Bridges Investment Management Inc. Trims Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Bridges Investment Management Inc. cut its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 21.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,005 shares of the technology company’s stock after selling 277 shares during the period. Bridges Investment Management Inc.’s holdings in Veeva Systems were worth $211,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Cardinal Capital Management raised its stake in Veeva Systems by 0.3% during the 4th quarter. Cardinal Capital Management now owns 15,727 shares of the technology company’s stock valued at $3,307,000 after acquiring an additional 44 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. increased its position in Veeva Systems by 1.2% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,307 shares of the technology company’s stock worth $904,000 after purchasing an additional 50 shares during the period. MassMutual Private Wealth & Trust FSB increased its position in Veeva Systems by 72.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock worth $25,000 after purchasing an additional 50 shares during the period. Patriot Financial Group Insurance Agency LLC increased its position in Veeva Systems by 0.7% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 6,975 shares of the technology company’s stock worth $1,467,000 after purchasing an additional 51 shares during the period. Finally, CHICAGO TRUST Co NA increased its position in Veeva Systems by 2.9% during the 4th quarter. CHICAGO TRUST Co NA now owns 1,880 shares of the technology company’s stock worth $395,000 after purchasing an additional 53 shares during the period. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Veeva Systems news, 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 transaction of $390,128.20. Following the transaction, the senior vice president now owns 8,061 shares of the company’s stock, valued at $1,856,448.30. This represents a 17.37 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 10.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on VEEV shares. Mizuho started coverage on Veeva Systems in a research report on Wednesday, December 4th. They set an “outperform” rating and a $275.00 target price on the stock. Piper Sandler boosted their target price on Veeva Systems from $280.00 to $290.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Robert W. Baird boosted their target price on Veeva Systems from $275.00 to $283.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. KeyCorp dropped their target price on Veeva Systems from $285.00 to $255.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Finally, Stephens initiated coverage on Veeva Systems in a report on Friday, December 20th. They issued an “overweight” rating and a $280.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, Veeva Systems currently has an average rating of “Moderate Buy” and a consensus target price of $255.08.

Veeva Systems Stock Performance

Shares of NYSE:VEEV opened at $219.28 on Tuesday. Veeva Systems Inc. has a one year low of $170.25 and a one year high of $258.93. The stock has a market cap of $35.60 billion, a PE ratio of 54.14, a price-to-earnings-growth ratio of 1.89 and a beta of 0.85. The business’s fifty day moving average price is $223.74 and its two-hundred day moving average price is $219.35.

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.