Veeva Systems Inc. (NYSE:VEEV) Sees Significant Increase in Short Interest

Veeva Systems Inc. (NYSE:VEEV) was the recipient of a significant growth in short interest in the month of February. As of February 13th, there was short interest totaling 6,334,254 shares, a growth of 26.4% from the January 29th total of 5,010,981 shares. Based on an average daily trading volume, of 2,975,160 shares, the short-interest ratio is presently 2.1 days. Approximately 4.3% of the company’s shares are short sold. Approximately 4.3% of the company’s shares are short sold. Based on an average daily trading volume, of 2,975,160 shares, the short-interest ratio is presently 2.1 days.

Veeva Systems Stock Performance

Shares of NYSE VEEV opened at $181.35 on Tuesday. Veeva Systems has a 1 year low of $168.13 and a 1 year high of $310.50. The stock’s 50-day simple moving average is $206.04 and its 200-day simple moving average is $249.47. The firm has a market cap of $29.81 billion, a price-to-earnings ratio of 35.28, a PEG ratio of 1.26 and a beta of 1.09.

Veeva Systems announced that its board has initiated a stock repurchase program on Monday, January 5th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the technology company to repurchase up to 5.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on VEEV shares. Barclays reduced their target price on shares of Veeva Systems from $305.00 to $250.00 and set an “overweight” rating on the stock in a report on Wednesday, February 25th. Robert W. Baird raised their price objective on Veeva Systems from $314.00 to $319.00 and gave the company an “outperform” rating in a research report on Friday, November 21st. BTIG Research reaffirmed a “buy” rating and issued a $340.00 target price on shares of Veeva Systems in a research report on Friday, November 21st. BMO Capital Markets assumed coverage on Veeva Systems in a report on Thursday, November 13th. They set a “market perform” rating and a $300.00 target price on the stock. Finally, Stifel Nicolaus reduced their price target on Veeva Systems from $320.00 to $212.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Eighteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Veeva Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $293.71.

Insider Buying and Selling

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,000 shares of Veeva Systems stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $231.43, for a total transaction 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 10.30% of the company’s stock.

Hedge Funds Weigh In On Veeva Systems

Several institutional investors and hedge funds have recently made changes to their positions in the business. Jensen Investment Management Inc. lifted its position in Veeva Systems by 1,924.5% during the 3rd quarter. Jensen Investment Management Inc. now owns 413,213 shares of the technology company’s stock valued at $123,100,000 after purchasing an additional 392,802 shares during the period. Principal Financial Group Inc. raised its stake in shares of Veeva Systems by 11.2% during the third quarter. Principal Financial Group Inc. now owns 3,846,877 shares of the technology company’s stock worth $1,146,040,000 after buying an additional 388,864 shares during the last quarter. Alphinity Investment Management Pty Ltd acquired a new position in Veeva Systems in the third quarter valued at approximately $422,241,000. Compass Wealth Management LLC bought a new position in Veeva Systems in the third quarter valued at approximately $18,694,000. Finally, ABN AMRO Bank N.V. bought a new position in Veeva Systems in the third quarter valued at approximately $246,625,000. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

About Veeva Systems

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.