Veeva Systems Inc. (NYSE:VEEV) Shares Sold by XTX Topco Ltd

XTX Topco Ltd reduced its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 50.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,481 shares of the technology company's stock after selling 2,575 shares during the period. XTX Topco Ltd's holdings in Veeva Systems were worth $522,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Principal Financial Group Inc. increased its stake in shares of Veeva Systems by 138.9% in 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. Barclays PLC grew its holdings in Veeva Systems by 18.2% during the third quarter. Barclays PLC now owns 185,206 shares of the technology company's stock valued at $38,870,000 after purchasing an additional 28,497 shares during the period. Tudor Financial Inc. purchased a new stake in Veeva Systems in the third quarter worth about $265,000. World Investment Advisors LLC bought a new position in shares of Veeva Systems in the third quarter worth about $2,131,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Veeva Systems during the 3rd quarter valued at about $168,000. Hedge funds and other institutional investors own 88.20% of the company's stock.

Insider Buying and Selling

In related news, Director Timothy S. Cabral sold 3,882 shares of the business's stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $216.83, for a total value of $841,734.06. Following the completion of 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Jonathan Faddis sold 787 shares of the 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 directly owns 8,668 shares in the company, valued at $1,960,701.60. This trade represents a 8.32 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,869 shares of company stock valued at $1,284,917 over the last quarter. 10.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Piper Sandler dropped their price target on shares of Veeva Systems from $290.00 to $255.00 and set an "overweight" rating for the company in a research report on Wednesday. Robert W. Baird boosted their price target on shares of Veeva Systems from $283.00 to $285.00 and gave the stock an "outperform" rating in a research note on Thursday, March 6th. Stephens restated an "overweight" rating and issued a $280.00 price target on shares of Veeva Systems in a research report on Thursday, March 6th. Needham & Company LLC reiterated a "buy" rating and set a $270.00 price objective on shares of Veeva Systems in a research report on Thursday, March 6th. Finally, StockNews.com raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a research note on Monday, February 17th. Two investment 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 MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $254.92.

Veeva Systems Price Performance

Shares of NYSE:VEEV traded up $4.69 during trading on Wednesday, reaching $220.47. 1,117,312 shares of the company were exchanged, compared to its average volume of 1,070,485. The business's fifty day simple moving average is $226.48 and its 200-day simple moving average is $223.57. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93. The firm has a market capitalization of $35.87 billion, a PE ratio of 54.44, a P/E/G ratio of 1.89 and a beta of 1.05.

About Veeva Systems

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.