QRG Capital Management Inc. Acquires 1,735 Shares of Veeva Systems Inc. $VEEV

QRG Capital Management Inc. raised its holdings in Veeva Systems Inc. (NYSE:VEEV) by 15.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 12,771 shares of the technology company’s stock after buying an additional 1,735 shares during the quarter. QRG Capital Management Inc.’s holdings in Veeva Systems were worth $3,678,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Nuveen LLC acquired a new position in shares of Veeva Systems during the 1st quarter valued at $365,684,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Veeva Systems by 20.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company’s stock valued at $924,754,000 after purchasing an additional 689,700 shares during the period. Linonia Partnership LP boosted its position in shares of Veeva Systems by 52.7% during the 1st quarter. Linonia Partnership LP now owns 1,836,557 shares of the technology company’s stock worth $425,402,000 after purchasing an additional 633,585 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Veeva Systems by 48.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,799,931 shares of the technology company’s stock worth $416,918,000 after purchasing an additional 585,785 shares in the last quarter. Finally, Alliancebernstein L.P. grew its stake in shares of Veeva Systems by 10.7% in the 1st quarter. Alliancebernstein L.P. now owns 5,499,651 shares of the technology company’s stock valued at $1,273,884,000 after buying an additional 532,269 shares during the period. Institutional investors and hedge funds own 88.20% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on VEEV shares. Canaccord Genuity Group increased their price target on Veeva Systems from $270.00 to $300.00 and gave the stock a “hold” rating in a report on Thursday, August 28th. Morgan Stanley upped their target price on Veeva Systems from $210.00 to $222.00 and gave the stock an “underweight” rating in a research report on Thursday, August 28th. BTIG Research lifted their price target on shares of Veeva Systems from $335.00 to $340.00 and gave the company a “buy” rating in a research report on Thursday, August 28th. Piper Sandler upped their price objective on shares of Veeva Systems from $325.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, August 28th. Finally, Wells Fargo & Company raised their price objective on shares of Veeva Systems from $300.00 to $326.00 and gave the company an “overweight” rating in a research note on Tuesday, August 26th. Sixteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, Veeva Systems currently has an average rating of “Moderate Buy” and an average price target of $303.67.

Insider Activity

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

Veeva Systems Trading Up 1.2%

Shares of NYSE:VEEV opened at $299.84 on Tuesday. The stock’s fifty day simple moving average is $281.83 and its two-hundred day simple moving average is $263.56. Veeva Systems Inc. has a 1-year low of $200.30 and a 1-year high of $303.47. The stock has a market cap of $49.15 billion, a PE ratio of 61.57, a price-to-earnings-growth ratio of 2.29 and a beta of 0.98.

Veeva Systems Company 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.