Veeva Systems Inc. (NYSE:VEEV) Short Interest Update

Veeva Systems Inc. (NYSE:VEEV) saw a significant growth in short interest in 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 volume of 1,180,000 shares, the short-interest ratio is currently 3.1 days.

Analysts Set New Price Targets

Several brokerages have recently issued reports on VEEV. Citigroup lifted their price target on Veeva Systems from $281.00 to $307.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Robert W. Baird boosted their target price on Veeva Systems from $275.00 to $283.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Barclays raised their price target on shares of Veeva Systems from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. KeyCorp lowered their price objective on shares of Veeva Systems from $285.00 to $255.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Finally, Royal Bank of Canada raised their target price on shares of Veeva Systems from $275.00 to $285.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and seventeen have issued a buy 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 $253.96.

Veeva Systems Price Performance

Shares of NYSE:VEEV opened at $234.09 on Monday. Veeva Systems has a 1 year low of $170.25 and a 1 year high of $258.93. The business’s 50-day moving average is $224.48 and its 200-day moving average is $216.29. The company has a market capitalization of $38.00 billion, a price-to-earnings ratio of 57.80, a P/E/G ratio of 1.97 and a beta of 0.85.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total value of $390,128.20. Following the transaction, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at $1,856,448.30. This trade represents a 17.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 10.50% of the stock is 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. Norges Bank acquired a new position in shares of Veeva Systems during the 4th quarter valued at $294,785,000. Massachusetts Financial Services Co. MA raised its holdings in shares of Veeva Systems by 64.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock valued at $744,084,000 after purchasing an additional 1,392,256 shares during the period. Principal Financial Group Inc. boosted its position in shares of 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 worth $457,366,000 after purchasing an additional 1,267,061 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Veeva Systems by 73.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock valued at $536,972,000 after buying an additional 1,081,501 shares during the period. Finally, Wealthfront Advisers LLC raised its stake in Veeva Systems by 29,760.5% during the 4th quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company’s stock worth $220,489,000 after buying an additional 1,045,188 shares during the period. 88.20% of the stock is owned by institutional investors and hedge funds.

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.