Merit Financial Group LLC Buys 1,687 Shares of Veeva Systems Inc. (NYSE:VEEV)

Merit Financial Group LLC grew its stake in Veeva Systems Inc. (NYSE:VEEV) by 4.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,810 shares of the technology company’s stock after buying an additional 1,687 shares during the quarter. Merit Financial Group LLC’s holdings in Veeva Systems were worth $7,950,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in VEEV. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Veeva Systems in the 3rd quarter worth approximately $26,000. True Wealth Design LLC boosted its position in shares of Veeva Systems by 3,375.0% in the third quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock worth $29,000 after purchasing an additional 135 shares during the period. Fairscale Capital LLC bought a new stake in shares of Veeva Systems during the 2nd quarter valued at $46,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Veeva Systems during the 3rd quarter valued at $49,000. Finally, Quent Capital LLC boosted its holdings in Veeva Systems by 794.1% in the 3rd quarter. Quent Capital LLC now owns 304 shares of the technology company’s stock worth $64,000 after buying an additional 270 shares during the period. Institutional investors own 88.20% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on VEEV shares. Royal Bank of Canada raised their price target on Veeva Systems from $275.00 to $285.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Truist Financial decreased their target price on Veeva Systems from $261.00 to $210.00 and set a “hold” rating on the stock in a research note on Monday, January 13th. BNP Paribas initiated coverage on shares of Veeva Systems in a report on Tuesday, October 8th. They set an “outperform” rating and a $286.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and issued a $270.00 target price on shares of Veeva Systems in a report on Friday. Finally, StockNews.com raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $255.74.

Veeva Systems Stock Performance

Shares of NYSE VEEV opened at $216.67 on Friday. Veeva Systems Inc. has a fifty-two week low of $170.25 and a fifty-two week high of $258.93. The company has a market cap of $35.18 billion, a price-to-earnings ratio of 53.50, a PEG ratio of 1.91 and a beta of 0.84. The business’s 50 day moving average price is $222.68 and its 200-day moving average price is $209.23.

Insiders Place Their Bets

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of the company’s 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 transaction, the senior vice president now directly 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction that occurred 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 sale, the insider now directly owns 27,013 shares of the company’s stock, valued at $6,483,390.13. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 10.50% of the company’s stock.

Veeva Systems Company 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.