California Public Employees Retirement System lowered its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 5.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 239,893 shares of the technology company's stock after selling 14,671 shares during the quarter. California Public Employees Retirement System owned about 0.15% of Veeva Systems worth $50,438,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently added to or reduced their stakes in VEEV. Arrowstreet Capital Limited Partnership bought a new stake in shares of Veeva Systems in the 4th quarter valued at about $21,013,000. Allstate Corp acquired a new stake in Veeva Systems in the fourth quarter valued at approximately $944,000. DnB Asset Management AS boosted its stake in Veeva Systems by 7.4% in the fourth quarter. DnB Asset Management AS now owns 27,652 shares of the technology company's stock valued at $5,814,000 after acquiring an additional 1,915 shares in the last quarter. Orion Portfolio Solutions LLC grew its holdings in Veeva Systems by 438.8% in the fourth quarter. Orion Portfolio Solutions LLC now owns 44,153 shares of the technology company's stock worth $9,283,000 after purchasing an additional 35,958 shares during the last quarter. Finally, Boussard & Gavaudan Investment Management LLP acquired a new position in shares of Veeva Systems during the fourth quarter worth $908,000. Hedge funds and other institutional investors own 88.20% of the company's stock.
Veeva Systems Trading Down 3.6 %
Shares of Veeva Systems stock traded down $7.90 during trading hours on Friday, reaching $213.59. The stock had a trading volume of 1,939,659 shares, compared to its average volume of 1,050,037. The stock's 50 day moving average is $231.73 and its 200 day moving average is $223.12. Veeva Systems Inc. has a twelve month low of $170.25 and a twelve month high of $258.93. The firm has a market capitalization of $34.75 billion, a PE ratio of 52.74, a PEG ratio of 1.89 and a beta of 1.05.
Analyst Upgrades and Downgrades
VEEV has been the topic of several research analyst reports. KeyCorp dropped their target price 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. Morgan Stanley boosted their price target on Veeva Systems from $195.00 to $201.00 and gave the stock an "underweight" rating in a research note on Thursday, March 6th. The Goldman Sachs Group lowered shares of Veeva Systems from a "buy" rating to a "sell" rating and decreased their price objective for the company from $261.00 to $200.00 in a research report on Thursday, January 23rd. JPMorgan Chase & Co. boosted their target price on shares of Veeva Systems from $218.00 to $249.00 and gave the stock a "neutral" rating in a research report on Thursday, March 20th. Finally, Truist Financial raised their price target on shares of Veeva Systems from $210.00 to $217.00 and gave the stock a "hold" rating in a report on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, Veeva Systems presently has an average rating of "Moderate Buy" and an average target price of $256.52.
Get Our Latest Analysis on VEEV
Insider Buying and Selling
In related news, SVP Jonathan Faddis sold 787 shares of Veeva Systems 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 of the company's stock, valued at approximately $1,960,701.60. This trade represents a 8.32 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.50% of the stock is currently owned by insiders.
About Veeva Systems
(
Free Report)
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.
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