Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Legal & General Group Plc

Legal & General Group Plc lessened its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 20.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 900,407 shares of the technology company’s stock after selling 225,411 shares during the quarter. Legal & General Group Plc owned approximately 0.55% of Veeva Systems worth $189,311,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in VEEV. Invesco Ltd. grew its position in shares of Veeva Systems by 1.4% in the fourth quarter. Invesco Ltd. now owns 169,065 shares of the technology company’s stock valued at $35,546,000 after purchasing an additional 2,377 shares during the period. Bank of Montreal Can lifted its stake in shares of Veeva Systems by 2.8% in the fourth quarter. Bank of Montreal Can now owns 27,394 shares of the technology company’s stock worth $5,760,000 after acquiring an additional 738 shares in the last quarter. Cerity Partners LLC increased its stake in Veeva Systems by 2.7% during the fourth quarter. Cerity Partners LLC now owns 75,222 shares of the technology company’s stock valued at $15,814,000 after purchasing an additional 1,980 shares during the last quarter. FMR LLC increased its stake in Veeva Systems by 7.8% during the fourth quarter. FMR LLC now owns 3,213,360 shares of the technology company’s stock valued at $675,609,000 after purchasing an additional 232,116 shares during the last quarter. Finally, Federated Hermes Inc. grew its position in shares of Veeva Systems by 16.4% during the fourth quarter. Federated Hermes Inc. now owns 366,490 shares of the technology company’s stock worth $77,055,000 after acquiring an additional 51,692 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Analyst Ratings Changes

VEEV has been the subject of several research analyst reports. Scotiabank upped their price objective on shares of Veeva Systems from $240.00 to $245.00 and gave the stock a “sector perform” rating in a report on Thursday, March 6th. KeyCorp cut their price target on shares of Veeva Systems from $285.00 to $255.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Needham & Company LLC reissued a “buy” rating and issued a $270.00 price target on shares of Veeva Systems in a report on Thursday, March 6th. StockNews.com raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a report on Monday, February 17th. Finally, The Goldman Sachs Group downgraded Veeva Systems from a “buy” rating to a “sell” rating and cut their price objective for the stock from $261.00 to $200.00 in a report on Thursday, January 23rd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $256.52.

Insider Activity at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 787 shares of the business’s stock in a transaction 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 sale, the senior vice president now directly owns 8,668 shares in the company, valued at $1,960,701.60. The trade was a 8.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Timothy S. Cabral sold 3,882 shares of the business’s stock in a transaction 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 owns 5,500 shares in the company, valued at approximately $1,192,565. The trade was a 41.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.50% of the stock is currently owned by company insiders.

Veeva Systems Price Performance

Shares of Veeva Systems stock opened at $216.33 on Thursday. The stock’s 50-day moving average is $229.83 and its 200 day moving average is $222.97. The firm has a market cap of $35.20 billion, a price-to-earnings ratio of 53.41, a PEG ratio of 1.89 and a beta of 1.05. Veeva Systems Inc. has a one year low of $170.25 and a one year high of $258.93.

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.