Peregrine Capital Management LLC Trims Stake in Veeva Systems Inc. (NYSE:VEEV)

Peregrine Capital Management LLC lowered its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 4.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 252,378 shares of the technology company's stock after selling 11,809 shares during the quarter. Veeva Systems accounts for about 1.6% of Peregrine Capital Management LLC's portfolio, making the stock its 11th largest position. Peregrine Capital Management LLC owned 0.16% of Veeva Systems worth $53,062,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Bleakley Financial Group LLC increased its holdings in Veeva Systems by 11.0% in the third quarter. Bleakley Financial Group LLC now owns 4,476 shares of the technology company's stock valued at $939,000 after buying an additional 445 shares during the last quarter. Blue Trust Inc. increased its holdings in Veeva Systems by 453.9% in the third quarter. Blue Trust Inc. now owns 986 shares of the technology company's stock valued at $207,000 after buying an additional 808 shares during the last quarter. Raymond James & Associates increased its holdings in Veeva Systems by 9.1% in the third quarter. Raymond James & Associates now owns 115,954 shares of the technology company's stock valued at $24,335,000 after buying an additional 9,713 shares during the last quarter. Koss Olinger Consulting LLC increased its holdings in Veeva Systems by 24.7% in the third quarter. Koss Olinger Consulting LLC now owns 1,413 shares of the technology company's stock valued at $297,000 after buying an additional 280 shares during the last quarter. Finally, Trilogy Capital Inc. increased its holdings in Veeva Systems by 26.0% in the third quarter. Trilogy Capital Inc. now owns 7,306 shares of the technology company's stock valued at $1,533,000 after buying an additional 1,507 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Insider Activity at Veeva Systems

In other news, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total transaction of $390,128.20. Following the completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 10.50% of the stock is owned by insiders.

Veeva Systems Stock Performance

NYSE:VEEV traded down $2.64 during mid-day trading on Friday, reaching $226.10. The stock had a trading volume of 940,179 shares, compared to its average volume of 980,873. The firm has a market capitalization of $36.71 billion, a price-to-earnings ratio of 55.83, a PEG ratio of 1.89 and a beta of 0.85. Veeva Systems Inc. has a twelve month low of $170.25 and a twelve month high of $258.93. The business has a 50 day simple moving average of $223.81 and a 200 day simple moving average of $217.11.

Wall Street Analysts Forecast Growth

Several research firms recently commented on VEEV. Scotiabank increased their target price on Veeva Systems from $235.00 to $240.00 and gave the company a "sector perform" rating in a report on Friday, December 6th. Evercore ISI increased their target price on Veeva Systems from $220.00 to $245.00 and gave the company an "in-line" rating in a report on Friday, December 6th. Robert W. Baird increased 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. KeyCorp dropped their price objective on Veeva Systems from $285.00 to $255.00 and set an "overweight" rating on the stock in a report on Wednesday, January 8th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $270.00 price objective on shares of Veeva Systems in a report on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $253.96.

Veeva Systems Company 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.