Massachusetts Financial Services Co. MA Sells 326,743 Shares of Veeva Systems Inc. (NYSE:VEEV)

Massachusetts Financial Services Co. MA reduced its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 9.2% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 3,218,708 shares of the technology company's stock after selling 326,743 shares during the quarter. Massachusetts Financial Services Co. MA owned about 1.98% of Veeva Systems worth $676,733,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Principal Financial Group Inc. boosted its position in shares of Veeva Systems by 138.9% during the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock worth $457,366,000 after purchasing an additional 1,267,061 shares in the last quarter. Rockefeller Capital Management L.P. boosted its holdings in Veeva Systems by 1.1% during the third quarter. Rockefeller Capital Management L.P. now owns 39,883 shares of the technology company's stock worth $8,370,000 after buying an additional 430 shares in the last quarter. Captrust Financial Advisors grew its position in Veeva Systems by 10.5% during the third quarter. Captrust Financial Advisors now owns 7,865 shares of the technology company's stock worth $1,651,000 after buying an additional 745 shares during the period. Edgestream Partners L.P. purchased a new stake in shares of Veeva Systems during the 3rd quarter worth approximately $477,000. Finally, Benjamin Edwards Inc. raised its holdings in Veeva Systems by 650.6% during the third quarter. Benjamin Edwards Inc. now owns 6,620 shares of the technology company's stock worth $1,389,000 after purchasing an additional 5,738 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

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Veeva Systems Stock Down 1.5 %

VEEV stock traded down $3.30 during mid-day trading on Monday, reaching $210.38. 511,223 shares of the stock traded hands, compared to its average volume of 1,048,044. Veeva Systems Inc. has a 52 week low of $170.25 and a 52 week high of $258.93. The firm has a market capitalization of $34.23 billion, a PE ratio of 51.87, a P/E/G ratio of 1.89 and a beta of 1.05. The business has a 50-day moving average of $231.73 and a two-hundred day moving average of $223.12.

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 787 shares of the business's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total value of $178,019.40. Following the sale, the senior vice president now owns 8,668 shares in the company, valued at approximately $1,960,701.60. The trade was a 8.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 10.50% of the company's stock.

Wall Street Analyst Weigh In

VEEV has been the topic of several recent research reports. The Goldman Sachs Group downgraded shares of Veeva Systems from a "buy" rating to a "sell" rating and reduced their price target for the company from $261.00 to $200.00 in a report on Thursday, January 23rd. Stephens restated an "overweight" rating and issued a $280.00 target price on shares of Veeva Systems in a report on Thursday, March 6th. Needham & Company LLC reiterated a "buy" rating and issued a $270.00 price target on shares of Veeva Systems in a report on Thursday, March 6th. StockNews.com upgraded Veeva Systems from a "hold" rating to a "buy" rating in a report on Monday, February 17th. Finally, Citigroup increased their target price on Veeva Systems from $281.00 to $307.00 and gave the company a "buy" rating in a research note on Monday, December 9th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $256.52.

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.