Veeva Systems Inc. $VEEV Stake Decreased by Belpointe Asset Management LLC

Belpointe Asset Management LLC lessened its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 13.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,347 shares of the technology company’s stock after selling 700 shares during the period. Belpointe Asset Management LLC’s holdings in Veeva Systems were worth $1,252,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Abound Financial LLC bought a new stake in Veeva Systems during the first quarter worth approximately $25,000. ORG Partners LLC bought a new stake in Veeva Systems during the first quarter worth approximately $26,000. Maseco LLP bought a new stake in Veeva Systems during the second quarter worth approximately $35,000. Golden State Wealth Management LLC raised 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 purchasing an additional 78 shares in the last quarter. Finally, Wayfinding Financial LLC bought a new stake in Veeva Systems during the first quarter worth approximately $32,000. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Up 2.2%

VEEV opened at $306.45 on Wednesday. The stock has a fifty day moving average of $282.21 and a 200-day moving average of $263.86. The firm has a market capitalization of $50.23 billion, a P/E ratio of 62.93, a PEG ratio of 2.32 and a beta of 0.98. Veeva Systems Inc. has a 12-month low of $201.54 and a 12-month high of $310.50.

Insider Buying and Selling at Veeva Systems

In other news, SVP Jonathan Faddis sold 14,595 shares of the business’s stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $300.00, for a total transaction of $4,378,500.00. Following the transaction, the senior vice president directly owned 8,588 shares in the company, valued at $2,576,400. The trade was a 62.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Thomas D. Schwenger sold 3,350 shares of the business’s stock in a transaction on 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 transaction, the insider owned 23,773 shares in the company, valued at approximately $7,132,850.92. This represents a 12.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 18,665 shares of company stock worth $5,589,280. 10.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Morgan Stanley boosted their target price on Veeva Systems from $210.00 to $222.00 and gave the stock an “underweight” rating in a report on Thursday, August 28th. JPMorgan Chase & Co. raised Veeva Systems from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $290.00 to $330.00 in a report on Monday, September 8th. BTIG Research boosted their target price on Veeva Systems from $335.00 to $340.00 and gave the stock a “buy” rating in a report on Thursday, August 28th. Raymond James Financial reissued an “outperform” rating and set a $340.00 target price (up previously from $310.00) on shares of Veeva Systems in a report on Thursday, August 28th. Finally, KeyCorp upped their price target on Veeva Systems from $285.00 to $325.00 and gave the company an “overweight” rating in a report on Monday, July 14th. Sixteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $307.58.

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.