Veeva Systems Inc. $VEEV Shares Sold by Truist Financial Corp

Key Points

• Truist Financial Corp reduced its stake in Veeva Systems by 16.2%, selling 7,613 shares and ending the quarter with 39,330 shares valued at approximately $11.3 million.
• Recent insider sales include SVP Jonathan Faddis selling 14,595 shares for over $4.3 million, leading to a 62.96% decrease in his ownership.
• Analysts have given Veeva Systems an average rating of "Moderate Buy", with target prices ranging from $295 to $355, reflecting continued confidence in the company's performance.

Truist Financial Corp lessened its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 16.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 39,330 shares of the technology company's stock after selling 7,613 shares during the quarter. Truist Financial Corp's holdings in Veeva Systems were worth $11,326,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Abound Financial LLC acquired a new position in shares of Veeva Systems during the first quarter worth about $25,000. ORG Partners LLC purchased a new stake in shares of Veeva Systems during the first quarter worth about $26,000. Maseco LLP purchased a new stake in shares of Veeva Systems during the second quarter worth about $35,000. Golden State Wealth Management LLC increased its position in shares of Veeva Systems by 152.9% during the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after acquiring an additional 78 shares during the last quarter. Finally, Wayfinding Financial LLC purchased a new stake in shares of Veeva Systems during the first quarter worth about $32,000. Institutional investors and hedge funds own 88.20% of the company's stock.

Insider Activity

In other news, SVP Jonathan Faddis sold 14,595 shares of the company's stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $300.00, for a total transaction of $4,378,500.00. Following the completion of the transaction, the senior vice president directly owned 8,588 shares of the company's stock, valued at approximately $2,576,400. This represents a 62.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Priscilla Hung sold 171 shares of the company's stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $284.40, for a total value of $48,632.40. Following the transaction, the director directly owned 3,966 shares of the company's stock, valued at $1,127,930.40. This trade represents a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,836 shares of company stock valued at $5,637,913. 10.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on VEEV. Canaccord Genuity Group lifted their target price on Veeva Systems from $270.00 to $300.00 and gave the stock a "hold" rating in a research report on Thursday, August 28th. UBS Group lifted their target price on Veeva Systems from $285.00 to $310.00 and gave the stock a "neutral" rating in a research report on Thursday, August 28th. Wall Street Zen lowered Veeva Systems from a "buy" rating to a "hold" rating in a research report on Friday. Evercore ISI lifted their target price on Veeva Systems from $285.00 to $295.00 and gave the stock an "in-line" rating in a research report on Thursday, August 28th. Finally, Needham & Company LLC lifted their target price on Veeva Systems from $300.00 to $355.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Sixteen investment 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 MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $303.67.

Veeva Systems Stock Down 1.4%

Shares of Veeva Systems stock opened at $296.47 on Friday. The firm has a market cap of $48.60 billion, a P/E ratio of 60.88, a P/E/G ratio of 2.29 and a beta of 0.98. Veeva Systems Inc. has a fifty-two week low of $200.30 and a fifty-two week high of $302.00. The business has a 50-day moving average price of $281.68 and a 200 day moving average price of $262.93.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.