Zevenbergen Capital Investments LLC Has $59.02 Million Stock Position in Veeva Systems Inc. $VEEV

Key Points

• Zevenbergen Capital Investments LLC has reduced its stake in Veeva Systems Inc. by 2.6%, owning approximately $59 million worth of shares after the sale.
• Veeva Systems has seen recent upgrades in analyst ratings, with Piper Sandler raising the price target from $325 to $355 and several others affirming “buy” ratings.
• Veeva Systems stock is currently trading at $276.21, showing a decline of 1.2% recently, with a market cap of $45.27 billion.

Zevenbergen Capital Investments LLC reduced its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 2.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 204,943 shares of the technology company's stock after selling 5,390 shares during the period. Veeva Systems makes up approximately 1.2% of Zevenbergen Capital Investments LLC's investment portfolio, making the stock its 25th biggest position. Zevenbergen Capital Investments LLC owned 0.13% of Veeva Systems worth $59,019,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Sowell Financial Services LLC acquired a new position in Veeva Systems during the first quarter valued at approximately $274,000. Crossmark Global Holdings Inc. acquired a new position in shares of Veeva Systems during the first quarter worth $299,000. Janney Montgomery Scott LLC acquired a new position in shares of Veeva Systems during the first quarter worth $5,876,000. GAMMA Investing LLC increased its holdings in shares of Veeva Systems by 13.8% during the first quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock worth $422,000 after buying an additional 221 shares in the last quarter. Finally, Private Trust Co. NA increased its holdings 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 worth $57,000 after buying an additional 64 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Stock Down 1.2%

Shares of Veeva Systems stock opened at $276.21 on Friday. Veeva Systems Inc. has a twelve month low of $200.30 and a twelve month high of $296.72. The stock has a market cap of $45.27 billion, a price-to-earnings ratio of 56.72, a P/E/G ratio of 2.17 and a beta of 0.95. The company's fifty day moving average is $281.13 and its 200 day moving average is $257.33.

Analyst Ratings Changes

Several research analysts have recently issued reports on VEEV shares. Piper Sandler upped their price target on shares of Veeva Systems from $325.00 to $355.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Wall Street Zen upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Mizuho upped their price target on shares of Veeva Systems from $295.00 to $325.00 and gave the stock an "outperform" rating in a report on Friday, August 29th. JPMorgan Chase & Co. upgraded shares of Veeva Systems from a "neutral" rating to an "overweight" rating and upped their price target for the stock from $290.00 to $330.00 in a report on Monday, September 8th. Finally, Truist Financial upped their price target on shares of Veeva Systems from $268.00 to $275.00 and gave the stock a "hold" rating in a report on Thursday, August 28th. Seventeen analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $301.48.

Insiders Place Their Bets

In other Veeva Systems news, SVP Jonathan Faddis sold 720 shares of the company's stock in a transaction on Thursday, July 10th. The shares were 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 approximately $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Priscilla Hung sold 171 shares of the company's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $284.40, for a total transaction of $48,632.40. Following the sale, the director directly owned 3,966 shares in the company, valued at $1,127,930.40. This trade represents a 4.13% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,063 shares of company stock worth $302,955 in the last ninety days. Insiders own 10.30% of the company's stock.

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.

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