Cary Street Partners Financial LLC Purchases New Holdings in Veeva Systems Inc. (NYSE:VEEV)

Cary Street Partners Financial LLC bought a new position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 41,343 shares of the technology company's stock, valued at approximately $8,692,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB lifted its position 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 purchasing an additional 50 shares during the last quarter. Centricity Wealth Management LLC bought a new stake in shares of Veeva Systems during the fourth quarter valued at approximately $25,000. Smithfield Trust Co boosted its position in shares of 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 worth $30,000 after buying an additional 127 shares in the last quarter. Finally, Retirement Wealth Solutions LLC acquired a new stake in Veeva Systems in the 4th quarter valued at approximately $31,000. 88.20% of the stock is owned by institutional investors and hedge funds.

Veeva Systems Stock Performance

VEEV traded up $5.10 during mid-day trading on Wednesday, reaching $237.91. The stock had a trading volume of 854,875 shares, compared to its average volume of 1,078,152. The stock has a market capitalization of $38.71 billion, a P/E ratio of 58.74, a P/E/G ratio of 1.89 and a beta of 0.96. Veeva Systems Inc. has a 52 week low of $170.25 and a 52 week high of $258.93. The firm's fifty day simple moving average is $227.22 and its two-hundred day simple moving average is $225.01.

Insider Buying and Selling at Veeva Systems

In other news, SVP Jonathan Faddis sold 787 shares of the company's stock in a transaction dated 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 transaction, the senior vice president now directly owns 8,668 shares of the company's stock, valued at $1,960,701.60. This represents a 8.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Timothy S. Cabral sold 3,882 shares of the company's stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $216.83, for a total value of $841,734.06. Following the transaction, the director now directly 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. Over the last quarter, insiders have sold 5,869 shares of company stock valued at $1,284,917. 10.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

VEEV has been the subject of several recent analyst reports. Stephens reissued an "overweight" rating and issued a $280.00 price target on shares of Veeva Systems in a research note on Thursday, March 6th. Needham & Company LLC restated a "buy" rating and set a $270.00 price target on shares of Veeva Systems in a research report on Thursday, March 6th. JPMorgan Chase & Co. boosted their target price on Veeva Systems from $218.00 to $249.00 and gave the stock a "neutral" rating in a report on Thursday, March 20th. Piper Sandler dropped their price objective on Veeva Systems from $290.00 to $255.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Finally, The Goldman Sachs Group cut Veeva Systems from a "buy" rating to a "sell" rating and decreased their target price for the company from $261.00 to $200.00 in a research note on Thursday, January 23rd. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus 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.