Concentric Capital Strategies LP Has $3.40 Million Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Concentric Capital Strategies LP lowered its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 31.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 16,171 shares of the technology company's stock after selling 7,327 shares during the period. Concentric Capital Strategies LP's holdings in Veeva Systems were worth $3,400,000 as of its most recent filing with the SEC.

A number of other large investors also recently made changes to their positions in VEEV. Principal Financial Group Inc. raised its stake in Veeva Systems by 138.9% during the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock worth $457,366,000 after buying an additional 1,267,061 shares during the last quarter. Barclays PLC raised its position in Veeva Systems by 18.2% in the third quarter. Barclays PLC now owns 185,206 shares of the technology company's stock worth $38,870,000 after acquiring an additional 28,497 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in Veeva Systems in the third quarter worth $168,000. JPMorgan Chase & Co. lifted its holdings in Veeva Systems by 73.2% during the third quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company's stock valued at $536,972,000 after purchasing an additional 1,081,501 shares during the last quarter. Finally, Nordea Investment Management AB boosted its holdings in Veeva Systems by 21.6% in the 4th quarter. Nordea Investment Management AB now owns 261,131 shares of the technology company's stock worth $55,073,000 after buying an additional 46,440 shares during the period. Institutional investors own 88.20% of the company's stock.

Insider Buying and Selling

In other news, insider Thomas D. Schwenger sold 1,200 shares of Veeva Systems stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $220.97, for a total value of $265,164.00. Following the transaction, the insider now directly owns 25,889 shares of the company's stock, valued at $5,720,692.33. This trade represents a 4.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Timothy S. Cabral sold 3,882 shares of the firm'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 transaction of $841,734.06. Following the sale, the director now owns 5,500 shares of the company's stock, valued at approximately $1,192,565. This represents a 41.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,869 shares of company stock valued at $1,284,917. 10.50% of the stock is currently owned by corporate insiders.

Veeva Systems Trading Down 1.2 %

Shares of NYSE VEEV traded down $2.93 during midday trading on Friday, reaching $236.60. 977,455 shares of the stock were exchanged, compared to its average volume of 1,085,187. The company has a market capitalization of $38.49 billion, a P/E ratio of 58.42, a P/E/G ratio of 1.89 and a beta of 0.96. The stock has a 50 day moving average price of $227.98 and a 200-day moving average price of $225.25. Veeva Systems Inc. has a 52-week low of $170.25 and a 52-week high of $258.93.

Analyst Upgrades and Downgrades

VEEV has been the topic of several research analyst reports. The Goldman Sachs Group cut shares of Veeva Systems from a "buy" rating to a "sell" rating and decreased their price target for the stock from $261.00 to $200.00 in a report on Thursday, January 23rd. Truist Financial boosted their price objective on shares of Veeva Systems from $210.00 to $217.00 and gave the company a "hold" rating in a research report on Thursday, March 6th. Needham & Company LLC reaffirmed a "buy" rating and issued a $270.00 target price on shares of Veeva Systems in a research report on Thursday, March 6th. Piper Sandler lowered their price objective on Veeva Systems from $290.00 to $255.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Finally, Scotiabank boosted their price target on Veeva Systems from $240.00 to $245.00 and gave the stock a "sector perform" rating in a research report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $254.92.

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.