New England Research & Management Inc. Decreases Stake in Veeva Systems Inc. (NYSE:VEEV)

New England Research & Management Inc. lowered its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 38.9% in the fourth quarter, Holdings Channel reports. The firm owned 2,275 shares of the technology company’s stock after selling 1,450 shares during the period. New England Research & Management Inc.’s holdings in Veeva Systems were worth $478,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of VEEV. Massachusetts Financial Services Co. MA grew its holdings in shares of Veeva Systems by 64.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock worth $744,084,000 after purchasing an additional 1,392,256 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Veeva Systems by 138.9% during the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after purchasing an additional 1,267,061 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Veeva Systems by 73.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock worth $536,972,000 after purchasing an additional 1,081,501 shares during the period. FMR LLC grew its holdings in shares of Veeva Systems by 25.7% during the 3rd quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock worth $625,674,000 after purchasing an additional 610,021 shares during the period. Finally, Seilern Investment Management Ltd purchased a new stake in shares of Veeva Systems during the 4th quarter worth about $94,957,000. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Insiders Place Their Bets

In other news, insider Thomas D. Schwenger sold 1,126 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the completion of the transaction, the insider now owns 27,013 shares of the company’s stock, valued at approximately $6,483,390.13. This represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Jonathan Faddis sold 1,694 shares of the stock in a transaction 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. The trade was a 17.37 % decrease in their position. The disclosure for this sale can be found here. 10.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have weighed in on VEEV. Piper Sandler upped their price target on Veeva Systems from $280.00 to $290.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. JPMorgan Chase & Co. upped their price target on Veeva Systems from $208.00 to $218.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. BNP Paribas began coverage on Veeva Systems in a report on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 price target for the company. Citigroup upped their price target on Veeva Systems from $281.00 to $307.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Finally, Robert W. Baird upped their price target on Veeva Systems from $275.00 to $283.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seventeen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $253.96.

Veeva Systems Price Performance

Shares of NYSE VEEV opened at $232.65 on Thursday. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93. The business’s fifty day moving average price is $222.31 and its two-hundred day moving average price is $211.88. The firm has a market capitalization of $37.77 billion, a PE ratio of 57.44, a P/E/G ratio of 2.01 and a beta of 0.84.

Veeva Systems 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.