New England Research & Management Inc. Cuts Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

New England Research & Management Inc. cut its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 38.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,275 shares of the technology company's stock after selling 1,450 shares during the quarter. New England Research & Management Inc.'s holdings in Veeva Systems were worth $478,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of VEEV. MassMutual Private Wealth & Trust FSB boosted its position in shares of Veeva Systems by 72.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company's stock valued at $25,000 after acquiring an additional 50 shares during the period. Mowery & Schoenfeld Wealth Management LLC bought a new stake in Veeva Systems in the 3rd quarter valued at about $26,000. True Wealth Design LLC grew its position in shares of Veeva Systems by 3,375.0% during the 3rd quarter. True Wealth Design LLC now owns 139 shares of the technology company's stock worth $29,000 after purchasing an additional 135 shares in the last quarter. Retirement Wealth Solutions LLC bought a new position in shares of Veeva Systems during the fourth quarter worth approximately $31,000. Finally, Harvest Fund Management Co. Ltd acquired a new stake in shares of Veeva Systems in the third quarter valued at approximately $49,000. Institutional investors and hedge funds own 88.20% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on VEEV shares. Truist Financial cut their target price on Veeva Systems from $261.00 to $210.00 and set a "hold" rating for the company in a research report on Monday, January 13th. Royal Bank of Canada increased their price objective on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an "outperform" rating in a research note on Friday, December 6th. Barclays boosted their target price on shares of Veeva Systems from $260.00 to $275.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. Morgan Stanley lifted their price objective on shares of Veeva Systems from $183.00 to $195.00 and gave the company an "underweight" rating in a research note on Tuesday, December 17th. Finally, Canaccord Genuity Group upped their target price on Veeva Systems from $210.00 to $270.00 and gave the stock a "hold" rating in a research note on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seventeen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $253.96.

Veeva Systems Trading Up 2.1 %

VEEV stock traded up $4.94 during midday trading on Thursday, hitting $237.24. The stock had a trading volume of 952,664 shares, compared to its average volume of 1,057,344. The business has a fifty day moving average price of $222.75 and a two-hundred day moving average price of $212.03. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93. The firm has a market cap of $38.52 billion, a P/E ratio of 58.60, a price-to-earnings-growth ratio of 2.01 and a beta of 0.84.

Insider Activity

In related news, insider Thomas D. Schwenger sold 1,126 shares of the business's stock in a transaction on Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the transaction, the insider now owns 27,013 shares in the company, valued at $6,483,390.13. The trade was a 4.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jonathan Faddis sold 1,694 shares of the firm's stock in a transaction on Wednesday, December 4th. The stock was 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 owns 8,061 shares of the company's stock, valued at $1,856,448.30. The trade was a 17.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.50% of the stock is owned by company insiders.

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.