Bell Asset Management Ltd Sells 4,144 Shares of Veeva Systems Inc. (NYSE:VEEV)

Bell Asset Management Ltd trimmed its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 20.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 16,407 shares of the technology company's stock after selling 4,144 shares during the quarter. Bell Asset Management Ltd's holdings in Veeva Systems were worth $3,450,000 as of its most recent filing with the SEC.

Several other institutional investors have also added to or reduced their stakes in the stock. Cerity Partners LLC boosted its position in Veeva Systems by 2.7% during the fourth quarter. Cerity Partners LLC now owns 75,222 shares of the technology company's stock valued at $15,814,000 after purchasing an additional 1,980 shares during the last quarter. FMR LLC lifted its holdings in Veeva Systems by 7.8% during the 4th quarter. FMR LLC now owns 3,213,360 shares of the technology company's stock valued at $675,609,000 after purchasing an additional 232,116 shares during the last quarter. Federated Hermes Inc. boosted its position in Veeva Systems by 16.4% during the fourth quarter. Federated Hermes Inc. now owns 366,490 shares of the technology company's stock worth $77,055,000 after purchasing an additional 51,692 shares during the period. Peapack Gladstone Financial Corp boosted its position in Veeva Systems by 0.6% during the fourth quarter. Peapack Gladstone Financial Corp now owns 70,547 shares of the technology company's stock worth $14,833,000 after purchasing an additional 400 shares during the period. Finally, Himension Capital Singapore PTE. LTD. raised its position in shares of Veeva Systems by 28.8% in the fourth quarter. Himension Capital Singapore PTE. LTD. now owns 17,281 shares of the technology company's stock valued at $3,633,000 after purchasing an additional 3,864 shares during the period. 88.20% of the stock is owned by institutional investors.

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Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 787 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total value of $178,019.40. Following the sale, 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Timothy S. Cabral sold 3,882 shares of Veeva Systems stock in a transaction 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 sale, the director now owns 5,500 shares of the company's stock, valued at approximately $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. 10.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on VEEV. The Goldman Sachs Group downgraded shares of Veeva Systems from a "buy" rating to a "sell" rating and reduced their target price for the stock from $261.00 to $200.00 in a report on Thursday, January 23rd. Robert W. Baird boosted their price objective on Veeva Systems from $283.00 to $285.00 and gave the stock an "outperform" rating in a report on Thursday, March 6th. StockNews.com upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a research note on Monday, February 17th. JPMorgan Chase & Co. raised their price target on shares of Veeva Systems from $218.00 to $249.00 and gave the stock a "neutral" rating in a research report on Thursday, March 20th. Finally, Morgan Stanley boosted their price objective on shares of Veeva Systems from $195.00 to $201.00 and gave the company an "underweight" rating in a report on Thursday, March 6th. Two investment 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.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $256.52.

Veeva Systems Stock Up 3.6 %

Shares of NYSE VEEV traded up $7.56 on Friday, reaching $218.20. 1,582,004 shares of the company's stock traded hands, compared to its average volume of 1,067,216. The company has a market cap of $35.50 billion, a price-to-earnings ratio of 53.88, a price-to-earnings-growth ratio of 1.89 and a beta of 1.05. The business's 50 day simple moving average is $229.08 and its two-hundred day simple moving average is $223.09. Veeva Systems Inc. has a 12 month low of $170.25 and a 12 month high of $258.93.

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.