Westend Capital Management LLC Makes New Investment in Veeva Systems Inc. $VEEV

Key Points

• Westend Capital Management LLC has acquired a new position in Veeva Systems Inc., purchasing 28,055 shares for approximately $8,079,000, making it the 21st largest holding in their portfolio.
• A number of analysts have increased their price targets for Veeva Systems, with Piper Sandler raising their target from $325.00 to $355.00 and maintaining an "overweight" rating.
• Insider trading activity includes Director Priscilla Hung selling 172 shares, reducing her ownership by 3.99%, while the company has a significant amount of insider ownership at 10.30% of the stock.

Westend Capital Management LLC bought a new position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 28,055 shares of the technology company's stock, valued at approximately $8,079,000. Veeva Systems makes up about 2.5% of Westend Capital Management LLC's holdings, making the stock its 21st biggest holding.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Sowell Financial Services LLC purchased a new stake in Veeva Systems during the 1st quarter valued at about $274,000. Crossmark Global Holdings Inc. acquired a new position in shares of Veeva Systems during the 1st quarter worth approximately $299,000. Janney Montgomery Scott LLC purchased a new stake in shares of Veeva Systems in the first quarter valued at approximately $5,876,000. GAMMA Investing LLC grew its position in shares of Veeva Systems by 13.8% in the first quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock valued at $422,000 after purchasing an additional 221 shares in the last quarter. Finally, Private Trust Co. NA increased its holdings in shares of Veeva Systems by 35.0% in the first quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock valued at $57,000 after purchasing an additional 64 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on VEEV shares. Stifel Nicolaus boosted their price objective on Veeva Systems from $295.00 to $320.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. BTIG Research boosted their price target on shares of Veeva Systems from $335.00 to $340.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. KeyCorp upped their price objective on shares of Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a report on Monday, July 14th. Piper Sandler lifted their target price on shares of Veeva Systems from $325.00 to $355.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Finally, Wells Fargo & Company boosted their target price 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. Seventeen analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $301.48.

Insider Activity

In other news, Director Priscilla Hung sold 172 shares of the business's stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total transaction of $48,676.00. Following the completion of the transaction, the director directly owned 4,137 shares of the company's stock, valued at approximately $1,170,771. The trade was a 3.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Jonathan Faddis sold 720 shares of the company's stock in a transaction that occurred on 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 in the company, valued at $2,256,969.24. The trade was a 8.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,063 shares of company stock valued at $302,955 in the last quarter. Company insiders own 10.30% of the company's stock.

Veeva Systems Trading Down 0.8%

Shares of NYSE VEEV opened at $276.98 on Monday. The stock has a market cap of $45.40 billion, a P/E ratio of 56.87, a PEG ratio of 2.15 and a beta of 0.95. The business's fifty day simple moving average is $280.65 and its 200-day simple moving average is $259.41. Veeva Systems Inc. has a 12-month low of $200.30 and a 12-month high of $296.72.

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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