Point72 Hong Kong Ltd Acquires New Position in Veeva Systems Inc. (NYSE:VEEV)

Point72 Hong Kong Ltd bought a new position in shares of Veeva Systems Inc. (NYSE:VEEV) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 13,666 shares of the technology company’s stock, valued at approximately $2,868,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Mowery & Schoenfeld Wealth Management LLC acquired a new position in shares of Veeva Systems during the 3rd quarter worth $26,000. True Wealth Design LLC increased its holdings in Veeva Systems by 3,375.0% during the 3rd quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock valued at $29,000 after acquiring an additional 135 shares in the last quarter. Blue Trust Inc. raised its position in Veeva Systems by 3,460.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock worth $33,000 after acquiring an additional 173 shares during the last quarter. DT Investment Partners LLC purchased a new stake in shares of Veeva Systems in the second quarter valued at about $35,000. Finally, Mather Group LLC. grew its position in shares of Veeva Systems by 166.3% in the second quarter. Mather Group LLC. now owns 253 shares of the technology company’s stock valued at $46,000 after purchasing an additional 158 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Price Performance

NYSE VEEV opened at $227.85 on Monday. The business’s 50-day simple moving average is $215.71 and its 200-day simple moving average is $201.92. The firm has a market capitalization of $36.90 billion, a P/E ratio of 60.76, a P/E/G ratio of 2.21 and a beta of 0.81. Veeva Systems Inc. has a 1-year low of $165.12 and a 1-year high of $240.68.

Insider Buying and Selling at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,126 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the completion of the sale, the insider now directly owns 27,013 shares in the company, valued at approximately $6,483,390.13. This represents a 4.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 10.50% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on VEEV shares. BNP Paribas initiated coverage on Veeva Systems in a research report on Tuesday, October 8th. They set an “outperform” rating and a $286.00 price objective for the company. TD Cowen upped their price objective on Veeva Systems from $180.00 to $192.00 and gave the company a “hold” rating in a research report on Thursday, August 29th. Piper Sandler increased their price objective on Veeva Systems from $230.00 to $280.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. UBS Group boosted their target price on shares of Veeva Systems from $185.00 to $215.00 and gave the company a “neutral” rating in a research note on Monday, August 26th. Finally, Raymond James raised their price target on shares of Veeva Systems from $230.00 to $235.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, Veeva Systems currently has an average rating of “Moderate Buy” and a consensus target price of $236.92.

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.