Veeva Systems Inc. $VEEV Shares Sold by PharVision Advisers LLC

Key Points

• PharVision Advisers LLC significantly reduced its holdings in Veeva Systems by 60.6% in the first quarter, leaving them with 886 shares valued at approximately $205,000.
• Multiple analysts have raised their price targets for Veeva Systems, with KeyCorp increasing it from $285 to $325 and Citigroup from $329 to $349, contributing to an average rating of "Moderate Buy".
• The stock opened at $273.12 on Friday, and Veeva Systems has a market capitalization of $44.63 billion along with a price-to-earnings ratio of 56.08.

PharVision Advisers LLC lowered its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 60.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 886 shares of the technology company's stock after selling 1,361 shares during the period. PharVision Advisers LLC's holdings in Veeva Systems were worth $205,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. TFB Advisors LLC boosted its stake in shares of Veeva Systems by 1.2% during the first quarter. TFB Advisors LLC now owns 3,586 shares of the technology company's stock valued at $831,000 after acquiring an additional 44 shares during the last quarter. Marks Group Wealth Management Inc boosted its stake in shares of Veeva Systems by 3.3% during the first quarter. Marks Group Wealth Management Inc now owns 1,427 shares of the technology company's stock valued at $331,000 after acquiring an additional 46 shares during the last quarter. Colonial Trust Co SC boosted its stake in Veeva Systems by 30.3% in the 4th quarter. Colonial Trust Co SC now owns 241 shares of the technology company's stock worth $51,000 after buying an additional 56 shares during the last quarter. Harbour Investments Inc. boosted its stake in Veeva Systems by 7.6% in the 1st quarter. Harbour Investments Inc. now owns 789 shares of the technology company's stock worth $183,000 after buying an additional 56 shares during the last quarter. Finally, CoreCap Advisors LLC boosted its stake in Veeva Systems by 31.7% in the 4th quarter. CoreCap Advisors LLC now owns 249 shares of the technology company's stock worth $52,000 after buying an additional 60 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. KeyCorp raised their price target on Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Evercore ISI raised their price target on Veeva Systems from $285.00 to $295.00 and gave the stock an "in-line" rating in a research note on Thursday, August 28th. Canaccord Genuity Group raised their price target on Veeva Systems from $270.00 to $300.00 and gave the stock a "hold" rating in a research note on Thursday, August 28th. Oppenheimer reissued an "outperform" rating and issued a $325.00 price target on shares of Veeva Systems in a research note on Thursday, August 28th. Finally, Citigroup raised their price target on Veeva Systems from $329.00 to $349.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Sixteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $299.88.

Veeva Systems Price Performance

Veeva Systems stock opened at $273.12 on Friday. The stock's 50-day moving average is $281.33 and its 200-day moving average is $255.48. The company 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 12 month low of $200.30 and a 12 month high of $296.72.

Insider Activity

In related news, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the sale, the senior vice president directly owned 7,902 shares in the company, valued at approximately $2,256,969.24. This trade represents a 8.35% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Priscilla Hung sold 171 shares of the firm's stock in a transaction dated Monday, July 7th. The shares were sold at an average price of $284.40, for a total value of $48,632.40. Following the sale, the director owned 3,966 shares in the company, valued at approximately $1,127,930.40. The trade was a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,063 shares of company stock worth $302,955. Company insiders own 10.30% of the company's stock.

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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