Bayesian Capital Management LP Reduces Holdings in Veeva Systems Inc. (NYSE:VEEV)

Bayesian Capital Management LP lowered its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 52.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,000 shares of the technology company's stock after selling 6,500 shares during the quarter. Bayesian Capital Management LP's holdings in Veeva Systems were worth $1,262,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the stock. MassMutual Private Wealth & Trust FSB raised its holdings in Veeva Systems by 72.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company's stock valued at $25,000 after acquiring an additional 50 shares during the last quarter. Centricity Wealth Management LLC acquired a new position in Veeva Systems in the fourth quarter valued at $25,000. Smithfield Trust Co lifted its position in Veeva Systems by 145.5% during the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock worth $27,000 after buying an additional 80 shares during the period. Avion Wealth grew its holdings in Veeva Systems by 635.0% in the 4th quarter. Avion Wealth now owns 147 shares of the technology company's stock valued at $30,000 after buying an additional 127 shares during the period. Finally, Retirement Wealth Solutions LLC acquired a new position in shares of Veeva Systems during the 4th quarter valued at about $31,000. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Stock Performance

NYSE VEEV opened at $236.63 on Monday. Veeva Systems Inc. has a one year low of $170.25 and a one year high of $258.93. The company has a 50-day simple moving average of $226.53 and a 200-day simple moving average of $224.76. The firm has a market capitalization of $38.50 billion, a PE ratio of 58.43, a price-to-earnings-growth ratio of 1.89 and a beta of 1.05.

Analyst Ratings Changes

A number of research firms recently issued reports on VEEV. Piper Sandler lowered their target price on shares of Veeva Systems from $290.00 to $255.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. StockNews.com upgraded Veeva Systems from a "hold" rating to a "buy" rating in a report on Monday, February 17th. The Goldman Sachs Group lowered Veeva Systems from a "buy" rating to a "sell" rating and dropped their price target for the stock from $261.00 to $200.00 in a research note on Thursday, January 23rd. Stephens reissued an "overweight" rating and set a $280.00 target price on shares of Veeva Systems in a research report on Thursday, March 6th. Finally, KeyCorp decreased their price objective on shares of Veeva Systems from $260.00 to $250.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $254.92.

Insider Buying and Selling at Veeva Systems

In related news, SVP Jonathan Faddis sold 787 shares of Veeva Systems stock in a transaction dated Wednesday, April 2nd. The shares were 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. This trade represents a 8.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Timothy S. Cabral sold 3,882 shares of the company'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 completion of the transaction, the director now owns 5,500 shares of the company's stock, valued at approximately $1,192,565. This trade represents a 41.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,869 shares of company stock worth $1,284,917 over the last ninety days. Company insiders own 10.50% of the company's stock.

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.

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