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

Veeva Systems Inc. (NYSE:VEEV) was the target of a large increase in short interest in the month of January. As of January 31st, there was short interest totalling 3,710,000 shares, an increase of 15.6% from the January 15th total of 3,210,000 shares. Based on an average trading volume of 1,180,000 shares, the short-interest ratio is presently 3.1 days.

Analyst Ratings Changes

VEEV has been the subject of a number of recent analyst reports. Stifel Nicolaus increased their target price on shares of Veeva Systems from $240.00 to $272.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Bank of America increased their target price on shares of Veeva Systems from $280.00 to $290.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Stephens initiated coverage on shares of Veeva Systems in a research report on Friday, December 20th. They set an “overweight” rating and a $280.00 price objective for the company. JPMorgan Chase & Co. raised their price objective on shares of Veeva Systems from $208.00 to $218.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Finally, Piper Sandler raised their price objective on shares of Veeva Systems from $280.00 to $290.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $253.96.

Veeva Systems Stock Performance

Shares of NYSE VEEV traded down $0.06 during mid-day trading on Monday, reaching $234.09. The company had a trading volume of 853,426 shares, compared to its average volume of 1,002,875. The stock has a fifty day moving average of $224.48 and a two-hundred day moving average of $216.29. The company has a market capitalization of $38.00 billion, a price-to-earnings ratio of 57.80, a PEG ratio of 1.97 and a beta of 0.85. Veeva Systems has a 12-month low of $170.25 and a 12-month high of $258.93.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 1,694 shares of the stock in a transaction dated Wednesday, December 4th. The shares were 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 in the company, valued at $1,856,448.30. This represents a 17.37 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 10.50% of the company’s stock.

Institutional Trading of Veeva Systems

A number of hedge funds have recently made changes to their positions in VEEV. MassMutual Private Wealth & Trust FSB grew its holdings in Veeva Systems by 72.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock valued at $25,000 after purchasing an additional 50 shares during the last quarter. Centricity Wealth Management LLC acquired a new position in Veeva Systems during the fourth quarter valued at approximately $25,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in Veeva Systems during the third quarter valued at approximately $26,000. Smithfield Trust Co grew its holdings in Veeva Systems by 145.5% during the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock valued at $27,000 after purchasing an additional 80 shares during the last quarter. Finally, True Wealth Design LLC grew its holdings in Veeva Systems by 3,375.0% during the third quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock valued at $29,000 after purchasing an additional 135 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

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.