Wedbush Securities Inc. Cuts Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Wedbush Securities Inc. lessened its holdings in Veeva Systems Inc. (NYSE:VEEV) by 34.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,457 shares of the technology company’s stock after selling 782 shares during the period. Wedbush Securities Inc.’s holdings in Veeva Systems were worth $306,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in VEEV. Principal Financial Group Inc. raised its stake 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 valued at $457,366,000 after acquiring an additional 1,267,061 shares during the period. Janus Henderson Group PLC increased its stake in Veeva Systems by 34.4% during the 3rd quarter. Janus Henderson Group PLC now owns 13,824 shares of the technology company’s stock worth $2,901,000 after buying an additional 3,538 shares during the period. IHT Wealth Management LLC purchased a new stake in Veeva Systems during the 3rd quarter worth $229,000. Quantinno Capital Management LP increased its stake in Veeva Systems by 20.2% during the 3rd quarter. Quantinno Capital Management LP now owns 5,352 shares of the technology company’s stock worth $1,123,000 after buying an additional 899 shares during the period. Finally, EP Wealth Advisors LLC purchased a new stake in Veeva Systems during the 3rd quarter worth $789,000. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 787 shares of the business’s stock in a transaction dated Wednesday, April 2nd. The shares were 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 in the company, valued at approximately $1,960,701.60. The trade was a 8.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Timothy S. Cabral sold 3,882 shares of the business’s stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $216.83, for a total transaction of $841,734.06. Following the sale, the director now owns 5,500 shares in the company, valued at $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. 10.50% of the stock is currently owned by company insiders.

Veeva Systems Stock Up 3.3 %

Veeva Systems stock opened at $216.33 on Thursday. The firm has a 50-day moving average price of $229.83 and a two-hundred day moving average price of $222.97. The firm has a market capitalization 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 52-week low of $170.25 and a 52-week high of $258.93.

Analyst Upgrades and Downgrades

VEEV has been the topic of several analyst reports. KeyCorp dropped their price target on shares of Veeva Systems from $285.00 to $255.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Stephens reaffirmed an “overweight” rating and set a $280.00 price target on shares of Veeva Systems in a research note on Thursday, March 6th. Scotiabank lifted their price target on shares of Veeva Systems from $240.00 to $245.00 and gave the stock a “sector perform” rating in a research note on Thursday, March 6th. The Goldman Sachs Group lowered shares of 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, Robert W. Baird raised their price objective on shares of Veeva Systems from $283.00 to $285.00 and gave the stock an “outperform” rating in a report on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $256.52.

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.