Voya Investment Management LLC Purchases 7,432 Shares of Veeva Systems Inc. $VEEV

Key Points

• Voya Investment Management LLC increased its stake in Veeva Systems by 10.5%, acquiring an additional 7,432 shares in the first quarter, bringing its total holdings to 77,927 shares valued at approximately $18 million.
• Wall Street analysts have raised their price targets for Veeva Systems, with recommendations ranging from $275 to $355, signaling a generally positive outlook for the stock.
• Insider transactions include sales by key individuals, with Director Priscilla Hung selling 171 shares and SVP Jonathan Faddis selling 720 shares, indicating a slight decrease in their ownership stakes.

Voya Investment Management LLC boosted its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 10.5% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 77,927 shares of the technology company's stock after acquiring an additional 7,432 shares during the period. Voya Investment Management LLC's holdings in Veeva Systems were worth $18,050,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. TFB Advisors LLC increased its position 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 buying an additional 44 shares during the period. Marks Group Wealth Management Inc increased its position 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 buying an additional 46 shares during the period. Harbour Investments Inc. increased its position in shares of Veeva Systems by 7.6% during the first quarter. Harbour Investments Inc. now owns 789 shares of the technology company's stock valued at $183,000 after buying an additional 56 shares during the period. Crestwood Advisors Group LLC increased its position in shares of Veeva Systems by 3.7% during the first quarter. Crestwood Advisors Group LLC now owns 1,690 shares of the technology company's stock valued at $391,000 after buying an additional 61 shares during the period. Finally, Private Trust Co. NA increased its position in shares of 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 buying an additional 64 shares during the period. 88.20% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently weighed in on VEEV. Raymond James Financial restated an "outperform" rating and issued a $340.00 price objective (up from $310.00) on shares of Veeva Systems in a research report on Thursday, August 28th. Truist Financial upped their price objective on shares of Veeva Systems from $268.00 to $275.00 and gave the stock a "hold" rating in a research report on Thursday, August 28th. Wells Fargo & Company upped their price objective on shares of Veeva Systems from $300.00 to $326.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 26th. Barclays upped their price objective on shares of Veeva Systems from $300.00 to $325.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Finally, Piper Sandler upped their target price on Veeva Systems from $325.00 to $355.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Seventeen analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $301.48.

Insider Buying and Selling

In other news, Director Priscilla Hung sold 171 shares of the 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 completion of the sale, the director owned 3,966 shares of the company's stock, valued at approximately $1,127,930.40. This represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Jonathan Faddis sold 720 shares of the 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 directly owned 7,902 shares of the company's stock, valued at approximately $2,256,969.24. This trade represents a 8.35% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,063 shares of company stock valued at $302,955. Insiders own 10.30% of the company's stock.

Veeva Systems Stock Performance

NYSE:VEEV opened at $276.21 on Monday. The firm has a market cap of $45.27 billion, a PE ratio of 56.72, a price-to-earnings-growth ratio of 2.15 and a beta of 0.95. Veeva Systems Inc. has a fifty-two week low of $200.30 and a fifty-two week high of $296.72. The business has a 50 day moving average price of $281.13 and a 200-day moving average price of $257.59.

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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