Shell Asset Management Co. Sells 1,336 Shares of Veeva Systems Inc. (NYSE:VEEV)

Shell Asset Management Co. decreased its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 8.7% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 14,084 shares of the technology company’s stock after selling 1,336 shares during the quarter. Shell Asset Management Co.’s holdings in Veeva Systems were worth $2,961,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Sherbrooke Park Advisers LLC bought a new position in shares of Veeva Systems during the 4th quarter worth $920,000. Rafferty Asset Management LLC grew its position in shares of Veeva Systems by 21.1% during the 4th quarter. Rafferty Asset Management LLC now owns 9,348 shares of the technology company’s stock worth $1,965,000 after buying an additional 1,627 shares in the last quarter. Raiffeisen Bank International AG bought a new position in shares of Veeva Systems during the 4th quarter worth $206,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Veeva Systems during the fourth quarter valued at about $209,000. Finally, Point72 Hong Kong Ltd boosted its position in Veeva Systems by 63.3% during the fourth quarter. Point72 Hong Kong Ltd now owns 22,322 shares of the technology company’s stock valued at $4,693,000 after purchasing an additional 8,656 shares in the last quarter. Institutional investors own 88.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Morgan Stanley raised their price objective on Veeva Systems from $195.00 to $201.00 and gave the company an “underweight” rating in a research report on Thursday, March 6th. StockNews.com raised Veeva Systems from a “hold” rating to a “buy” rating in a research report on Monday, February 17th. JPMorgan Chase & Co. raised their price objective on Veeva Systems from $218.00 to $249.00 and gave the company a “neutral” rating in a research report on Thursday, March 20th. Robert W. Baird raised their price objective 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, Piper Sandler dropped their price objective on Veeva Systems from $290.00 to $255.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $254.92.

Insider Transactions at Veeva Systems

In related news, SVP Jonathan Faddis sold 787 shares of the firm’s stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total transaction of $178,019.40. Following 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Timothy S. Cabral sold 3,882 shares of the firm’s stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $216.83, for a total value of $841,734.06. Following the sale, the director now directly owns 5,500 shares in the company, valued at approximately $1,192,565. This trade represents a 41.38% decrease in their ownership of the stock. 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 three months. 10.30% of the stock is currently owned by insiders.

Veeva Systems Stock Up 0.4%

Shares of NYSE:VEEV opened at $242.48 on Friday. Veeva Systems Inc. has a 52-week low of $170.25 and a 52-week high of $258.93. The stock has a market cap of $39.45 billion, a price-to-earnings ratio of 59.87, a PEG ratio of 1.89 and a beta of 0.96. The business has a 50-day moving average price of $228.63 and a 200-day moving average price of $226.21.

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.