Graham Capital Management L.P. Sells 3,443 Shares of Veeva Systems Inc. $VEEV

Key Points

• Graham Capital Management L.P. reduced its holdings in Veeva Systems by 23.2%, now owning 11,383 shares worth approximately $2.64 million.
• Multiple financial institutions increased their stakes in Veeva Systems, with Private Trust Co. NA boosting its shareholding by 35.0% during the 1st quarter.
• Veeva Systems' stock received several target price increases from analysts, with BTIG Research raising its target to $340.00 and maintaining a "buy" rating.

Graham Capital Management L.P. cut its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 23.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,383 shares of the technology company's stock after selling 3,443 shares during the quarter. Graham Capital Management L.P.'s holdings in Veeva Systems were worth $2,637,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in VEEV. Beacon Pointe Advisors LLC purchased a new position in Veeva Systems during the fourth quarter worth about $261,000. BNP Paribas Financial Markets boosted its holdings in Veeva Systems by 112.7% during the fourth quarter. BNP Paribas Financial Markets now owns 143,094 shares of the technology company's stock worth $30,086,000 after purchasing an additional 75,830 shares during the last quarter. BNP Paribas purchased a new position in Veeva Systems in the fourth quarter valued at about $195,000. BLI Banque de Luxembourg Investments purchased a new position in Veeva Systems in the fourth quarter valued at about $5,684,000. Finally, Benjamin Edwards Inc. boosted its stake in Veeva Systems by 12.9% in the fourth quarter. Benjamin Edwards Inc. now owns 7,477 shares of the technology company's stock valued at $1,572,000 after acquiring an additional 857 shares during the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Trading Up 0.4%

Shares of NYSE VEEV traded up $0.97 during midday trading on Wednesday, hitting $270.95. The company's stock had a trading volume of 1,316,256 shares, compared to its average volume of 1,269,295. The stock has a fifty day moving average price of $281.75 and a 200 day moving average price of $254.78. Veeva Systems Inc. has a one year low of $200.30 and a one year high of $296.72. The firm has a market capitalization of $44.28 billion, a price-to-earnings ratio of 55.64, a P/E/G ratio of 2.12 and a beta of 0.95.

Analyst Ratings Changes

A number of research analysts have weighed in on VEEV shares. UBS Group boosted their target price on shares of Veeva Systems from $285.00 to $310.00 and gave the company a "neutral" rating in a research note on Thursday, August 28th. Citigroup boosted their target price on shares of Veeva Systems from $329.00 to $349.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Needham & Company LLC boosted their target price on shares of Veeva Systems from $300.00 to $355.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Evercore ISI boosted their target price on shares of Veeva Systems from $285.00 to $295.00 and gave the company an "in-line" rating in a research note on Thursday, August 28th. Finally, Truist Financial boosted their target price on shares of Veeva Systems from $268.00 to $275.00 and gave the company a "hold" rating in a research note on Thursday, August 28th. Sixteen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, Veeva Systems presently has an average rating of "Moderate Buy" and an average price target of $299.88.

Insider Activity

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 sale, 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Timothy S. Cabral sold 315 shares of the business's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the completion of the sale, the director directly owned 5,500 shares in the company, valued at approximately $1,593,460. This trade represents a 5.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,378 shares of company stock valued at $394,217 over the last quarter. Company insiders own 10.30% of the company's stock.

About Veeva Systems

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.