Truist Financial Corp Sells 2,587 Shares of Veeva Systems Inc. (NYSE:VEEV)

Truist Financial Corp lessened its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 5.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 48,917 shares of the technology company's stock after selling 2,587 shares during the quarter. Truist Financial Corp's holdings in Veeva Systems were worth $10,285,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. Massachusetts Financial Services Co. MA grew its position in shares of Veeva Systems by 64.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company's stock worth $744,084,000 after buying an additional 1,392,256 shares during the last quarter. State Street Corp boosted its holdings in Veeva Systems by 1.5% in the third quarter. State Street Corp now owns 3,293,141 shares of the technology company's stock worth $691,132,000 after acquiring an additional 47,872 shares in the last quarter. FMR LLC raised its stake in shares of Veeva Systems by 25.7% in the third quarter. FMR LLC now owns 2,981,244 shares of the technology company's stock worth $625,674,000 after purchasing an additional 610,021 shares during the last quarter. Principal Financial Group Inc. increased its position in Veeva Systems by 36.0% during the fourth quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company's stock valued at $623,186,000 after acquiring an additional 784,741 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Veeva Systems by 5.7% during the third quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company's stock valued at $579,630,000 after acquiring an additional 149,807 shares during the last quarter. Institutional investors own 88.20% of the company's stock.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of the company'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 sale, the senior vice president now owns 8,061 shares of the company's stock, valued at $1,856,448.30. This represents a 17.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 10.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

VEEV has been the subject of a number of analyst reports. 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 report on Friday, December 6th. The Goldman Sachs Group cut Veeva Systems from a "buy" rating to a "sell" rating and reduced their price target for the stock from $261.00 to $200.00 in a research report on Thursday, January 23rd. JPMorgan Chase & Co. upped their price target on Veeva Systems from $208.00 to $218.00 and gave the stock a "neutral" rating in a research report on Monday, December 16th. Mizuho started coverage on Veeva Systems in a research note on Wednesday, December 4th. They issued an "outperform" rating and a $275.00 price objective for the company. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $270.00 price objective on shares of Veeva Systems in a research note on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eighteen have assigned a buy rating to the company's stock. According to data from MarketBeat, Veeva Systems presently has a consensus rating of "Moderate Buy" and an average price target of $253.96.

Veeva Systems Stock Performance

NYSE VEEV traded down $2.64 during trading on Friday, reaching $226.10. 940,179 shares of the company's stock were exchanged, compared to its average volume of 980,873. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93. The stock has a market cap of $36.71 billion, a P/E ratio of 55.83, a price-to-earnings-growth ratio of 1.89 and a beta of 0.85. The company has a 50 day moving average price of $223.81 and a two-hundred day moving average price of $217.11.

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.