Goodman Advisory Group LLC Raises Stake in Veeva Systems Inc. (NYSE:VEEV)

Goodman Advisory Group LLC increased its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 24.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,289 shares of the technology company’s stock after buying an additional 3,624 shares during the quarter. Veeva Systems comprises about 1.1% of Goodman Advisory Group LLC’s holdings, making the stock its 28th largest position. Goodman Advisory Group LLC’s holdings in Veeva Systems were worth $3,838,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. General American Investors Co. Inc. purchased a new stake in Veeva Systems in the 3rd quarter valued at approximately $5,133,000. Procyon Advisors LLC acquired a new stake in shares of Veeva Systems in the 3rd quarter valued at approximately $712,000. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Veeva Systems by 44.9% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company’s stock valued at $5,450,000 after buying an additional 9,232 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Veeva Systems by 138.9% during the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after acquiring an additional 1,267,061 shares during the period. Finally, Oppenheimer Asset Management Inc. raised its position in Veeva Systems by 3.6% in the third quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company’s stock worth $16,370,000 after acquiring an additional 2,733 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Stock Down 1.8 %

NYSE:VEEV opened at $245.99 on Tuesday. The company has a market cap of $39.83 billion, a P/E ratio of 60.74, a P/E/G ratio of 2.43 and a beta of 0.82. Veeva Systems Inc. has a fifty-two week low of $169.98 and a fifty-two week high of $258.93. The firm’s 50 day moving average is $219.02 and its two-hundred day moving average is $203.12.

Insider Activity at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,126 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $240.01, for a total value of $270,251.26. Following the sale, the insider now directly owns 27,013 shares of the company’s stock, valued at $6,483,390.13. This represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Jonathan Faddis sold 1,694 shares of the stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total transaction of $390,128.20. Following the transaction, 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 disclosure for this sale can be found here. 10.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Wells Fargo & Company upped their price target on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “overweight” rating in a research note on Friday. Truist Financial restated a “hold” rating and set a $261.00 target price (up from $207.00) on shares of Veeva Systems in a research report on Friday. Barclays upped their price target on Veeva Systems from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday. Canaccord Genuity Group lifted their price objective on Veeva Systems from $210.00 to $270.00 and gave the stock a “hold” rating in a report on Friday. Finally, Stifel Nicolaus upped their target price on Veeva Systems from $240.00 to $272.00 and gave the company a “buy” rating in a report on Friday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $255.35.

Veeva Systems Profile

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.