MML Investors Services LLC Lowers Stake in Veeva Systems Inc. (NYSE:VEEV)

MML Investors Services LLC decreased its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 4.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 64,786 shares of the technology company's stock after selling 3,132 shares during the period. MML Investors Services LLC's holdings in Veeva Systems were worth $13,597,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Patriot Financial Group Insurance Agency LLC raised its stake in Veeva Systems by 0.7% in the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 6,924 shares of the technology company's stock valued at $1,453,000 after acquiring an additional 48 shares during the period. Tokio Marine Asset Management Co. Ltd. raised its position in shares of Veeva Systems by 1.2% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,307 shares of the technology company's stock valued at $904,000 after purchasing an additional 50 shares during the period. Clearbridge Investments LLC raised its position in shares of Veeva Systems by 0.4% in the second quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company's stock valued at $2,138,000 after purchasing an additional 52 shares during the period. Park Place Capital Corp lifted its stake in shares of Veeva Systems by 11.5% during the 3rd quarter. Park Place Capital Corp now owns 574 shares of the technology company's stock valued at $120,000 after buying an additional 59 shares in the last quarter. Finally, Quintet Private Bank Europe S.A. boosted its holdings in Veeva Systems by 13.4% in the 3rd quarter. Quintet Private Bank Europe S.A. now owns 516 shares of the technology company's stock worth $108,000 after buying an additional 61 shares during the period. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Price Performance

NYSE VEEV traded down $12.42 during trading on Wednesday, hitting $233.77. 2,220,573 shares of the company's stock traded hands, compared to its average volume of 983,399. The stock has a fifty day moving average of $219.79 and a two-hundred day moving average of $203.42. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93. The firm has a market cap of $37.86 billion, a P/E ratio of 57.72, a PEG ratio of 2.43 and a beta of 0.82.

Insiders Place Their Bets

In related news, insider Thomas D. Schwenger sold 1,126 shares of the company's stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $240.01, for a total transaction of $270,251.26. Following the completion of the transaction, the insider now owns 27,013 shares in the company, valued at $6,483,390.13. This represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jonathan Faddis sold 1,694 shares of the company's stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total transaction of $390,128.20. Following the completion of the transaction, the senior vice president now owns 8,061 shares of the company's stock, valued at $1,856,448.30. This trade represents a 17.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 10.50% of the company's stock.

Analyst Upgrades and Downgrades

VEEV has been the topic of several recent research reports. Bank of America increased their target price on Veeva Systems from $280.00 to $290.00 and gave the stock a "neutral" rating in a research report on Friday, December 6th. Raymond James raised their target price on Veeva Systems from $230.00 to $235.00 and gave the stock an "outperform" rating in a research note on Thursday, August 29th. Robert W. Baird lifted their target price on Veeva Systems from $275.00 to $283.00 and gave the company an "outperform" rating in a report on Friday, December 6th. Citigroup increased their price target on shares of Veeva Systems from $281.00 to $307.00 and gave the stock a "buy" rating in a report on Monday. Finally, Guggenheim boosted their price objective on shares of Veeva Systems from $233.00 to $249.00 and gave the company a "buy" rating in a research note on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average 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.