NewEdge Advisors LLC Sells 2,101 Shares of Veeva Systems Inc. (NYSE:VEEV)

NewEdge Advisors LLC trimmed its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 24.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,339 shares of the technology company's stock after selling 2,101 shares during the quarter. NewEdge Advisors LLC's holdings in Veeva Systems were worth $1,333,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. FMR LLC grew its position in shares of Veeva Systems by 7.8% in the fourth quarter. FMR LLC now owns 3,213,360 shares of the technology company's stock valued at $675,609,000 after purchasing an additional 232,116 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Veeva Systems by 17.5% in the 4th quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company's stock worth $631,935,000 after purchasing an additional 447,041 shares during the period. Principal Financial Group Inc. grew its holdings in Veeva Systems by 36.0% during the 4th quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company's stock valued at $623,186,000 after buying an additional 784,741 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Veeva Systems by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 2,803,344 shares of the technology company's stock valued at $589,208,000 after buying an additional 38,108 shares during the period. Finally, Van ECK Associates Corp increased its position in shares of Veeva Systems by 6.8% during the fourth quarter. Van ECK Associates Corp now owns 2,130,498 shares of the technology company's stock valued at $447,937,000 after buying an additional 135,492 shares during the period. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on VEEV. Truist Financial upped their target price 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. Morgan Stanley upped their price target on shares of Veeva Systems from $195.00 to $201.00 and gave the stock an "underweight" rating in a report on Thursday, March 6th. Scotiabank lifted their price objective on Veeva Systems from $240.00 to $245.00 and gave the company a "sector perform" rating in a research note on Thursday, March 6th. Stephens restated an "overweight" rating and set a $280.00 target price on shares of Veeva Systems in a research report on Thursday, March 6th. Finally, JPMorgan Chase & Co. raised their price target on Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a report on Thursday, March 20th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $254.92.

Insiders Place Their Bets

In other Veeva Systems news, SVP Jonathan Faddis sold 787 shares of the company's stock in a transaction dated 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. This represents a 8.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Timothy S. Cabral sold 3,882 shares of Veeva Systems stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $216.83, for a total transaction of $841,734.06. Following the transaction, the director now owns 5,500 shares of the company's stock, valued at $1,192,565. The trade was a 41.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,869 shares of company stock worth $1,284,917. Company insiders own 10.50% of the company's stock.

Veeva Systems Stock Down 0.7 %

Shares of NYSE:VEEV traded down $1.67 on Monday, hitting $225.87. The company had a trading volume of 451,090 shares, compared to its average volume of 1,218,915. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93. The firm's 50-day simple moving average is $225.97 and its two-hundred day simple moving average is $224.10. The firm has a market capitalization of $36.75 billion, a price-to-earnings ratio of 55.77, a P/E/G ratio of 1.89 and a beta of 1.05.

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.