EP Wealth Advisors LLC Decreases Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

EP Wealth Advisors LLC lowered its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 32.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,550 shares of the technology company's stock after selling 1,208 shares during the period. EP Wealth Advisors LLC's holdings in Veeva Systems were worth $536,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in shares of Veeva Systems in the fourth quarter valued at about $294,785,000. JPMorgan Chase & Co. raised its position in shares of 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. Wealthfront Advisers LLC raised its position in shares of Veeva Systems by 29,760.5% in the fourth quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company's stock valued at $220,489,000 after buying an additional 1,045,188 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Veeva Systems by 36.0% in the fourth quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company's stock valued at $623,186,000 after buying an additional 784,741 shares during the last quarter. Finally, Marshall Wace LLP raised its position in shares of Veeva Systems by 413.3% in the fourth quarter. Marshall Wace LLP now owns 638,380 shares of the technology company's stock valued at $134,219,000 after buying an additional 514,004 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Insiders Place Their Bets

In other news, Director Timothy S. Cabral sold 3,882 shares of the company's stock in a transaction on Friday, April 4th. The shares were sold at an average price of $216.83, for a total value of $841,734.06. Following the completion of the transaction, the director now directly owns 5,500 shares in the company, valued at approximately $1,192,565. This represents a 41.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Jonathan Faddis sold 787 shares of the company's stock in a transaction on Wednesday, April 2nd. The shares were 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 owns 8,668 shares of the company's stock, valued at $1,960,701.60. This trade represents a 8.32% decrease in their ownership of the stock. 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. 10.50% of the stock is owned by company insiders.

Veeva Systems Stock Down 1.2%

VEEV opened at $236.60 on Monday. Veeva Systems Inc. has a 52-week low of $170.25 and a 52-week high of $258.93. The company has a 50 day moving average of $227.98 and a two-hundred day moving average of $225.39. The company has a market cap 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.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. 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. JPMorgan Chase & Co. boosted their price objective on shares of Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research report on Thursday, March 20th. Piper Sandler cut their price objective on shares of Veeva Systems from $290.00 to $255.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. StockNews.com raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a research report on Monday, February 17th. Finally, Scotiabank boosted their price objective on shares of Veeva Systems from $240.00 to $245.00 and gave the company a "sector perform" rating in a research report on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company 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.

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