Jonathan Faddis Sells 1,694 Shares of Veeva Systems Inc. (NYSE:VEEV) Stock

On December 4th, Jonathan Faddis, the Senior Vice President of Veeva Systems Inc. (NYSE: VEEV), executed a sale of 1,694 shares of the company's stock. The shares were sold for an average price of $230.30 each, which totals approximately $390,128.20 for the transaction. Post-sale, Faddis now holds 8,061 shares of Veeva Systems, which have an estimated value of around $1,856,448.30. This transaction marks a reduction of 17.37% in his ownership of the stock. Details of this transaction can be found in a filing made with the SEC.

Veeva Systems Stock Up 8.1 %

Recently, Veeva Systems stock price surged by $18.79, reaching $250.45 during trading on Friday. Overall, 2,898,517 shares changed hands that day, significantly higher than the average trading volume of 973,276 shares. The stock's range over the past year has been between a low of $165.12 and a high of $258.93. Currently, Veeva Systems has a market capitalization of approximately $40.56 billion, with a price-to-earnings ratio of 67.22 and a P/E/G ratio of 2.20, indicating some investor enthusiasm.

Wall Street Analyst Opinions

Veeva's stock has garnered attention from market analysts, with several recent ratings upgrades. Evercore ISI raised their price target from $220.00 to $245.00, while assigning an “in-line” rating. StockNews.com upgraded Veeva to a “buy” rating on November 9th. Scotiabank also increased its target price for Veeva from $235.00 to $240.00, giving it a “sector perform” rating. Moreover, Guggenheim raised its price target from $233.00 to $249.00, suggesting a “buy” stance. UBS Group has similarly lifted its target from $185.00 to $215.00, giving it a “neutral” rating. Overall, in terms of analyst recommendations, the stock has received one sell rating, eight hold ratings, and eighteen buy ratings. Statistics from MarketBeat indicate a generally favorable outlook with an average target price of $254.04.

Institutional Investor Activity

In recent times, several institutional investors have made changes to their positions in Veeva Systems. Oddo BHF Asset Management Sas established a new stake worth approximately $11,770,000 during the third quarter. Peapack Gladstone Financial Corp increased their holdings by 5.6%, now owning 70,147 shares valued at $14,721,000 after adding 3,741 shares recently. Tidal Investments LLC significantly raised its stake by 77.1%, amassing 22,330 shares valued at $4,686,000 following an additional purchase of 9,724 shares. Other noteworthy movements include Wilmington Savings Fund Society FSB acquiring new shares and World Investment Advisors LLC investing in Veeva for the first time, demonstrating robust investor interest. In total, institutional investors and hedge funds own about 88.20% of Veeva's stock.

Company Overview of Veeva Systems

Veeva Systems Inc. specializes in cloud-based software solutions designed specifically for the life sciences sector. They offer a range of products, including the Veeva Commercial Cloud, which encompasses tools for customer relationship management (CRM), document management, and analytics tailored for pharmaceutical and biotechnology firms. Their solutions include Veeva Vault PromoMats, a comprehensive content management system, and Veeva OpenData, which provides essential customer reference data.

Conclusion

Recent sales and stock performance indicate that Veeva Systems Inc. remains a focal point for both investment and analysis within the market. With varied opinions from analysts and consistent interest from institutional investors, both current and prospective shareholders might find value in monitoring further developments regarding Veeva's performance and strategic direction.

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