Envestnet Asset Management Inc. Sells 26,829 Shares of Veeva Systems Inc. (NYSE:VEEV)

Envestnet Asset Management Inc. decreased its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 4.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 539,048 shares of the technology company’s stock after selling 26,829 shares during the period. Envestnet Asset Management Inc. owned 0.33% of Veeva Systems worth $113,335,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. State Street Corp raised its holdings in shares of Veeva Systems by 1.5% during the third quarter. State Street Corp now owns 3,293,141 shares of the technology company’s stock valued at $691,132,000 after acquiring an additional 47,872 shares in the last quarter. JPMorgan Chase & Co. increased its position in Veeva Systems by 17.5% during the 4th quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company’s stock valued at $631,935,000 after purchasing an additional 447,041 shares during the period. Principal Financial Group Inc. raised its holdings in Veeva Systems by 36.0% in the 4th quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company’s stock worth $623,186,000 after purchasing an additional 784,741 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Veeva Systems by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 2,803,344 shares of the technology company’s stock worth $589,208,000 after purchasing an additional 38,108 shares during the period. Finally, Van ECK Associates Corp boosted its stake in shares of Veeva Systems by 6.8% during the 4th quarter. Van ECK Associates Corp now owns 2,130,498 shares of the technology company’s stock valued at $447,937,000 after purchasing an additional 135,492 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Analyst Upgrades and Downgrades

VEEV has been the subject of a number of research reports. Truist Financial increased their price target on shares of Veeva Systems from $210.00 to $217.00 and gave the stock a “hold” rating in a research note on Thursday, March 6th. Needham & Company LLC restated a “buy” rating and issued a $270.00 target price on shares of Veeva Systems in a research note on Thursday, March 6th. Scotiabank lifted their price target on 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 downgraded Veeva Systems from a “buy” rating to a “sell” rating and decreased their price objective for the stock from $261.00 to $200.00 in a report on Thursday, January 23rd. Finally, KeyCorp dropped their target price on shares of Veeva Systems from $285.00 to $255.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $256.52.

Veeva Systems Stock Performance

VEEV opened at $214.71 on Tuesday. The company’s 50-day simple moving average is $231.52 and its two-hundred day simple moving average is $223.12. Veeva Systems Inc. has a 52-week low of $170.25 and a 52-week high of $258.93. The stock has a market capitalization of $34.93 billion, a P/E ratio of 53.01, a P/E/G ratio of 1.89 and a beta of 1.05.

Insider Buying and Selling

In other news, SVP Jonathan Faddis sold 787 shares of the business’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total transaction of $178,019.40. Following the completion of the sale, the senior vice president now owns 8,668 shares of the company’s stock, valued at $1,960,701.60. The trade was a 8.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 10.50% of the stock is currently owned by corporate insiders.

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.