Veeva Systems Inc. (NYSE:VEEV) Stake Cut by Kingsview Wealth Management LLC

Kingsview Wealth Management LLC lessened its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 21.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,360 shares of the technology company’s stock after selling 2,239 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Veeva Systems were worth $1,758,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Apollon Wealth Management LLC boosted its position in Veeva Systems by 17.5% during the fourth quarter. Apollon Wealth Management LLC now owns 2,552 shares of the technology company’s stock valued at $537,000 after purchasing an additional 380 shares during the last quarter. Shepherd Financial Partners LLC raised its stake in shares of Veeva Systems by 3.1% during the 4th quarter. Shepherd Financial Partners LLC now owns 3,868 shares of the technology company’s stock worth $813,000 after purchasing an additional 116 shares in the last quarter. William Allan Corp lifted its holdings in shares of Veeva Systems by 3.8% during the 4th quarter. William Allan Corp now owns 12,860 shares of the technology company’s stock valued at $2,704,000 after buying an additional 474 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Veeva Systems by 14.9% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,560 shares of the technology company’s stock valued at $3,061,000 after buying an additional 1,892 shares in the last quarter. Finally, Capital Investment Services of America Inc. raised its position in Veeva Systems by 1.2% during the fourth quarter. Capital Investment Services of America Inc. now owns 79,074 shares of the technology company’s stock valued at $16,625,000 after acquiring an additional 914 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on VEEV. Morgan Stanley boosted their target price on shares of Veeva Systems from $183.00 to $195.00 and gave the stock an “underweight” rating in a research report on Tuesday, December 17th. StockNews.com cut shares of Veeva Systems from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Stephens began coverage on Veeva Systems in a report on Friday, December 20th. They set an “overweight” rating and a $280.00 target price on the stock. Royal Bank of Canada upped their price target on Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Finally, Scotiabank raised their price objective on Veeva Systems from $235.00 to $240.00 and gave the company a “sector perform” rating in a research note on Friday, December 6th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat, Veeva Systems currently has an average rating of “Moderate Buy” and a consensus target price of $253.96.

Insider Transactions at Veeva Systems

In other news, SVP Jonathan Faddis sold 1,694 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total value of $390,128.20. Following the completion of the transaction, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at approximately $1,856,448.30. This represents a 17.37 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 10.50% of the stock is owned by insiders.

Veeva Systems Price Performance

Shares of VEEV stock opened at $237.38 on Tuesday. The stock has a market cap of $38.54 billion, a P/E ratio of 58.61, a price-to-earnings-growth ratio of 1.97 and a beta of 0.85. The stock has a fifty day moving average price of $224.48 and a 200 day moving average price of $214.76. Veeva Systems Inc. has a one year low of $170.25 and a one year high of $258.93.

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.