Alliancebernstein L.P. Trims Holdings in Veeva Systems Inc. (NYSE:VEEV)

Alliancebernstein L.P. decreased its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 20.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,967,382 shares of the technology company's stock after selling 1,238,794 shares during the quarter. Alliancebernstein L.P. owned about 3.06% of Veeva Systems worth $1,044,392,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of VEEV. O Shaughnessy Asset Management LLC boosted its stake in shares of Veeva Systems by 23.5% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 8,079 shares of the technology company's stock worth $1,699,000 after acquiring an additional 1,537 shares in the last quarter. Martin Currie Ltd. boosted its holdings in Veeva Systems by 0.4% during the fourth quarter. Martin Currie Ltd. now owns 246,528 shares of the technology company's stock valued at $51,833,000 after acquiring an additional 1,029 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in shares of Veeva Systems during the fourth quarter worth approximately $21,013,000. Allstate Corp acquired a new stake in Veeva Systems in the 4th quarter worth $944,000. Finally, DnB Asset Management AS grew its position in Veeva Systems by 7.4% during the 4th quarter. DnB Asset Management AS now owns 27,652 shares of the technology company's stock worth $5,814,000 after acquiring an additional 1,915 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Insider Transactions at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 787 shares of the company's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total transaction of $178,019.40. Following the completion of the transaction, the senior vice president now directly owns 8,668 shares in the company, valued at approximately $1,960,701.60. This represents a 8.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 10.50% of the company's stock.

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Veeva Systems Trading Down 3.3 %

Shares of VEEV stock traded down $7.23 on Friday, reaching $214.26. The company's stock had a trading volume of 677,301 shares, compared to its average volume of 1,181,320. The company has a market capitalization of $34.86 billion, a price-to-earnings ratio of 52.80, a price-to-earnings-growth ratio of 1.89 and a beta of 0.88. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93. The stock's fifty day simple moving average is $231.93 and its 200-day simple moving average is $223.03.

Analysts Set New Price Targets

VEEV has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their price target on Veeva Systems from $275.00 to $285.00 and gave the company an "overweight" rating in a research note on Friday, December 6th. KeyCorp lowered their price target on shares of Veeva Systems from $285.00 to $255.00 and set an "overweight" rating on the stock in a report on Wednesday, January 8th. Bank of America lifted their target price on Veeva Systems from $280.00 to $290.00 and gave the stock a "neutral" rating in a report on Friday, December 6th. Needham & Company LLC reissued a "buy" rating and set a $270.00 price target on shares of Veeva Systems in a report on Thursday, March 6th. Finally, Royal Bank of Canada boosted their target price on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an "outperform" rating in a research note on Friday, December 6th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, Veeva Systems has an average rating of "Moderate Buy" and an average target price of $256.52.

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.