Exchange Traded Concepts LLC Lowers Stock Position in Veeva Systems Inc. $VEEV

Exchange Traded Concepts LLC lowered its position in Veeva Systems Inc. (NYSE:VEEV) by 6.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,678 shares of the technology company’s stock after selling 259 shares during the period. Exchange Traded Concepts LLC’s holdings in Veeva Systems were worth $1,059,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Abound Financial LLC purchased a new stake in Veeva Systems during the first quarter worth about $25,000. ORG Partners LLC purchased a new stake in Veeva Systems during the first quarter worth about $26,000. Golden State Wealth Management LLC increased its holdings in Veeva Systems by 152.9% during the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company’s stock worth $30,000 after buying an additional 78 shares during the last quarter. Wayfinding Financial LLC purchased a new stake in Veeva Systems during the first quarter worth about $32,000. Finally, Key Financial Inc increased its holdings in Veeva Systems by 161.0% during the first quarter. Key Financial Inc now owns 154 shares of the technology company’s stock worth $36,000 after buying an additional 95 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Down 0.8%

VEEV opened at $278.75 on Wednesday. The company has a market capitalization of $45.69 billion, a price-to-earnings ratio of 57.24, a PEG ratio of 2.18 and a beta of 0.95. The firm has a 50-day moving average price of $280.62 and a 200-day moving average price of $259.78. Veeva Systems Inc. has a twelve month low of $200.30 and a twelve month high of $296.72.

Insider Buying and Selling

In other news, Director Priscilla Hung sold 172 shares of the firm’s stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total value of $48,676.00. Following the completion of the transaction, the director directly owned 4,137 shares in the company, valued at approximately $1,170,771. This trade represents a 3.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jonathan Faddis sold 720 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president owned 7,902 shares of the company’s stock, valued at $2,256,969.24. This trade represents a 8.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,063 shares of company stock valued at $302,955 over the last 90 days. 10.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on VEEV shares. Piper Sandler raised their price objective 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. KeyCorp raised their price objective on shares of Veeva Systems from $285.00 to $325.00 and gave the stock an “overweight” rating in a report on Monday, July 14th. Mizuho raised their price objective 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 raised their price objective for the stock from $290.00 to $330.00 in a report on Monday, September 8th. Finally, Canaccord Genuity Group raised their price objective on shares of Veeva Systems from $270.00 to $300.00 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 given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $301.48.

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.