Bank of New York Mellon Corp Reduces Stake in Veeva Systems Inc. (NYSE:VEEV)

Bank of New York Mellon Corp trimmed its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 2.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 793,155 shares of the technology company’s stock after selling 21,016 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.49% of Veeva Systems worth $166,761,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of VEEV. BankPlus Trust Department purchased a new stake in shares of Veeva Systems in the 4th quarter worth about $154,000. Y Intercept Hong Kong Ltd increased its holdings in Veeva Systems by 171.2% during the 4th quarter. Y Intercept Hong Kong Ltd now owns 24,798 shares of the technology company’s stock valued at $5,214,000 after acquiring an additional 15,655 shares in the last quarter. Union Bancaire Privee UBP SA acquired a new position in Veeva Systems during the fourth quarter worth about $3,525,000. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its holdings in shares of Veeva Systems by 4.9% in the fourth quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 42,769 shares of the technology company’s stock valued at $8,992,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Howard Capital Management Inc. grew its position in shares of Veeva Systems by 7.5% in the fourth quarter. Howard Capital Management Inc. now owns 1,177 shares of the technology company’s stock valued at $247,000 after purchasing an additional 82 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Price Performance

Veeva Systems stock opened at $221.28 on Friday. The company has a market cap of $35.93 billion, a price-to-earnings ratio of 54.64, a price-to-earnings-growth ratio of 1.89 and a beta of 0.85. Veeva Systems Inc. has a 12 month low of $170.25 and a 12 month high of $258.93. The stock’s 50-day moving average is $223.85 and its 200-day moving average is $218.48.

Insider Buying and Selling

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total value of $390,128.20. Following the transaction, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at $1,856,448.30. This trade represents a 17.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 10.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Evercore ISI upped their target price on Veeva Systems from $220.00 to $245.00 and gave the company an “in-line” rating in a research note on Friday, December 6th. Mizuho started coverage on Veeva Systems in a report on Wednesday, December 4th. They issued an “outperform” rating and a $275.00 price target for the company. Stephens initiated coverage on Veeva Systems in a research note on Friday, December 20th. They set an “overweight” rating and a $280.00 price objective on the stock. JPMorgan Chase & Co. boosted their target price on shares of Veeva Systems from $208.00 to $218.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Finally, Piper Sandler upped their target price on shares of Veeva Systems from $280.00 to $290.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $255.08.

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.