Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Comerica Bank

Comerica Bank trimmed its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 7.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,912 shares of the technology company's stock after selling 1,287 shares during the quarter. Comerica Bank's holdings in Veeva Systems were worth $3,135,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of VEEV. Principal Financial Group Inc. boosted its stake in 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 valued at $457,366,000 after acquiring an additional 1,267,061 shares in the last quarter. Barclays PLC grew its stake in Veeva Systems by 18.2% during the 3rd quarter. Barclays PLC now owns 185,206 shares of the technology company's stock worth $38,870,000 after buying an additional 28,497 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Veeva Systems during the third quarter worth approximately $168,000. JPMorgan Chase & Co. lifted its stake in Veeva Systems by 73.2% in the third quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company's stock valued at $536,972,000 after buying an additional 1,081,501 shares during the last quarter. Finally, Nordea Investment Management AB lifted its stake in Veeva Systems by 21.6% in the fourth quarter. Nordea Investment Management AB now owns 261,131 shares of the technology company's stock valued at $55,073,000 after buying an additional 46,440 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Insider Buying and Selling

In other news, Director Timothy S. Cabral sold 3,882 shares of Veeva Systems stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $216.83, for a total transaction of $841,734.06. Following the completion of the sale, the director now directly owns 5,500 shares in the company, valued at approximately $1,192,565. This trade represents a 41.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jonathan Faddis sold 787 shares of the business's stock in a transaction that occurred on Wednesday, April 2nd. The stock was 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 disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,869 shares of company stock valued at $1,284,917. Corporate insiders own 10.50% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on VEEV shares. Morgan Stanley raised their target price on shares of Veeva Systems from $195.00 to $201.00 and gave the stock an "underweight" rating in a research report on Thursday, March 6th. Piper Sandler lowered their price objective on shares of Veeva Systems from $290.00 to $255.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Needham & Company LLC restated a "buy" rating and issued a $270.00 price objective on shares of Veeva Systems in a research note on Thursday, March 6th. Scotiabank upped their target price on shares of Veeva Systems from $240.00 to $245.00 and gave the company a "sector perform" rating in a report on Thursday, March 6th. Finally, Truist Financial raised their price target on Veeva Systems from $210.00 to $217.00 and gave the stock a "hold" rating in a report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, Veeva Systems currently has a consensus rating of "Moderate Buy" and an average price target of $254.92.

Veeva Systems Trading Down 0.7%

Shares of NYSE:VEEV traded down $1.69 on Tuesday, reaching $239.75. 349,372 shares of the company were exchanged, compared to its average volume of 1,087,234. The company has a 50-day moving average of $228.41 and a 200-day moving average of $225.60. The firm has a market cap of $39.01 billion, a price-to-earnings ratio of 59.20, a price-to-earnings-growth ratio of 1.89 and a beta of 0.96. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93.

Veeva Systems Company 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.