Short Interest in Veeva Systems Inc. (NYSE:VEEV) Drops By 16.2%

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

Insider Buying and Selling

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

Hedge Funds Weigh In On Veeva Systems

Several institutional investors have recently made changes to their positions in VEEV. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Veeva Systems by 30.4% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 12,363 shares of the technology company’s stock valued at $2,263,000 after acquiring an additional 2,884 shares in the last quarter. Blue Trust Inc. grew its position in Veeva Systems by 3,460.0% in the 2nd quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock valued at $33,000 after purchasing an additional 173 shares during the period. Boomfish Wealth Group LLC increased its stake in Veeva Systems by 19.1% during the 2nd quarter. Boomfish Wealth Group LLC now owns 11,824 shares of the technology company’s stock valued at $2,164,000 after purchasing an additional 1,900 shares in the last quarter. Raymond James & Associates raised its holdings in Veeva Systems by 19.4% during the second quarter. Raymond James & Associates now owns 106,241 shares of the technology company’s stock worth $19,443,000 after buying an additional 17,253 shares during the last quarter. Finally, Capital Investment Services of America Inc. lifted its stake in shares of Veeva Systems by 4.3% in the second quarter. Capital Investment Services of America Inc. now owns 84,388 shares of the technology company’s stock valued at $15,444,000 after buying an additional 3,474 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on VEEV. Needham & Company LLC lifted their price target on Veeva Systems from $260.00 to $270.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Evercore ISI lifted their target price on shares of Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a research report on Friday, December 6th. Scotiabank boosted their target price on shares of Veeva Systems from $235.00 to $240.00 and gave the stock a “sector perform” rating in a report on Friday, December 6th. Wells Fargo & Company raised their price target on shares of Veeva Systems from $275.00 to $285.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, Robert W. Baird boosted their price objective on shares of Veeva Systems from $275.00 to $283.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $255.35.

Veeva Systems Stock Down 1.6 %

Veeva Systems stock opened at $228.78 on Friday. The company has a market capitalization of $37.05 billion, a PE ratio of 57.40, a PEG ratio of 2.07 and a beta of 0.82. Veeva Systems has a 12-month low of $170.25 and a 12-month high of $258.93. The firm’s fifty day moving average is $220.87 and its 200 day moving average is $203.83.

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.