Selective Wealth Management Inc. Reduces Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Selective Wealth Management Inc. cut its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 6.7% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 20,974 shares of the technology company's stock after selling 1,503 shares during the period. Veeva Systems comprises approximately 1.8% of Selective Wealth Management Inc.'s portfolio, making the stock its 12th largest position. Selective Wealth Management Inc.'s holdings in Veeva Systems were worth $4,423,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the company. General American Investors Co. Inc. bought a new position in Veeva Systems during the third quarter valued at approximately $5,133,000. Toronto Dominion Bank raised its position in Veeva Systems by 39.1% in the 3rd quarter. Toronto Dominion Bank now owns 20,180 shares of the technology company's stock worth $4,235,000 after purchasing an additional 5,673 shares during the period. Procyon Advisors LLC bought a new stake in Veeva Systems in the third quarter worth $712,000. Principal Financial Group Inc. boosted its position in Veeva Systems by 138.9% during the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock valued at $457,366,000 after buying an additional 1,267,061 shares during the period. Finally, Oppenheimer Asset Management Inc. grew its stake in shares of Veeva Systems by 3.6% during the third quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company's stock valued at $16,370,000 after buying an additional 2,733 shares during the last quarter. Institutional investors own 88.20% of the company's stock.

Veeva Systems Trading Up 0.9 %

VEEV traded up $1.92 during midday trading on Friday, reaching $216.67. The company's stock had a trading volume of 715,069 shares, compared to its average volume of 940,345. The stock's 50-day moving average is $222.31 and its 200-day moving average is $209.66. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93. The firm has a market capitalization of $35.18 billion, a price-to-earnings ratio of 53.50, a PEG ratio of 1.91 and a beta of 0.84.

Insider Buying and Selling

In related news, insider Thomas D. Schwenger sold 1,126 shares of the company's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $240.01, for a total value 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Jonathan Faddis sold 1,694 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total transaction of $390,128.20. Following the sale, the senior vice president now directly owns 8,061 shares in the company, valued at $1,856,448.30. This trade represents 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 currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on VEEV shares. Robert W. Baird increased their target price on Veeva Systems from $275.00 to $283.00 and gave the company an "outperform" rating in a report on Friday, December 6th. Scotiabank raised their target price on shares of Veeva Systems from $235.00 to $240.00 and gave the stock a "sector perform" rating in a report on Friday, December 6th. Stifel Nicolaus upped their price target on shares of Veeva Systems from $240.00 to $272.00 and gave the company a "buy" rating in a report on Friday, December 6th. Stephens began coverage on shares of Veeva Systems in a research report on Friday, December 20th. They set an "overweight" rating and a $280.00 price target for the company. Finally, Barclays boosted their price objective 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. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $255.74.

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.