Veeva Systems Inc. (NYSE:VEEV - Get Free Report) was the recipient of a large growth in short interest during the month of January. As of January 31st, there was short interest totalling 3,710,000 shares, a growth of 15.6% from the January 15th total of 3,210,000 shares. Based on an average daily trading volume, of 1,180,000 shares, the days-to-cover ratio is presently 3.1 days.
Insider Buying and Selling
In related news, SVP Jonathan Faddis sold 1,694 shares of the firm'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 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 position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 10.50% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Veeva Systems
Several institutional investors have recently added to or reduced their stakes in the business. Mackenzie Financial Corp increased its stake in Veeva Systems by 24.6% in the fourth quarter. Mackenzie Financial Corp now owns 32,742 shares of the technology company's stock valued at $6,884,000 after purchasing an additional 6,467 shares during the last quarter. Forum Financial Management LP increased its stake in Veeva Systems by 75.9% in the fourth quarter. Forum Financial Management LP now owns 2,144 shares of the technology company's stock valued at $451,000 after purchasing an additional 925 shares during the last quarter. Baer Investment Advisory LLC acquired a new stake in Veeva Systems during the fourth quarter worth about $3,119,000. Castlekeep Investment Advisors LLC acquired a new stake in Veeva Systems during the fourth quarter worth about $1,989,000. Finally, North Star Asset Management Inc. increased its stake in Veeva Systems by 4.7% during the fourth quarter. North Star Asset Management Inc. now owns 114,108 shares of the technology company's stock worth $23,991,000 after acquiring an additional 5,170 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.
Veeva Systems Stock Performance
Veeva Systems stock traded down $0.46 during trading on Thursday, hitting $228.73. The company's stock had a trading volume of 884,440 shares, compared to its average volume of 982,107. The stock has a market capitalization of $37.13 billion, a price-to-earnings ratio of 56.48, a P/E/G ratio of 1.92 and a beta of 0.85. The stock's fifty day moving average is $223.89 and its 200 day moving average is $217.03. Veeva Systems has a 1-year low of $170.25 and a 1-year high of $258.93.
Wall Street Analyst Weigh In
A number of research analysts recently issued reports on the company. Wells Fargo & Company raised their price target on Veeva Systems from $275.00 to $285.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. Evercore ISI increased their price objective on Veeva Systems from $220.00 to $245.00 and gave the stock an "in-line" rating in a research report on Friday, December 6th. Mizuho initiated coverage on Veeva Systems in a report on Wednesday, December 4th. They issued an "outperform" rating and a $275.00 price target for the company. Scotiabank raised their price target on Veeva Systems from $235.00 to $240.00 and gave the company a "sector perform" rating in a report on Friday, December 6th. Finally, Stifel Nicolaus raised their price target on Veeva Systems from $240.00 to $272.00 and gave the company a "buy" rating in a report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $253.96.
Check Out Our Latest Stock Report on Veeva Systems
About Veeva Systems
(
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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.
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