Procyon Advisors LLC Increases Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Procyon Advisors LLC lifted its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 11.9% in the fourth quarter, HoldingsChannel reports. The firm owned 3,796 shares of the technology company’s stock after acquiring an additional 405 shares during the period. Procyon Advisors LLC’s holdings in Veeva Systems were worth $798,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of VEEV. Mowery & Schoenfeld Wealth Management LLC purchased a new position in Veeva Systems during the third quarter worth $26,000. True Wealth Design LLC increased its position in Veeva Systems by 3,375.0% during the 3rd quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock worth $29,000 after purchasing an additional 135 shares in the last quarter. Fairscale Capital LLC acquired a new position in Veeva Systems in the 2nd quarter valued at about $46,000. Harvest Fund Management Co. Ltd purchased a new position in Veeva Systems in the 3rd quarter valued at about $49,000. Finally, Quent Capital LLC boosted its stake in shares of Veeva Systems by 794.1% during the 3rd quarter. Quent Capital LLC now owns 304 shares of the technology company’s stock worth $64,000 after purchasing an additional 270 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on VEEV. Robert W. Baird boosted their price objective on shares of Veeva Systems from $275.00 to $283.00 and gave the company an “outperform” rating in a research report on Friday, December 6th. BNP Paribas started coverage on Veeva Systems in a research note on Tuesday, October 8th. They set an “outperform” rating and a $286.00 price target on the stock. Barclays lifted their price objective on Veeva Systems from $260.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Stephens assumed coverage on Veeva Systems in a research report on Friday, December 20th. They set an “overweight” rating and a $280.00 target price on the stock. Finally, Morgan Stanley lifted their price target on Veeva Systems from $183.00 to $195.00 and gave the company an “underweight” rating in a report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $255.74.

Insider Buying and Selling at Veeva Systems

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

Veeva Systems Trading Up 0.9 %

Shares of VEEV stock opened at $216.67 on Friday. The firm has a fifty day simple moving average of $222.31 and a 200-day simple moving average of $209.47. The company has a market capitalization of $35.18 billion, a PE ratio of 53.50, a price-to-earnings-growth ratio of 1.91 and a beta of 0.84. Veeva Systems Inc. has a twelve month low of $170.25 and a twelve month high of $258.93.

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.