Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia cut its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 32.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,787 shares of the technology company's stock after selling 1,806 shares during the quarter. Bank of Nova Scotia's holdings in Veeva Systems were worth $796,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. MassMutual Private Wealth & Trust FSB raised its holdings in Veeva Systems by 72.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company's stock valued at $25,000 after acquiring an additional 50 shares during the last quarter. Centricity Wealth Management LLC acquired a new position in Veeva Systems in the fourth quarter valued at $25,000. Smithfield Trust Co lifted its position in Veeva Systems by 145.5% during the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock worth $27,000 after buying an additional 80 shares during the period. Avion Wealth boosted its stake in Veeva Systems by 635.0% in the 4th quarter. Avion Wealth now owns 147 shares of the technology company's stock worth $30,000 after buying an additional 127 shares during the last quarter. Finally, Retirement Wealth Solutions LLC purchased a new stake in Veeva Systems in the 4th quarter valued at about $31,000. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Stock Down 2.2 %

Shares of VEEV traded down $4.93 during mid-day trading on Friday, hitting $215.73. The stock had a trading volume of 1,195,499 shares, compared to its average volume of 1,063,925. The company has a market cap of $35.10 billion, a PE ratio of 53.27, a PEG ratio of 1.89 and a beta of 1.05. Veeva Systems Inc. has a fifty-two week low of $170.25 and a fifty-two week high of $258.93. The company's fifty day simple moving average is $227.68 and its two-hundred day simple moving average is $223.29.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on VEEV shares. Truist Financial raised their target price on shares of Veeva Systems from $210.00 to $217.00 and gave the stock a "hold" rating in a research report on Thursday, March 6th. StockNews.com raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a research note on Monday, February 17th. Morgan Stanley upped their price objective on Veeva Systems from $195.00 to $201.00 and gave the stock an "underweight" rating in a report on Thursday, March 6th. Robert W. Baird lifted their target price on Veeva Systems from $283.00 to $285.00 and gave the company an "outperform" rating in a report on Thursday, March 6th. Finally, The Goldman Sachs Group cut shares of Veeva Systems from a "buy" rating to a "sell" rating and reduced their price target for the company from $261.00 to $200.00 in a research report on Thursday, January 23rd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $256.32.

Insider Buying and Selling at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,200 shares of the company's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $220.97, for a total transaction of $265,164.00. Following the completion of the transaction, the insider now owns 25,889 shares in the company, valued at approximately $5,720,692.33. This represents a 4.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Timothy S. Cabral sold 3,882 shares of the stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $216.83, for a total value of $841,734.06. Following the completion of the transaction, the director now directly owns 5,500 shares of the company's stock, valued at $1,192,565. This trade represents a 41.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,869 shares of company stock worth $1,284,917 over the last 90 days. 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.