Lyell Wealth Management LP Lowers Position in Veeva Systems Inc. (NYSE:VEEV)

Lyell Wealth Management LP lessened its stake in Veeva Systems Inc. (NYSE:VEEV) by 8.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 54,345 shares of the technology company’s stock after selling 4,728 shares during the quarter. Lyell Wealth Management LP’s holdings in Veeva Systems were worth $9,946,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its holdings in shares of Veeva Systems by 5.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 280,098 shares of the technology company’s stock valued at $53,926,000 after acquiring an additional 14,062 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Veeva Systems by 10.4% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 69,218 shares of the technology company’s stock worth $12,818,000 after purchasing an additional 6,505 shares during the period. Foundations Investment Advisors LLC boosted its holdings in shares of Veeva Systems by 3.7% in the 4th quarter. Foundations Investment Advisors LLC now owns 2,250 shares of the technology company’s stock worth $459,000 after purchasing an additional 80 shares during the period. Quadrant Capital Group LLC boosted its holdings in shares of Veeva Systems by 14.7% in the 4th quarter. Quadrant Capital Group LLC now owns 530 shares of the technology company’s stock worth $102,000 after purchasing an additional 68 shares during the period. Finally, American National Bank purchased a new position in shares of Veeva Systems in the 4th quarter worth approximately $36,000. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Trading Down 0.9 %

VEEV opened at $217.95 on Friday. Veeva Systems Inc. has a 12-month low of $162.72 and a 12-month high of $236.90. The business’s fifty day simple moving average is $196.14 and its 200-day simple moving average is $201.88. The company has a market capitalization of $35.23 billion, a price-to-earnings ratio of 64.29, a PEG ratio of 2.14 and a beta of 0.81.

Analysts Set New Price Targets

A number of brokerages have recently commented on VEEV. Piper Sandler lifted their target price on Veeva Systems from $225.00 to $230.00 and gave the stock an “overweight” rating in a report on Thursday, August 29th. Robert W. Baird lifted their target price on Veeva Systems from $245.00 to $251.00 and gave the stock an “outperform” rating in a report on Thursday, August 29th. UBS Group lifted their target price on Veeva Systems from $185.00 to $215.00 and gave the stock a “neutral” rating in a report on Monday, August 26th. Stifel Nicolaus dropped their target price on Veeva Systems from $250.00 to $210.00 and set a “buy” rating for the company in a report on Friday, May 31st. Finally, Barclays boosted their price objective on Veeva Systems from $220.00 to $240.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $229.96.

Insider Transactions at Veeva Systems

In other news, SVP Jonathan Faddis sold 2,353 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total transaction of $470,600.00. Following the transaction, the senior vice president now owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 10.50% of the company’s stock.

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.