Exchange Traded Concepts LLC Has $1.06 Million Holdings in Veeva Systems Inc. $VEEV

Exchange Traded Concepts LLC cut its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 6.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,678 shares of the technology company’s stock after selling 259 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Veeva Systems were worth $1,059,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Sowell Financial Services LLC acquired a new stake in shares of Veeva Systems during the first quarter worth $274,000. Crossmark Global Holdings Inc. bought a new position in Veeva Systems during the first quarter worth $299,000. GAMMA Investing LLC boosted its stake in Veeva Systems by 13.8% during the first quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company’s stock worth $422,000 after acquiring an additional 221 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in Veeva Systems during the first quarter worth $5,876,000. Finally, Private Trust Co. NA boosted its stake in Veeva Systems by 35.0% during the first quarter. Private Trust Co. NA now owns 247 shares of the technology company’s stock worth $57,000 after acquiring an additional 64 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on VEEV. BTIG Research increased their target price on shares of Veeva Systems from $335.00 to $340.00 and gave the stock a “buy” rating in a research note on Thursday, August 28th. Morgan Stanley increased their target price on shares of Veeva Systems from $210.00 to $222.00 and gave the stock an “underweight” rating in a research note on Thursday, August 28th. UBS Group increased their target price on shares of Veeva Systems from $285.00 to $310.00 and gave the stock a “neutral” rating in a research note on Thursday, August 28th. JPMorgan Chase & Co. raised shares of Veeva Systems from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $290.00 to $330.00 in a research note on Monday, September 8th. Finally, Raymond James Financial reissued an “outperform” rating and set a $340.00 target price (up from $310.00) on shares of Veeva Systems in a research note on Thursday, August 28th. Seventeen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $301.48.

Veeva Systems Trading Down 0.8%

Veeva Systems stock opened at $278.75 on Wednesday. Veeva Systems Inc. has a 1-year low of $200.30 and a 1-year high of $296.72. The firm has a market capitalization of $45.69 billion, a price-to-earnings ratio of 57.24, a price-to-earnings-growth ratio of 2.18 and a beta of 0.95. The firm’s fifty day moving average price is $280.62 and its two-hundred day moving average price is $259.78.

Insider Activity

In other news, SVP Jonathan Faddis sold 720 shares of the stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $285.62, for a total value of $205,646.40. Following the completion of the sale, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Priscilla Hung sold 171 shares of the stock in a transaction dated 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 sale, the director 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. In the last quarter, insiders sold 1,063 shares of company stock valued at $302,955. 10.30% of the stock is currently owned by corporate insiders.

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.