Franklin Resources Inc. Sells 68,972 Shares of Veeva Systems Inc. (NYSE:VEEV)

Franklin Resources Inc. lessened its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 4.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,519,538 shares of the technology company's stock after selling 68,972 shares during the quarter. Franklin Resources Inc. owned 0.94% of Veeva Systems worth $319,741,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Mowery & Schoenfeld Wealth Management LLC bought a new stake in Veeva Systems during the 3rd quarter worth approximately $26,000. True Wealth Design LLC increased its stake in Veeva Systems by 3,375.0% during the 3rd quarter. True Wealth Design LLC now owns 139 shares of the technology company's stock valued at $29,000 after purchasing an additional 135 shares in the last quarter. Blue Trust Inc. lifted its position in Veeva Systems by 3,460.0% in the 2nd quarter. Blue Trust Inc. now owns 178 shares of the technology company's stock valued at $33,000 after acquiring an additional 173 shares in the last quarter. DT Investment Partners LLC purchased a new position in shares of Veeva Systems during the second quarter valued at approximately $35,000. Finally, Fairscale Capital LLC purchased a new position in Veeva Systems during the 2nd quarter worth $46,000. Institutional investors own 88.20% of the company's stock.

Veeva Systems Trading Down 1.6 %

NYSE VEEV traded down $3.70 during trading hours on Friday, hitting $228.78. 814,087 shares of the company's stock traded hands, compared to its average volume of 983,160. 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 $37.05 billion, a P/E ratio of 56.49, a P/E/G ratio of 2.07 and a beta of 0.82. The business's fifty day moving average price is $221.36 and its two-hundred day moving average price is $204.00.

Insider Transactions at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,126 shares of the company's stock in a transaction on Friday, November 8th. The shares were sold at an average price of $240.01, for a total value of $270,251.26. Following the completion of the transaction, the insider now owns 27,013 shares of the company's stock, valued at approximately $6,483,390.13. This represents a 4.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Jonathan Faddis sold 1,694 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total value of $390,128.20. Following the completion of the sale, the senior vice president now owns 8,061 shares of the company's stock, valued at $1,856,448.30. The trade was a 17.37 % decrease in their position. The disclosure for this sale can be found here. 10.50% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on VEEV. BNP Paribas started coverage on Veeva Systems in a research note on Tuesday, October 8th. They issued an "outperform" rating and a $286.00 target price on the stock. Evercore ISI increased their price objective on Veeva Systems from $220.00 to $245.00 and gave the stock an "in-line" rating in a report on Friday, December 6th. UBS Group raised their price target on shares of Veeva Systems from $185.00 to $215.00 and gave the company a "neutral" rating in a report on Monday, August 26th. Needham & Company LLC boosted their price objective on Veeva Systems from $260.00 to $270.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Finally, Bank of America increased their target price on Veeva Systems from $280.00 to $290.00 and gave the company a "neutral" rating in a research note on Friday, December 6th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eighteen have issued a buy rating to the company's stock. According to MarketBeat, Veeva Systems has a consensus rating of "Moderate Buy" and a consensus price target of $255.35.

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.