Merit Financial Group LLC Grows Stock Position in Veeva Systems Inc. $VEEV

Merit Financial Group LLC lifted its stake in Veeva Systems Inc. (NYSE:VEEV) by 12.5% in the second quarter, HoldingsChannel reports. The firm owned 45,247 shares of the technology company’s stock after acquiring an additional 5,042 shares during the quarter. Merit Financial Group LLC’s holdings in Veeva Systems were worth $13,030,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Abound Financial LLC purchased a new position in Veeva Systems in the first quarter valued at $25,000. ORG Partners LLC purchased a new position in Veeva Systems in the first quarter valued at $26,000. Maseco LLP purchased a new position in Veeva Systems in the second quarter valued at $35,000. Golden State Wealth Management LLC increased its holdings in Veeva Systems by 152.9% in the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company’s stock valued at $30,000 after buying an additional 78 shares during the last quarter. Finally, Wayfinding Financial LLC purchased a new position in Veeva Systems in the first quarter valued at $32,000. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Trading Down 1.4%

Shares of VEEV opened at $296.47 on Friday. The stock has a market cap of $48.60 billion, a P/E ratio of 60.88, a PEG ratio of 2.29 and a beta of 0.98. The company has a 50-day moving average of $281.68 and a two-hundred day moving average of $262.93. Veeva Systems Inc. has a 12-month low of $200.30 and a 12-month high of $302.00.

Wall Street Analysts Forecast Growth

VEEV has been the subject of a number of research reports. UBS Group upped their target price on shares of Veeva Systems from $285.00 to $310.00 and gave the company a “neutral” rating in a report on Thursday, August 28th. Stifel Nicolaus upped their target price on shares of Veeva Systems from $295.00 to $320.00 and gave the company a “buy” rating in a report on Thursday, August 28th. Mizuho upped their target price on shares of Veeva Systems from $295.00 to $325.00 and gave the company an “outperform” rating in a report on Friday, August 29th. Oppenheimer reaffirmed an “outperform” rating and issued a $325.00 target price on shares of Veeva Systems in a report on Thursday, August 28th. Finally, Evercore ISI upped their target price on shares of Veeva Systems from $285.00 to $295.00 and gave the company an “in-line” rating in a report on Thursday, August 28th. Sixteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Veeva Systems has an average rating of “Moderate Buy” and a consensus target price of $303.67.

Insiders Place Their Bets

In other Veeva Systems news, insider Thomas D. Schwenger sold 3,350 shares of Veeva Systems stock in a transaction dated Thursday, October 2nd. The shares were sold at an average price of $300.04, for a total transaction of $1,005,134.00. Following the completion of the transaction, the insider owned 23,773 shares in the company, valued at approximately $7,132,850.92. The trade was a 12.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Priscilla Hung sold 171 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director directly owned 3,966 shares of the company’s stock, valued at approximately $1,127,930.40. This represents a 4.13% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,836 shares of company stock worth $5,637,913. 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.