Veeva Systems (NYSE:VEEV) Insider Thomas Schwenger Sells 3,350 Shares

Key Points

• Insider Thomas Schwenger sold 3,350 shares of Veeva Systems at an average price of $300.04, totaling approximately $1 million, and now owns 23,773 shares.
• Recent analyst upgrades suggest a bullish outlook, with Citigroup raising Veeva's price target to $349 and several firms rating the stock a "buy".
• Veeva's shares traded at $296.47, reflecting a market cap of $48.59 billion, and the stock has seen a 52-week range between $200.30 and $302.00.

Veeva Systems Inc. (NYSE:VEEV - Get Free Report) insider Thomas Schwenger sold 3,350 shares of the business's stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $300.04, for a total value of $1,005,134.00. Following the transaction, the insider owned 23,773 shares of the company's stock, valued at approximately $7,132,850.92. This trade represents a 12.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Veeva Systems Price Performance

Shares of NYSE:VEEV traded down $4.32 during mid-day trading on Friday, reaching $296.47. 1,845,540 shares of the company traded hands, compared to its average volume of 1,329,670. Veeva Systems Inc. has a 52 week low of $200.30 and a 52 week high of $302.00. The firm has a market cap of $48.59 billion, a PE ratio of 60.88, a PEG ratio of 2.26 and a beta of 0.98. The company's 50 day moving average price is $281.57 and its 200-day moving average price is $262.34.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on VEEV shares. Citigroup upped their price target on Veeva Systems from $329.00 to $349.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. JPMorgan Chase & Co. raised Veeva Systems from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $290.00 to $330.00 in a report on Monday, September 8th. Canaccord Genuity Group upped their price objective on Veeva Systems from $270.00 to $300.00 and gave the stock a "hold" rating in a report on Thursday, August 28th. UBS Group upped their price objective on Veeva Systems from $285.00 to $310.00 and gave the stock a "neutral" rating in a report on Thursday, August 28th. Finally, Piper Sandler upped their price objective on Veeva Systems from $325.00 to $355.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. Sixteen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Veeva Systems currently has an average rating of "Moderate Buy" and a consensus target price of $303.67.

Institutional Trading of Veeva Systems

A number of large investors have recently made changes to their positions in VEEV. Abound Financial LLC purchased a new stake in shares of Veeva Systems during the first quarter valued at $25,000. ORG Partners LLC purchased a new stake in shares of Veeva Systems during the first quarter valued at $26,000. Trust Co. of Toledo NA OH purchased a new stake in shares of Veeva Systems during the second quarter valued at $29,000. Golden State Wealth Management LLC boosted its stake in shares of Veeva Systems by 152.9% during the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock valued at $30,000 after purchasing an additional 78 shares during the period. Finally, Wayfinding Financial LLC purchased a new stake in shares of Veeva Systems during the first quarter valued at $32,000. 88.20% of the stock is owned by hedge funds and other institutional investors.

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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