Citigroup Inc. Boosts Stake in Veeva Systems Inc. $VEEV

Citigroup Inc. raised its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 69.9% during the third quarter, Holdings Channel.com reports. The institutional investor owned 173,681 shares of the technology company’s stock after buying an additional 71,459 shares during the period. Citigroup Inc.’s holdings in Veeva Systems were worth $51,741,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. GPS Wealth Strategies Group LLC lifted its position in shares of Veeva Systems by 196.4% in the third quarter. GPS Wealth Strategies Group LLC now owns 83 shares of the technology company’s stock valued at $25,000 after acquiring an additional 55 shares in the last quarter. Raiffeisen Bank International AG acquired a new position in Veeva Systems in the 3rd quarter valued at about $28,000. OLD Second National Bank of Aurora acquired a new position in Veeva Systems in the 3rd quarter valued at about $30,000. Legacy Investment Solutions LLC purchased a new position in Veeva Systems in the 2nd quarter valued at about $32,000. Finally, Cary Street Partners Investment Advisory LLC boosted its stake in shares of Veeva Systems by 58.3% during the 2nd quarter. Cary Street Partners Investment Advisory LLC now owns 133 shares of the technology company’s stock worth $38,000 after purchasing an additional 49 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Down 4.6%

VEEV stock opened at $172.08 on Tuesday. Veeva Systems Inc. has a 52 week low of $168.13 and a 52 week high of $310.50. The company has a market cap of $28.29 billion, a price-to-earnings ratio of 33.48, a PEG ratio of 1.25 and a beta of 1.08. The business has a fifty day simple moving average of $210.04 and a 200-day simple moving average of $252.94.

Veeva Systems announced that its Board of Directors has initiated a stock repurchase plan on Monday, January 5th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the technology company to repurchase up to 5.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Activity at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,000 shares of Veeva Systems stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $231.43, for a total value of $231,430.00. Following the transaction, the insider directly owned 23,204 shares of the company’s stock, valued at $5,370,101.72. The trade was a 4.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 10.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently commented on VEEV. KeyCorp reiterated a “sector weight” rating on shares of Veeva Systems in a report on Friday, December 12th. UBS Group lowered their target price on shares of Veeva Systems from $280.00 to $200.00 and set a “neutral” rating for the company in a research note on Friday. Wall Street Zen downgraded Veeva Systems from a “buy” rating to a “hold” rating in a report on Saturday, December 6th. JPMorgan Chase & Co. reduced their price target on Veeva Systems from $330.00 to $296.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, BTIG Research reaffirmed a “buy” rating and issued a $340.00 price objective on shares of Veeva Systems in a research report on Friday, November 21st. Eighteen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $302.58.

Veeva Systems Company Profile

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.