Capital World Investors Cuts Holdings in Veeva Systems Inc. (NYSE:VEEV)

Capital World Investors reduced its position in Veeva Systems Inc. (NYSE:VEEV) by 5.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 643,894 shares of the technology company’s stock after selling 39,628 shares during the period. Capital World Investors’ holdings in Veeva Systems were worth $135,379,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB increased its stake in Veeva Systems by 72.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock worth $25,000 after acquiring an additional 50 shares during the last quarter. Centricity Wealth Management LLC purchased a new position in shares of Veeva Systems in the fourth quarter valued at $25,000. Smithfield Trust Co increased its position in Veeva Systems by 145.5% in the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock worth $27,000 after purchasing an additional 80 shares during the last quarter. Retirement Wealth Solutions LLC purchased a new stake in Veeva Systems during the fourth quarter valued at $31,000. Finally, Avion Wealth raised its stake in Veeva Systems by 635.0% during the fourth quarter. Avion Wealth now owns 147 shares of the technology company’s stock valued at $30,000 after purchasing an additional 127 shares in the last quarter. 88.20% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, SVP Jonathan Faddis sold 787 shares of the business’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total transaction of $178,019.40. Following the transaction, the senior vice president now directly owns 8,668 shares in the company, valued at $1,960,701.60. The trade was a 8.32 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Thomas D. Schwenger sold 1,200 shares of the business’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $220.97, for a total value of $265,164.00. Following the sale, the insider now owns 25,889 shares in the company, valued at $5,720,692.33. The trade was a 4.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,869 shares of company stock worth $1,284,917 over the last 90 days. Company insiders own 10.50% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. boosted their target price on shares of Veeva Systems from $218.00 to $249.00 and gave the stock a “neutral” rating in a report on Thursday, March 20th. Scotiabank boosted their price objective on Veeva Systems from $240.00 to $245.00 and gave the stock a “sector perform” rating in a research note on Thursday, March 6th. The Goldman Sachs Group lowered Veeva Systems from a “buy” rating to a “sell” rating and lowered their price objective for the company from $261.00 to $200.00 in a research note on Thursday, January 23rd. Morgan Stanley boosted their target price on Veeva Systems from $195.00 to $201.00 and gave the company an “underweight” rating in a research report on Thursday, March 6th. Finally, StockNews.com upgraded Veeva Systems from a “hold” rating to a “buy” rating in a research report on Monday, February 17th. 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 company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $256.32.

Veeva Systems Stock Performance

Shares of VEEV opened at $215.73 on Monday. The company has a 50 day moving average price of $227.31 and a 200-day moving average price of $223.59. Veeva Systems Inc. has a fifty-two week low of $170.25 and a fifty-two week high of $258.93. The stock has a market capitalization of $35.10 billion, a PE ratio of 53.27, a PEG ratio of 1.89 and a beta of 1.05.

Veeva Systems Company 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.