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

Merit Financial Group LLC increased its holdings in Veeva Systems Inc. (NYSE:VEEV) by 4.7% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 37,810 shares of the technology company’s stock after purchasing 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.

A number of other hedge funds also recently bought and sold shares of the stock. Mowery & Schoenfeld Wealth Management LLC bought a new position in shares of Veeva Systems in the 3rd quarter worth $26,000. True Wealth Design LLC grew its stake in Veeva Systems by 3,375.0% in 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. Fairscale Capital LLC purchased a new position in Veeva Systems in the second quarter valued at about $46,000. Harvest Fund Management Co. Ltd purchased a new stake in shares of Veeva Systems during the third quarter valued at about $49,000. Finally, Quent Capital LLC lifted its position in shares of Veeva Systems by 794.1% during the third quarter. Quent Capital LLC now owns 304 shares of the technology company’s stock valued at $64,000 after buying an additional 270 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Trading Up 0.9 %

Shares of NYSE:VEEV opened at $216.67 on Friday. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93. The business has a 50 day moving average of $222.68 and a two-hundred day moving average of $209.23. The company has a market capitalization of $35.18 billion, a PE ratio of 53.50, a PEG ratio of 1.91 and a beta of 0.84.

Analyst Upgrades and Downgrades

Several research firms recently commented on VEEV. StockNews.com upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Canaccord Genuity Group upped their price target on Veeva Systems from $210.00 to $270.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. Royal Bank of Canada raised their price objective on Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Stifel Nicolaus boosted their target price on Veeva Systems from $240.00 to $272.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, Barclays increased their price target on Veeva Systems from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $255.74.

Insider Activity

In related news, insider Thomas D. Schwenger sold 1,126 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the completion of the transaction, the insider now owns 27,013 shares of the company’s stock, valued at approximately $6,483,390.13. This represents a 4.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Jonathan Faddis sold 1,694 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total value of $390,128.20. Following 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 disclosure for this sale can be found here. Insiders own 10.50% of the company’s stock.

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.