MetLife Investment Management LLC Lowers Stake in Veeva Systems Inc. (NYSE:VEEV)

MetLife Investment Management LLC lowered its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 2.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 9,092 shares of the technology company’s stock after selling 207 shares during the period. MetLife Investment Management LLC’s holdings in Veeva Systems were worth $1,912,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB boosted its position in shares of Veeva Systems by 72.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock worth $25,000 after purchasing an additional 50 shares during the period. Centricity Wealth Management LLC purchased a new position in Veeva Systems in the 4th quarter valued at approximately $25,000. Smithfield Trust Co boosted its position in Veeva Systems by 145.5% in the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock valued at $27,000 after buying an additional 80 shares during the period. Avion Wealth boosted its position in Veeva Systems by 635.0% in the 4th quarter. Avion Wealth now owns 147 shares of the technology company’s stock valued at $30,000 after buying an additional 127 shares during the period. Finally, Retirement Wealth Solutions LLC purchased a new position in Veeva Systems in the 4th quarter valued at approximately $31,000. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Trading Down 0.8 %

Veeva Systems stock opened at $225.62 on Tuesday. Veeva Systems Inc. has a twelve month low of $170.25 and a twelve month high of $258.93. The stock has a 50 day moving average of $225.90 and a two-hundred day moving average of $224.20. The stock has a market capitalization of $36.71 billion, a price-to-earnings ratio of 55.71, a PEG ratio of 1.89 and a beta of 1.05.

Analyst Ratings Changes

Several equities analysts have commented on VEEV shares. Needham & Company LLC reissued a “buy” rating and issued a $270.00 price target on shares of Veeva Systems in a research report on Thursday, March 6th. Scotiabank raised their price target on shares of Veeva Systems from $240.00 to $245.00 and gave the company a “sector perform” rating 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 decreased their price target for the company from $261.00 to $200.00 in a research report on Thursday, January 23rd. Robert W. Baird lifted their price objective on shares of Veeva Systems from $283.00 to $285.00 and gave the stock an “outperform” rating in a research report on Thursday, March 6th. Finally, Stephens reissued an “overweight” rating and issued a $280.00 target price on shares of Veeva Systems in a report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, Veeva Systems currently has an average rating of “Moderate Buy” and an average target price of $254.92.

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 787 shares of the firm’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total value of $178,019.40. Following the completion of the sale, the senior vice president now directly owns 8,668 shares of the company’s stock, valued at $1,960,701.60. This trade represents a 8.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy S. Cabral sold 3,882 shares of the firm’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 sale, the director now directly owns 5,500 shares of the company’s stock, valued at $1,192,565. This represents a 41.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,869 shares of company stock valued at $1,284,917. 10.50% of the stock is owned by company insiders.

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.