Capital World Investors Decreases Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Capital World Investors cut its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 5.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 643,894 shares of the technology company's stock after selling 39,628 shares during the period. Capital World Investors owned about 0.40% of Veeva Systems worth $135,379,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in VEEV. FMR LLC grew its holdings in Veeva Systems by 7.8% during the fourth 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 period. JPMorgan Chase & Co. raised its position in shares of Veeva Systems by 17.5% during the 4th quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company's stock valued at $631,935,000 after buying an additional 447,041 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Veeva Systems by 36.0% during the 4th quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company's stock worth $623,186,000 after acquiring an additional 784,741 shares during the last quarter. Geode Capital Management LLC grew its position in Veeva Systems by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 2,803,344 shares of the technology company's stock worth $589,208,000 after acquiring an additional 38,108 shares in the last quarter. Finally, Van ECK Associates Corp increased its stake in Veeva Systems by 6.8% in the fourth quarter. Van ECK Associates Corp now owns 2,130,498 shares of the technology company's stock valued at $447,937,000 after acquiring an additional 135,492 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

Insider Transactions at Veeva Systems

In other news, SVP Jonathan Faddis sold 787 shares of the stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total value of $178,019.40. Following the sale, the senior vice president now owns 8,668 shares of the company's stock, 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 legal filing with the SEC, which can be accessed through this link. Also, insider Thomas D. Schwenger sold 1,200 shares of the company's stock in a transaction dated Monday, April 14th. The stock was 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 $5,720,692.33. This represents a 4.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,869 shares of company stock valued at $1,284,917. 10.50% of the stock is currently owned by insiders.

Veeva Systems Trading Up 2.2 %

Shares of NYSE:VEEV traded up $4.69 during midday trading on Wednesday, reaching $220.47. 1,117,312 shares of the company were exchanged, compared to its average volume of 1,071,156. The stock has a market cap of $35.87 billion, a PE ratio of 54.44, a price-to-earnings-growth ratio of 1.89 and a beta of 1.05. The business's fifty day moving average is $226.21 and its two-hundred day moving average is $223.55. Veeva Systems Inc. has a one year low of $170.25 and a one year high of $258.93.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. 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. Scotiabank lifted their target price on shares of Veeva Systems from $240.00 to $245.00 and gave the stock a "sector perform" rating in a research report on Thursday, March 6th. StockNews.com upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a research report on Monday, February 17th. Needham & Company LLC reiterated a "buy" rating and issued a $270.00 price objective on shares of Veeva Systems in a report on Thursday, March 6th. Finally, KeyCorp dropped their target price on Veeva Systems from $260.00 to $250.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company's stock. According to MarketBeat, Veeva Systems presently has an average rating of "Moderate Buy" and an average price target of $254.92.

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.