E. Ohman J or Asset Management AB Trims Position in Veeva Systems Inc. $VEEV

Key Points

• E. Ohman J or Asset Management AB reduced its stake in Veeva Systems by 7.9%, now owning 158,589 shares, which constitutes about 1.1% of its total holdings.
• Several institutional investors have increased or started new positions in Veeva Systems, with institutions currently owning 88.20% of the company’s shares.
• Veeva Systems received positive analyst ratings, with multiple firms upgrading their stock ratings and setting a consensus price target of $301.48.

E. Ohman J or Asset Management AB decreased its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 7.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 158,589 shares of the technology company's stock after selling 13,685 shares during the period. Veeva Systems makes up approximately 1.1% of E. Ohman J or Asset Management AB's holdings, making the stock its 16th largest position. E. Ohman J or Asset Management AB owned approximately 0.10% of Veeva Systems worth $45,670,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in VEEV. Abound Financial LLC purchased a new position in shares of Veeva Systems in the 1st quarter valued at approximately $25,000. ORG Partners LLC purchased a new stake in shares of Veeva Systems during the first quarter worth approximately $26,000. Golden State Wealth Management LLC lifted its holdings 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 purchasing an additional 78 shares during the period. Wayfinding Financial LLC purchased a new position in Veeva Systems in the 1st quarter valued at $32,000. Finally, Key Financial Inc increased its stake in Veeva Systems by 161.0% in the 1st quarter. Key Financial Inc now owns 154 shares of the technology company's stock valued at $36,000 after buying an additional 95 shares during the period. Institutional investors and hedge funds own 88.20% of the company's stock.

Insiders Place Their Bets

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

Analyst Ratings Changes

VEEV has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Raymond James Financial restated an "outperform" rating and issued a $340.00 price objective (up previously from $310.00) on shares of Veeva Systems in a research report on Thursday, August 28th. UBS Group boosted their target price on Veeva Systems from $285.00 to $310.00 and gave the stock a "neutral" rating in a research report on Thursday, August 28th. JPMorgan Chase & Co. raised Veeva Systems from a "neutral" rating to an "overweight" rating and increased their target price for the stock from $290.00 to $330.00 in a research note on Monday, September 8th. Finally, BTIG Research upped their price objective on Veeva Systems from $335.00 to $340.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Seventeen analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $301.48.

Veeva Systems Price Performance

VEEV opened at $276.21 on Monday. Veeva Systems Inc. has a 1-year low of $200.30 and a 1-year high of $296.72. The stock has a market cap of $45.27 billion, a P/E ratio of 56.72, a P/E/G ratio of 2.15 and a beta of 0.95. The stock's 50 day simple moving average is $281.13 and its 200 day simple moving average is $257.59.

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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