Capital International Investors Sells 692,666 Shares of Veeva Systems Inc. (NYSE:VEEV)

Capital International Investors trimmed its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 48.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 741,379 shares of the technology company's stock after selling 692,666 shares during the quarter. Capital International Investors owned 0.46% of Veeva Systems worth $155,875,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Principal Financial Group Inc. lifted its position in shares of Veeva Systems by 138.9% in the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock worth $457,366,000 after purchasing an additional 1,267,061 shares in the last quarter. Barclays PLC raised its holdings in Veeva Systems by 18.2% during the third quarter. Barclays PLC now owns 185,206 shares of the technology company's stock worth $38,870,000 after acquiring an additional 28,497 shares in the last quarter. Tudor Financial Inc. acquired a new position in Veeva Systems during the third quarter valued at approximately $265,000. World Investment Advisors LLC bought a new position in Veeva Systems in the third quarter valued at approximately $2,131,000. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Veeva Systems during the 3rd quarter worth approximately $168,000. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on VEEV shares. Morgan Stanley raised their target price on shares of Veeva Systems from $195.00 to $201.00 and gave the company an "underweight" rating in a research note on Thursday, March 6th. Robert W. Baird boosted their price objective on shares of Veeva Systems from $283.00 to $285.00 and gave the stock an "outperform" rating in a research note on Thursday, March 6th. Truist Financial raised their target price on shares of Veeva Systems from $210.00 to $217.00 and gave the company a "hold" rating in a research note on Thursday, March 6th. StockNews.com raised Veeva Systems from a "hold" rating to a "buy" rating in a research report on Monday, February 17th. Finally, JPMorgan Chase & Co. raised their price objective on Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research report on Thursday, March 20th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $254.92.

Veeva Systems Trading Up 2.2 %

VEEV stock traded up $4.69 during mid-day trading on Wednesday, hitting $220.47. The stock had a trading volume of 1,117,312 shares, compared to its average volume of 1,070,485. The firm has a fifty day simple moving average of $226.48 and a 200 day simple moving average of $223.57. Veeva Systems Inc. has a 52 week low of $170.25 and a 52 week high of $258.93. The firm has a market capitalization of $35.87 billion, a P/E ratio of 54.44, a P/E/G ratio of 1.89 and a beta of 1.05.

Insider Activity at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,200 shares of the firm's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $220.97, for a total value of $265,164.00. Following the sale, the insider now directly owns 25,889 shares of the company's stock, valued at $5,720,692.33. This trade represents a 4.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Timothy S. Cabral sold 3,882 shares of the business's stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $216.83, for a total value of $841,734.06. Following the transaction, the director now directly owns 5,500 shares of the company's stock, valued at approximately $1,192,565. The trade was a 41.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,869 shares of company stock valued at $1,284,917 over the last three months. 10.50% of the stock is owned by insiders.

Veeva Systems 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.