Veeva Systems Inc. $VEEV Shares Sold by Acadian Asset Management LLC

Key Points

• Acadian Asset Management LLC reduced its holdings in Veeva Systems Inc. by 15.1%, selling 110,808 shares and now owning 621,566 shares valued at approximately $143.94 million.
• Veeva Systems' stock showed a slight decline of 0.1%, with a current price of $282.52 and a 52-week range of $200.30 to $296.72.
• Various analysts have recently upgraded their ratings and price targets for Veeva Systems, with a consensus target price now at $301.48, reflecting a generally positive outlook from the investment community.

Acadian Asset Management LLC cut its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 15.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 621,566 shares of the technology company's stock after selling 110,808 shares during the quarter. Acadian Asset Management LLC owned approximately 0.38% of Veeva Systems worth $143,943,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Abound Financial LLC purchased a new position in shares of Veeva Systems during the first quarter worth approximately $25,000. ORG Partners LLC purchased a new position in shares of Veeva Systems during the first quarter worth approximately $26,000. Golden State Wealth Management LLC increased its position in shares of Veeva Systems by 152.9% during the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after acquiring an additional 78 shares during the period. Wayfinding Financial LLC purchased a new position in shares of Veeva Systems during the first quarter worth approximately $32,000. Finally, Key Financial Inc increased its position in shares of Veeva Systems by 161.0% during the first quarter. Key Financial Inc now owns 154 shares of the technology company's stock worth $36,000 after acquiring an additional 95 shares during the period. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Veeva Systems

In other Veeva Systems news, Director Priscilla Hung sold 171 shares of the firm's stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $284.40, for a total value of $48,632.40. Following the completion of the sale, the director directly owned 3,966 shares in the company, valued at $1,127,930.40. This trade represents a 4.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of the sale, the senior vice president owned 7,902 shares of the company's stock, valued at approximately $2,256,969.24. This trade represents a 8.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,063 shares of company stock valued at $302,955. 10.30% of the stock is owned by insiders.

Veeva Systems Stock Performance

VEEV traded down $3.26 during trading on Friday, hitting $276.21. The stock had a trading volume of 935,743 shares, compared to its average volume of 1,479,340. The company has a market capitalization of $45.27 billion, a PE ratio of 56.72, a PEG ratio of 2.17 and a beta of 0.95. Veeva Systems Inc. has a twelve month low of $200.30 and a twelve month high of $296.72. The stock has a 50 day simple moving average of $281.13 and a two-hundred day simple moving average of $257.13.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Truist Financial lifted their price objective on shares of Veeva Systems from $268.00 to $275.00 and gave the company a "hold" rating in a report on Thursday, August 28th. Barclays upped their target price on Veeva Systems from $300.00 to $325.00 and gave the stock an "overweight" rating in a report on Thursday, August 28th. KeyCorp upped their target price on Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a report on Monday, July 14th. Raymond James Financial restated an "outperform" rating and set a $340.00 target price (up previously from $310.00) on shares of Veeva Systems in a report on Thursday, August 28th. Finally, Mizuho upped their target price on Veeva Systems from $295.00 to $325.00 and gave the stock an "outperform" rating in a report on Friday, August 29th. Seventeen analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $301.48.

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.