Fred Alger Management LLC Decreases Stock Position in Veeva Systems Inc. $VEEV

Key Points

• Fred Alger Management LLC reduced its holdings in Veeva Systems by 19.0%, selling 10,669 shares and ending the quarter with 45,429 shares valued at approximately $10.52 million.
• Multiple institutional investors have recently adjusted their stakes in Veeva Systems, with a total of 88.20% of the company's stock now owned by these investors, indicating strong institutional interest.
• Wall Street analysts have increased target prices for Veeva Systems stock, with upgrades from firms like KeyCorp, Mizuho, and Wells Fargo, reflecting positive sentiment and ratings for the stock.

Fred Alger Management LLC cut its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 19.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 45,429 shares of the technology company's stock after selling 10,669 shares during the quarter. Fred Alger Management LLC's holdings in Veeva Systems were worth $10,523,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Sowell Financial Services LLC purchased a new stake in shares of Veeva Systems during the first quarter worth $274,000. Crossmark Global Holdings Inc. purchased a new stake in shares of Veeva Systems in the first quarter worth $299,000. Janney Montgomery Scott LLC purchased a new stake in shares of Veeva Systems in the first quarter worth $5,876,000. GAMMA Investing LLC raised its position in Veeva Systems by 13.8% during the first quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock valued at $422,000 after purchasing an additional 221 shares in the last quarter. Finally, Private Trust Co. NA raised its position in Veeva Systems by 35.0% during the first quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock valued at $57,000 after purchasing an additional 64 shares in the last quarter. 88.20% of the stock is owned by institutional investors.

Insider Activity at Veeva Systems

In other Veeva Systems news, 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 transaction of $48,632.40. Following the sale, the director directly owned 3,966 shares of the company's stock, valued at approximately $1,127,930.40. The trade was a 4.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction that occurred on Thursday, July 10th. The shares were 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. The trade was a 8.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,063 shares of company stock worth $302,955. Insiders own 10.30% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on VEEV shares. Truist Financial raised their price target on Veeva Systems from $268.00 to $275.00 and gave the company a "hold" rating in a research report on Thursday, August 28th. Raymond James Financial restated an "outperform" rating and set a $340.00 price target (up previously from $310.00) on shares of Veeva Systems in a research report on Thursday, August 28th. Oppenheimer restated an "outperform" rating and set a $325.00 price target on shares of Veeva Systems in a research report on Thursday, August 28th. KeyCorp raised their price objective on Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research note on Monday, July 14th. Finally, Stifel Nicolaus raised their price objective on Veeva Systems from $295.00 to $320.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Seventeen research 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, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $301.48.

Veeva Systems Stock Performance

Shares of NYSE VEEV traded down $3.26 during trading hours on Friday, hitting $276.21. The company's stock had a trading volume of 935,743 shares, compared to its average volume of 1,333,734. The business has a 50-day simple moving average of $281.15 and a 200-day simple moving average of $256.75. The stock has a market cap of $45.27 billion, a price-to-earnings ratio of 56.72, a P/E/G ratio of 2.13 and a beta of 0.95. Veeva Systems Inc. has a 12 month low of $200.30 and a 12 month high of $296.72.

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.