Clear Harbor Asset Management LLC Decreases Stock Holdings in Veeva Systems Inc. $VEEV

Key Points

• Clear Harbor Asset Management LLC reduced its holdings in Veeva Systems Inc. by 10.3%, now owning approximately 8,000 shares worth about $2.3 million.
• Other institutional investors have also increased or established new positions in Veeva, with 88.20% of the stock currently owned by such entities.
• Veeva Systems has received multiple upgrades from analysts, with the stock currently holding a "Moderate Buy" rating and an average price target of approximately $301.48.

Clear Harbor Asset Management LLC trimmed its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 10.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,000 shares of the technology company's stock after selling 917 shares during the period. Clear Harbor Asset Management LLC's holdings in Veeva Systems were worth $2,304,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Sowell Financial Services LLC purchased a new position in Veeva Systems during the 1st quarter valued at about $274,000. Crossmark Global Holdings Inc. bought a new stake in shares of Veeva Systems in the 1st quarter worth approximately $299,000. Janney Montgomery Scott LLC purchased a new position in shares of Veeva Systems during the first quarter valued at approximately $5,876,000. GAMMA Investing LLC raised its holdings in shares of Veeva Systems by 13.8% during the first quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock valued at $422,000 after acquiring an additional 221 shares in the last quarter. Finally, Private Trust Co. NA raised its holdings in shares of Veeva Systems by 35.0% during the first quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock valued at $57,000 after acquiring an additional 64 shares in the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Trading Down 0.8%

NYSE VEEV opened at $276.98 on Monday. Veeva Systems Inc. has a 12 month low of $200.30 and a 12 month high of $296.72. The stock has a market cap of $45.40 billion, a PE ratio of 56.87, a P/E/G ratio of 2.15 and a beta of 0.95. The stock's 50 day moving average is $280.65 and its 200 day moving average is $259.41.

Insider Activity at Veeva Systems

In related news, SVP Jonathan Faddis sold 720 shares of the business's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $285.62, for a total value of $205,646.40. Following the sale, the senior vice president owned 7,902 shares in the company, valued at approximately $2,256,969.24. The trade was a 8.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Priscilla Hung sold 171 shares of the business's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $284.40, for a total transaction of $48,632.40. Following the completion of the sale, the director owned 3,966 shares in the company, valued at approximately $1,127,930.40. This trade represents a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,063 shares of company stock worth $302,955 over the last ninety days. Insiders own 10.30% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Truist Financial boosted their price target on shares of Veeva Systems from $268.00 to $275.00 and gave the company a "hold" rating in a research report on Thursday, August 28th. Mizuho raised their price objective on shares of Veeva Systems from $295.00 to $325.00 and gave the stock an "outperform" rating in a report on Friday, August 29th. Raymond James Financial reiterated 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, Evercore ISI increased their target price on Veeva Systems from $285.00 to $295.00 and gave the stock an "in-line" rating in a research report on Thursday, August 28th. Seventeen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $301.48.

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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