Veeva Systems Inc. (NYSE:VEEV) Short Interest Up 20.9% in May

Veeva Systems Inc. (NYSE:VEEV - Get Free Report) saw a significant increase in short interest during the month of May. As of May 15th, there was short interest totalling 4,390,000 shares, an increase of 20.9% from the April 30th total of 3,630,000 shares. Based on an average daily volume of 1,340,000 shares, the days-to-cover ratio is currently 3.3 days. Approximately 3.0% of the company's shares are short sold.

Analyst Ratings Changes

A number of analysts have commented on the stock. Piper Sandler upped their price target on shares of Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Wells Fargo & Company upped their price target on shares of Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. Stifel Nicolaus upped their price target on shares of Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a research report on Thursday, May 29th. Wall Street Zen upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Finally, Needham & Company LLC upped their price objective on shares of Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $269.80.

Insider Buying and Selling

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,200 shares of the company's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $220.97, for a total transaction of $265,164.00. Following the sale, the insider now owns 25,889 shares of the company's stock, valued at approximately $5,720,692.33. This represents a 4.43% 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, SVP Jonathan Faddis sold 787 shares of the company's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total transaction of $178,019.40. Following the sale, the senior vice president now directly owns 8,668 shares in the company, valued at $1,960,701.60. This trade represents a 8.32% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,869 shares of company stock valued at $1,284,917 over the last 90 days. 10.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Veeva Systems

Institutional investors have recently added to or reduced their stakes in the company. Venturi Wealth Management LLC grew its position in Veeva Systems by 2,716.7% in the 4th quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock worth $36,000 after purchasing an additional 163 shares in the last quarter. Linonia Partnership LP grew its position in Veeva Systems by 42.1% in the 4th quarter. Linonia Partnership LP now owns 1,202,972 shares of the technology company's stock worth $252,925,000 after purchasing an additional 356,300 shares in the last quarter. Boston Trust Walden Corp bought a new stake in Veeva Systems in the 4th quarter worth about $7,964,000. William Allan Corp grew its position in Veeva Systems by 3.8% in the 4th quarter. William Allan Corp now owns 12,860 shares of the technology company's stock worth $2,704,000 after purchasing an additional 474 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in Veeva Systems by 73.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company's stock worth $536,972,000 after purchasing an additional 1,081,501 shares in the last quarter. 88.20% of the stock is owned by institutional investors.

Veeva Systems Trading Up 2.3%

Shares of VEEV traded up $6.42 on Thursday, reaching $289.99. The company's stock had a trading volume of 1,998,338 shares, compared to its average volume of 1,135,144. Veeva Systems has a twelve month low of $176.41 and a twelve month high of $291.56. The stock has a market capitalization of $47.18 billion, a PE ratio of 71.60, a PEG ratio of 1.89 and a beta of 0.96. The firm has a fifty day moving average of $233.26 and a 200-day moving average of $229.03.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share for the quarter, topping analysts' consensus estimates of $1.74 by $0.23. Veeva Systems had a net margin of 25.07% and a return on equity of 13.56%. The company had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. During the same quarter in the prior year, the business posted $1.50 EPS. The firm's revenue was up 16.7% compared to the same quarter last year. As a group, equities analysts anticipate that Veeva Systems will post 4.35 EPS for the current fiscal year.

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.