Vident Advisory LLC Buys 1,343 Shares of Veeva Systems Inc. $VEEV

Key Points

• Vident Advisory LLC increased its stake in Veeva Systems by 48.8%, acquiring 1,343 additional shares, bringing their total holdings to 4,095 shares valued at approximately $949,000.
• Insider trading activity included Director Priscilla Hung selling 171 shares, reducing ownership, while SVP Jonathan Faddis sold 720 shares, indicating decreases in ownership for insiders.
• Several analysts have raised their price targets for Veeva Systems, with the consensus target price now at $299.88, reflecting a strong market outlook for the company.

Vident Advisory LLC increased its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 48.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,095 shares of the technology company's stock after acquiring an additional 1,343 shares during the quarter. Vident Advisory LLC's holdings in Veeva Systems were worth $949,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in VEEV. Leigh Baldwin & CO. LLC acquired a new position in shares of Veeva Systems during the fourth quarter valued at about $685,355,000. Nuveen LLC acquired a new position in shares of Veeva Systems during the first quarter valued at about $365,684,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Veeva Systems by 20.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company's stock valued at $924,754,000 after buying an additional 689,700 shares during the last quarter. Stockbridge Partners LLC acquired a new position in shares of Veeva Systems during the fourth quarter valued at about $137,260,000. Finally, Linonia Partnership LP grew its holdings in shares of Veeva Systems by 52.7% during the first quarter. Linonia Partnership LP now owns 1,836,557 shares of the technology company's stock valued at $425,402,000 after buying an additional 633,585 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Veeva Systems

In related news, 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 transaction of $48,632.40. Following the completion of the sale, the director owned 3,966 shares in the company, valued at approximately $1,127,930.40. This trade represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 owned 7,902 shares of the company's stock, valued at $2,256,969.24. This trade represents a 8.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,063 shares of company stock valued at $302,955 in the last 90 days. 10.30% of the stock is currently owned by corporate insiders.

Veeva Systems Stock Performance

NYSE VEEV opened at $270.17 on Friday. Veeva Systems Inc. has a 52-week low of $200.30 and a 52-week high of $296.72. The company has a 50-day simple moving average of $281.53 and a 200 day simple moving average of $255.03. The company has a market capitalization of $44.15 billion, a PE ratio of 55.48, a price-to-earnings-growth ratio of 2.10 and a beta of 0.95.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on VEEV shares. Piper Sandler lifted their price objective on shares of Veeva Systems from $325.00 to $355.00 and gave the company an "overweight" rating in a report on Thursday, August 28th. Wells Fargo & Company lifted their price objective on shares of Veeva Systems from $300.00 to $326.00 and gave the company an "overweight" rating in a report on Tuesday, August 26th. UBS Group increased their target price on shares of Veeva Systems from $285.00 to $310.00 and gave the company a "neutral" rating in a report on Thursday, August 28th. Oppenheimer reiterated an "outperform" rating and issued a $325.00 target price on shares of Veeva Systems in a report on Thursday, August 28th. Finally, Barclays increased their target price on shares of Veeva Systems from $300.00 to $325.00 and gave the company an "overweight" rating in a report 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 company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $299.88.

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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