Veeva Systems Inc. (NYSE:VEEV) Stock Position Trimmed by Livforsakringsbolaget Skandia Omsesidigt

Livforsakringsbolaget Skandia Omsesidigt trimmed its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 77.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,100 shares of the technology company's stock after selling 3,700 shares during the period. Livforsakringsbolaget Skandia Omsesidigt's holdings in Veeva Systems were worth $231,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in VEEV. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Veeva Systems by 14.9% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,560 shares of the technology company's stock valued at $3,061,000 after acquiring an additional 1,892 shares during the last quarter. Capital Investment Services of America Inc. lifted its holdings in Veeva Systems by 1.2% in the 4th quarter. Capital Investment Services of America Inc. now owns 79,074 shares of the technology company's stock valued at $16,625,000 after purchasing an additional 914 shares in the last quarter. Trilogy Capital Inc. boosted its stake in shares of Veeva Systems by 26.0% during the 4th quarter. Trilogy Capital Inc. now owns 9,202 shares of the technology company's stock worth $1,935,000 after purchasing an additional 1,896 shares during the last quarter. Confluence Wealth Services Inc. grew its holdings in shares of Veeva Systems by 7.2% during the fourth quarter. Confluence Wealth Services Inc. now owns 1,069 shares of the technology company's stock worth $238,000 after buying an additional 72 shares in the last quarter. Finally, Lion Street Advisors LLC raised its position in shares of Veeva Systems by 10.3% in the fourth quarter. Lion Street Advisors LLC now owns 2,489 shares of the technology company's stock valued at $523,000 after buying an additional 232 shares during the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Price Performance

VEEV traded down $3.38 during trading on Tuesday, hitting $234.43. The company had a trading volume of 758,824 shares, compared to its average volume of 1,003,277. The company has a market cap of $38.06 billion, a PE ratio of 57.88, a P/E/G ratio of 1.97 and a beta of 0.85. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93. The business has a 50-day moving average of $224.68 and a 200-day moving average of $215.12.

Insider Buying and Selling

In other news, SVP Jonathan Faddis sold 1,694 shares of the firm's stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total value of $390,128.20. Following the transaction, the senior vice president now directly owns 8,061 shares in the company, valued at approximately $1,856,448.30. This trade represents a 17.37 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 10.50% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Truist Financial lowered their target price on shares of Veeva Systems from $261.00 to $210.00 and set a "hold" rating for the company in a research note on Monday, January 13th. Mizuho began coverage on Veeva Systems in a research report on Wednesday, December 4th. They issued an "outperform" rating and a $275.00 price objective for the company. Morgan Stanley increased their target price on Veeva Systems from $183.00 to $195.00 and gave the stock an "underweight" rating in a research report on Tuesday, December 17th. Stephens assumed coverage on Veeva Systems in a report on Friday, December 20th. They issued an "overweight" rating and a $280.00 price target for the company. Finally, The Goldman Sachs Group lowered shares of Veeva Systems from a "buy" rating to a "sell" rating and cut their price objective for the stock from $261.00 to $200.00 in a report on Thursday, January 23rd. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $253.96.

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.