Rhumbline Advisers Sells 1,614 Shares of Veeva Systems Inc. (NYSE:VEEV)

Rhumbline Advisers trimmed its holdings in Veeva Systems Inc. (NYSE:VEEV) by 0.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 209,257 shares of the technology company’s stock after selling 1,614 shares during the quarter. Rhumbline Advisers owned 0.13% of Veeva Systems worth $43,996,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. General American Investors Co. Inc. bought a new stake in shares of Veeva Systems in the 3rd quarter worth approximately $5,133,000. Toronto Dominion Bank lifted its holdings in shares of Veeva Systems by 39.1% in the 3rd quarter. Toronto Dominion Bank now owns 20,180 shares of the technology company’s stock worth $4,235,000 after acquiring an additional 5,673 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Veeva Systems by 138.9% in the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after acquiring an additional 1,267,061 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its holdings in shares of Veeva Systems by 3.6% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company’s stock worth $16,370,000 after acquiring an additional 2,733 shares during the last quarter. Finally, Assetmark Inc. lifted its holdings in shares of Veeva Systems by 46.4% in the 3rd quarter. Assetmark Inc. now owns 48,205 shares of the technology company’s stock worth $10,117,000 after acquiring an additional 15,289 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Price Performance

Shares of Veeva Systems stock opened at $234.09 on Tuesday. The stock has a market cap of $38.00 billion, a price-to-earnings ratio of 57.80, a PEG ratio of 1.97 and a beta of 0.85. The firm’s 50-day moving average is $224.48 and its 200 day moving average is $216.29. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on VEEV. Citigroup boosted their price objective on shares of Veeva Systems from $281.00 to $307.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Piper Sandler upped their price target 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. Scotiabank upped their price target on shares of Veeva Systems from $235.00 to $240.00 and gave the company a “sector perform” rating in a report on Friday, December 6th. Barclays upped their price target on shares of Veeva Systems from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Finally, Evercore ISI upped their price target on shares of Veeva Systems from $220.00 to $245.00 and gave the company an “in-line” rating in a report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $253.96.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total transaction of $390,128.20. Following the transaction, the senior vice president now owns 8,061 shares in the company, valued at approximately $1,856,448.30. This represents a 17.37 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 10.50% of the company’s stock.

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.