Cullen Frost Bank Reduces Stake in Veeva Systems by 17.5%

Cullen Frost Bankers Inc. has reduced its position in Veeva Systems Inc. (NYSE: VEEV) by 17.5% during the second quarter of 2023. According to Holdings Channel, the bank now holds 312 shares of the technology company’s stock after selling 66 shares in the period. At the end of the quarter, Cullen Frost’s holdings in Veeva were valued at approximately $90,000.

Several other institutional investors have also adjusted their stakes in Veeva Systems. Abound Financial LLC acquired a new stake worth about $25,000 in the first quarter. Trust Co. of Toledo NA OH purchased a new stake in the second quarter for approximately $29,000. Golden State Wealth Management LLC significantly increased its position in Veeva by 152.9% during the first quarter, now holding 129 shares valued at $30,000. In addition, Wayfinding Financial LLC and Legacy Investment Solutions LLC both bought new stakes each worth around $32,000 in the first and second quarters, respectively. Overall, institutional investors now own 88.20% of Veeva’s stock.

Veeva Systems opened at $293.11 on October 6, 2023, reflecting a 0.6% increase. The company has experienced a one-year low of $201.54 and a high of $310.50. Its market capitalization stands at approximately $48.04 billion, with a price-to-earnings (PE) ratio of 60.19 and a beta of 0.98.

Analyst Ratings and Price Targets

Veeva Systems has received attention from several financial analysts, resulting in new price targets. Oppenheimer reaffirmed an “outperform” rating with a target price of $325.00. Following suit, JPMorgan Chase & Co. upgraded their rating from “neutral” to “overweight,” raising their target price from $290.00 to $330.00. Truist Financial set their new price target at $275.00 while maintaining a “hold” rating.

Furthermore, Barclays increased their price target from $300.00 to $325.00 and assigned an “overweight” rating. Currently, seventeen research analysts have rated Veeva Systems with a Buy rating, while seven have assigned a Hold rating and two have issued a Sell rating. According to MarketBeat.com, the average rating for the stock is a “Moderate Buy” with an average target price of $307.58.

Insider Trading Activity

In related insider trading news, SVP Jonathan Faddis sold 14,595 shares of Veeva Systems on October 2, 2023, at an average price of $300.00, totaling $4,378,500.00. Following this transaction, he retains 8,588 shares, valued at approximately $2,576,400, marking a 62.96% reduction in his stake. Another insider, Thomas D. Schwenger, sold 3,350 shares on the same day for approximately $1,005,134.00, reducing his ownership by 12.35%.

In the past three months, insiders have sold a total of 24,665 shares valued at $7,438,000, with insiders now holding 10.30% of the company’s stock.

Veeva Systems Inc. specializes in providing cloud-based software solutions for the life sciences industry, offering products such as Veeva Commercial Cloud and Veeva Vault. These tools support pharmaceutical and biotechnology companies with customer relationship management, content management, and data analytics.

For the latest insights on Veeva Systems and other hedge fund activities, stakeholders can refer to HoldingsChannel.com for comprehensive 13F filings and insider trading reports.