First Commonwealth Financial Corp PA Decreases Stake in Veeva Systems Inc. (NYSE:VEEV)

First Commonwealth Financial Corp PA trimmed its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 27.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,433 shares of the technology company’s stock after selling 917 shares during the period. First Commonwealth Financial Corp PA’s holdings in Veeva Systems were worth $512,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Linonia Partnership LP raised its stake in Veeva Systems by 42.1% in the fourth quarter. Linonia Partnership LP now owns 1,202,972 shares of the technology company’s stock valued at $252,925,000 after buying an additional 356,300 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of Veeva Systems by 413.3% in the 4th quarter. Marshall Wace LLP now owns 638,380 shares of the technology company’s stock valued at $134,219,000 after acquiring an additional 514,004 shares during the last quarter. Evergreen Capital Management LLC raised its position in shares of Veeva Systems by 2.5% during the 4th quarter. Evergreen Capital Management LLC now owns 23,563 shares of the technology company’s stock worth $4,954,000 after acquiring an additional 579 shares in the last quarter. Ontario Teachers Pension Plan Board lifted its stake in Veeva Systems by 148.2% during the fourth quarter. Ontario Teachers Pension Plan Board now owns 9,162 shares of the technology company’s stock worth $1,926,000 after purchasing an additional 5,470 shares during the last quarter. Finally, Guggenheim Capital LLC boosted its holdings in Veeva Systems by 9.8% in the fourth quarter. Guggenheim Capital LLC now owns 27,633 shares of the technology company’s stock valued at $5,810,000 after purchasing an additional 2,465 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on VEEV shares. Stephens restated an “overweight” rating and set a $280.00 price objective on shares of Veeva Systems in a research report on Thursday, March 6th. The Goldman Sachs Group cut shares of Veeva Systems from a “buy” rating to a “sell” rating and reduced their price target for the company from $261.00 to $200.00 in a research report on Thursday, January 23rd. StockNews.com raised Veeva Systems from a “hold” rating to a “buy” rating in a report on Monday, February 17th. Robert W. Baird upped their target price on Veeva Systems from $283.00 to $285.00 and gave the company an “outperform” rating in a research report on Thursday, March 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $270.00 price target on shares of Veeva Systems in a research report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, Veeva Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $256.32.

Insider Transactions at Veeva Systems

In other Veeva Systems news, Director Timothy S. Cabral sold 3,882 shares of the business’s stock in a transaction on Friday, April 4th. The stock was sold at an average price of $216.83, for a total transaction of $841,734.06. Following the sale, the director now directly owns 5,500 shares in the company, valued at approximately $1,192,565. The trade was a 41.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas D. Schwenger sold 1,200 shares of the firm’s stock in a transaction on Monday, April 14th. The shares were sold at an average price of $220.97, for a total value of $265,164.00. Following the completion of the transaction, the insider now owns 25,889 shares of the company’s stock, valued at approximately $5,720,692.33. This represents a 4.43 % 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 in the last ninety days. 10.50% of the stock is currently owned by company insiders.

Veeva Systems Price Performance

Shares of VEEV stock opened at $215.73 on Friday. The business’s fifty day moving average price is $227.68 and its 200 day moving average price is $223.29. The firm has a market capitalization of $35.10 billion, a PE ratio of 53.27, a P/E/G ratio of 1.89 and a beta of 1.05. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93.

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.