Merit Financial Group LLC Purchases 1,687 Shares of Veeva Systems Inc. (NYSE:VEEV)

Merit Financial Group LLC boosted its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 4.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 37,810 shares of the technology company's stock after acquiring an additional 1,687 shares during the period. Merit Financial Group LLC's holdings in Veeva Systems were worth $7,950,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. General American Investors Co. Inc. bought a new position in shares of Veeva Systems in the third quarter worth about $5,133,000. Toronto Dominion Bank boosted its stake in Veeva Systems by 39.1% in the 3rd quarter. Toronto Dominion Bank now owns 20,180 shares of the technology company's stock worth $4,235,000 after purchasing an additional 5,673 shares during the period. Procyon Advisors LLC bought a new position in Veeva Systems in the 3rd quarter worth approximately $712,000. Principal Financial Group Inc. grew its holdings in Veeva Systems by 138.9% during the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock valued at $457,366,000 after buying an additional 1,267,061 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. raised its position in shares of Veeva Systems by 3.6% during the third quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company's stock valued at $16,370,000 after buying an additional 2,733 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Bank of America upped their target price on shares of Veeva Systems from $280.00 to $290.00 and gave the stock a "neutral" rating in a research report on Friday, December 6th. Guggenheim raised their price objective on Veeva Systems from $233.00 to $249.00 and gave the company a "buy" rating in a research report on Tuesday, October 1st. Citigroup boosted their target price on Veeva Systems from $281.00 to $307.00 and gave the stock a "buy" rating in a research report on Monday, December 9th. StockNews.com upgraded Veeva Systems from a "hold" rating to a "buy" rating in a report on Saturday, November 9th. Finally, Piper Sandler upped their price objective on Veeva Systems from $280.00 to $290.00 and gave the stock an "overweight" rating in a report on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat.com, Veeva Systems currently has a consensus rating of "Moderate Buy" and an average target price of $255.74.

Veeva Systems Trading Up 0.9 %

Shares of Veeva Systems stock traded up $1.92 on Friday, hitting $216.67. 715,069 shares of the company traded hands, compared to its average volume of 940,345. The company has a market cap of $35.18 billion, a PE ratio of 53.50, a PEG ratio of 1.91 and a beta of 0.84. The stock's 50 day moving average price is $222.31 and its 200-day moving average price is $209.47. Veeva Systems Inc. has a 52 week low of $170.25 and a 52 week high of $258.93.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of the firm's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the transaction, the insider now owns 27,013 shares of the company's stock, valued at approximately $6,483,390.13. This trade represents a 4.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Jonathan Faddis sold 1,694 shares of the company's stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total transaction of $390,128.20. Following the completion of the sale, the senior vice president now directly owns 8,061 shares of the company's stock, valued at $1,856,448.30. The trade was a 17.37 % decrease in their position. The disclosure for this sale can be found here. 10.50% of the stock is currently owned by corporate insiders.

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.