worth $302,955 over the last ninety days. Corporate 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.