Sycomore Asset Management Trims Holdings in Veeva Systems Inc. (NYSE:VEEV)

Sycomore Asset Management decreased its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 5.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 40,273 shares of the technology company's stock after selling 2,169 shares during the period. Sycomore Asset Management's holdings in Veeva Systems were worth $8,434,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. MassMutual Private Wealth & Trust FSB raised its position in shares of Veeva Systems by 72.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company's stock worth $25,000 after acquiring an additional 50 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC bought a new position in shares of Veeva Systems in the 3rd quarter worth approximately $26,000. True Wealth Design LLC raised its position in shares of Veeva Systems by 3,375.0% in the 3rd quarter. True Wealth Design LLC now owns 139 shares of the technology company's stock worth $29,000 after acquiring an additional 135 shares in the last quarter. Retirement Wealth Solutions LLC bought a new position in shares of Veeva Systems in the 4th quarter worth approximately $31,000. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of Veeva Systems in the 3rd quarter worth approximately $49,000. Institutional investors own 88.20% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Mizuho assumed coverage on Veeva Systems in a research note on Wednesday, December 4th. They issued an "outperform" rating and a $275.00 price target on the stock. Evercore ISI upped their price target on Veeva Systems from $220.00 to $245.00 and gave the stock an "in-line" rating in a research note on Friday, December 6th. Piper Sandler upped their price target on Veeva Systems from $280.00 to $290.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. Stifel Nicolaus upped their price target on Veeva Systems from $240.00 to $272.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Finally, KeyCorp cut their price target on Veeva Systems from $285.00 to $255.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 8th. Two equities research 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's stock. According to data from MarketBeat, Veeva Systems has an average rating of "Moderate Buy" and a consensus target price of $253.96.

Insider Buying and Selling at Veeva Systems

In related news, SVP Jonathan Faddis sold 1,694 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were 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 directly owns 8,061 shares of the company's stock, valued at approximately $1,856,448.30. This represents a 17.37 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 10.50% of the stock is currently owned by corporate insiders.

Veeva Systems Stock Performance

Shares of VEEV stock traded up $0.70 on Thursday, reaching $234.04. The stock had a trading volume of 705,335 shares, compared to its average volume of 988,163. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93. The company has a 50 day simple moving average of $224.76 and a 200 day simple moving average of $215.54. The stock has a market cap of $38.00 billion, a P/E ratio of 57.79, a price-to-earnings-growth ratio of 1.97 and a beta of 0.85.

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.