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

Veeva Systems Inc. (NYSE:VEEV) was the target of a significant decline in short interest in the month of November. As of November 30th, there was short interest totalling 1,970,000 shares, a decline of 16.2% from the November 15th total of 2,350,000 shares. Based on an average trading volume of 1,010,000 shares, the days-to-cover ratio is presently 2.0 days.

Insider Activity

In other news, insider Thomas D. Schwenger sold 1,126 shares of the business’s stock in a transaction on 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 directly owns 27,013 shares in the company, valued at $6,483,390.13. The trade was a 4.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction 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 sale, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at approximately $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 owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Oddo BHF Asset Management Sas bought a new stake in Veeva Systems during the third quarter worth about $11,770,000. Peapack Gladstone Financial Corp raised its position in shares of Veeva Systems by 5.6% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 70,147 shares of the technology company’s stock valued at $14,721,000 after buying an additional 3,741 shares in the last quarter. Tidal Investments LLC lifted its holdings in shares of Veeva Systems by 77.1% during the 3rd quarter. Tidal Investments LLC now owns 22,330 shares of the technology company’s stock worth $4,686,000 after acquiring an additional 9,724 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Veeva Systems during the 3rd quarter worth approximately $168,000. Finally, World Investment Advisors LLC acquired a new stake in shares of Veeva Systems during the 3rd quarter worth approximately $2,131,000. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Stock Down 1.6 %

Shares of VEEV stock opened at $228.78 on Friday. Veeva Systems has a 12-month low of $170.25 and a 12-month high of $258.93. The company has a market capitalization of $37.05 billion, a PE ratio of 57.40, a price-to-earnings-growth ratio of 2.07 and a beta of 0.82. The firm has a 50 day moving average price of $220.87 and a two-hundred day moving average price of $203.83.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Truist Financial reiterated a “hold” rating and set a $261.00 price target (up previously from $207.00) on shares of Veeva Systems in a report on Friday, December 6th. JPMorgan Chase & Co. lifted their target price on shares of Veeva Systems from $203.00 to $208.00 and gave the stock a “neutral” rating in a report on Monday, September 9th. Stifel Nicolaus upped their price target on shares of Veeva Systems from $240.00 to $272.00 and gave the company a “buy” rating in a report on Friday, December 6th. Mizuho started coverage on Veeva Systems in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $275.00 price objective on the stock. Finally, Piper Sandler raised their target price on Veeva Systems from $280.00 to $290.00 and gave the company an “overweight” rating in a report on Friday, December 6th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $255.35.

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.