Capital International Investors Sells 692,666 Shares of Veeva Systems Inc. (NYSE:VEEV)

Capital International Investors decreased its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 48.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 741,379 shares of the technology company's stock after selling 692,666 shares during the quarter. Capital International Investors owned 0.46% of Veeva Systems worth $155,875,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its stake in shares of Veeva Systems by 138.9% in the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock worth $457,366,000 after acquiring an additional 1,267,061 shares during the last quarter. Smith Group Asset Management LLC raised its position in shares of Veeva Systems by 2.2% in the 4th quarter. Smith Group Asset Management LLC now owns 82,567 shares of the technology company's stock valued at $17,360,000 after acquiring an additional 1,749 shares during the period. Everence Capital Management Inc. acquired a new position in Veeva Systems during the fourth quarter valued at approximately $816,000. Venturi Wealth Management LLC increased its stake in Veeva Systems by 2,716.7% in the fourth quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock valued at $36,000 after purchasing an additional 163 shares in the last quarter. Finally, Nordea Investment Management AB boosted its position in shares of Veeva Systems by 21.6% during the fourth quarter. Nordea Investment Management AB now owns 261,131 shares of the technology company's stock worth $55,073,000 after purchasing an additional 46,440 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Insider Buying and Selling at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,200 shares of the firm's stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $220.97, for a total transaction of $265,164.00. Following the completion of the sale, the insider now owns 25,889 shares of the company's stock, valued at $5,720,692.33. This trade represents a 4.43 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Jonathan Faddis sold 787 shares of the firm's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total transaction of $178,019.40. Following the completion of the sale, the senior vice president now owns 8,668 shares of the company's stock, valued at $1,960,701.60. The trade was a 8.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,869 shares of company stock valued at $1,284,917. 10.50% of the stock is currently owned by company insiders.

Veeva Systems Stock Down 0.6 %

VEEV traded down $1.36 during midday trading on Friday, hitting $226.35. 235,504 shares of the company were exchanged, compared to its average volume of 1,069,429. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93. The firm has a market capitalization of $36.83 billion, a P/E ratio of 55.87, a P/E/G ratio of 1.89 and a beta of 1.05. The firm's 50 day moving average price is $226.08 and its 200-day moving average price is $223.73.

Analysts Set New Price Targets

VEEV has been the topic of several research analyst reports. Truist Financial raised their price objective on Veeva Systems from $210.00 to $217.00 and gave the stock a "hold" rating in a research note on Thursday, March 6th. The Goldman Sachs Group downgraded Veeva Systems from a "buy" rating to a "sell" rating and dropped their price target for the company from $261.00 to $200.00 in a research note on Thursday, January 23rd. Morgan Stanley lifted their price target on shares of Veeva Systems from $195.00 to $201.00 and gave the company an "underweight" rating in a research note on Thursday, March 6th. Needham & Company LLC reissued a "buy" rating and issued a $270.00 target price on shares of Veeva Systems in a research note on Thursday, March 6th. Finally, Piper Sandler reduced their target price on Veeva Systems from $290.00 to $255.00 and set an "overweight" rating for the company in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $254.92.

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.