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

Veeva Systems Inc. (NYSE:VEEV) was the target of a significant increase in short interest in February. As of February 13th, there was short interest totaling 6,334,254 shares, an increase of 26.4% from the January 29th total of 5,010,981 shares. Currently, 4.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 2,975,160 shares, the days-to-cover ratio is currently 2.1 days. Based on an average daily trading volume, of 2,975,160 shares, the days-to-cover ratio is currently 2.1 days. Currently, 4.3% of the shares of the stock are sold short.

Insider Activity

In related news, insider Thomas D. Schwenger sold 1,000 shares of the business’s stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $231.43, for a total value of $231,430.00. Following the sale, the insider directly owned 23,204 shares in the company, valued at $5,370,101.72. The trade was a 4.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 10.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Veeva Systems

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of Veeva Systems by 3.1% during the 3rd quarter. Vanguard Group Inc. now owns 15,429,231 shares of the technology company’s stock valued at $4,596,522,000 after buying an additional 457,806 shares during the period. Alliancebernstein L.P. boosted its holdings in Veeva Systems by 4.1% in the third quarter. Alliancebernstein L.P. now owns 5,941,631 shares of the technology company’s stock valued at $1,770,071,000 after acquiring an additional 235,983 shares during the last quarter. Principal Financial Group Inc. grew its position in Veeva Systems by 0.6% during the fourth quarter. Principal Financial Group Inc. now owns 3,870,293 shares of the technology company’s stock valued at $863,978,000 after acquiring an additional 23,416 shares during the period. State Street Corp raised its holdings in shares of Veeva Systems by 2.4% in the 4th quarter. State Street Corp now owns 3,589,425 shares of the technology company’s stock worth $801,267,000 after purchasing an additional 85,695 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of Veeva Systems by 4.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,476,258 shares of the technology company’s stock worth $1,035,622,000 after purchasing an additional 159,984 shares during the period. Institutional investors and hedge funds own 88.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on VEEV. Citigroup cut their target price on shares of Veeva Systems from $349.00 to $319.00 and set a “buy” rating for the company in a research report on Monday, November 24th. JPMorgan Chase & Co. cut their price objective on Veeva Systems from $330.00 to $296.00 and set an “overweight” rating for the company in a research report on Friday, February 20th. Weiss Ratings lowered Veeva Systems from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, January 12th. Stifel Nicolaus dropped their price target on Veeva Systems from $320.00 to $212.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Finally, The Goldman Sachs Group initiated coverage on Veeva Systems in a report on Tuesday, January 13th. They issued a “sell” rating and a $215.00 price target for the company. Eighteen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Veeva Systems presently has an average rating of “Moderate Buy” and a consensus target price of $293.71.

Veeva Systems Stock Down 0.4%

VEEV stock opened at $181.35 on Tuesday. Veeva Systems has a 52-week low of $168.13 and a 52-week high of $310.50. The stock’s fifty day simple moving average is $206.04 and its 200-day simple moving average is $249.47. The stock has a market capitalization of $29.81 billion, a price-to-earnings ratio of 35.28, a price-to-earnings-growth ratio of 1.26 and a beta of 1.09.

Veeva Systems declared that its board has approved a share buyback plan on Monday, January 5th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the technology company to reacquire up to 5.5% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

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.