Short Interest in Veeva Systems Inc. (NYSE:VEEV) Increases By 15.6%

Veeva Systems Inc. (NYSE:VEEV) saw a significant increase in short interest in the month of January. As of January 31st, there was short interest totalling 3,710,000 shares, an increase of 15.6% from the January 15th total of 3,210,000 shares. Based on an average daily trading volume, of 1,180,000 shares, the days-to-cover ratio is currently 3.1 days.

Veeva Systems Stock Down 0.0 %

Shares of VEEV traded down $0.06 during trading on Monday, reaching $234.09. 853,426 shares of the company traded hands, compared to its average volume of 1,002,875. Veeva Systems has a twelve month low of $170.25 and a twelve month high of $258.93. The stock has a market cap of $38.00 billion, a PE ratio of 57.80, a price-to-earnings-growth ratio of 1.97 and a beta of 0.85. The stock has a 50-day simple moving average of $224.48 and a 200-day simple moving average of $216.29.

Insider Activity at Veeva Systems

In other news, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total value of $390,128.20. Following the sale, the senior vice president now owns 8,061 shares in the company, valued at $1,856,448.30. This trade represents a 17.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 10.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Veeva Systems

A number of institutional investors have recently made changes to their positions in the stock. Cardinal Capital Management grew its holdings in shares of Veeva Systems by 0.3% in the fourth quarter. Cardinal Capital Management now owns 15,727 shares of the technology company’s stock valued at $3,307,000 after purchasing an additional 44 shares in the last quarter. Johnson Financial Group Inc. grew its holdings in shares of Veeva Systems by 22.7% in the fourth quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company’s stock valued at $56,000 after purchasing an additional 44 shares in the last quarter. Patriot Financial Group Insurance Agency LLC grew its holdings in shares of Veeva Systems by 0.7% in the third quarter. Patriot Financial Group Insurance Agency LLC now owns 6,924 shares of the technology company’s stock valued at $1,453,000 after purchasing an additional 48 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. grew its holdings in shares of Veeva Systems by 1.2% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,307 shares of the technology company’s stock valued at $904,000 after purchasing an additional 50 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in shares of Veeva Systems by 72.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock valued at $25,000 after purchasing an additional 50 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on VEEV. Morgan Stanley lifted their target price on shares of Veeva Systems from $183.00 to $195.00 and gave the company an “underweight” rating in a research report on Tuesday, December 17th. Needham & Company LLC reiterated a “buy” rating and issued a $270.00 target price on shares of Veeva Systems in a research report on Friday, January 17th. KeyCorp dropped their target price on shares of Veeva Systems from $285.00 to $255.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Truist Financial dropped their target price on shares of Veeva Systems from $261.00 to $210.00 and set a “hold” rating on the stock in a research report on Monday, January 13th. Finally, Canaccord Genuity Group lifted their target price on shares of Veeva Systems from $210.00 to $270.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $253.96.

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.