Generation Investment Management LLP Lowers Holdings in Veeva Systems Inc. $VEEV

Key Points

• Generation Investment Management LLP has reduced its holdings in Veeva Systems Inc. by 9.1%, now owning 805,011 shares after selling 80,450 shares during the first quarter.
• Several hedge funds have either entered or increased their positions in Veeva Systems, with institutional investors controlling 88.20% of the stock.
• Analysts have raised their target prices on Veeva Systems, with the average rating now a "Moderate Buy" and a target price of $299.88.

Generation Investment Management LLP reduced its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 9.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 805,011 shares of the technology company's stock after selling 80,450 shares during the quarter. Veeva Systems accounts for approximately 1.1% of Generation Investment Management LLP's investment portfolio, making the stock its 27th largest holding. Generation Investment Management LLP owned approximately 0.49% of Veeva Systems worth $186,465,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in VEEV. Abound Financial LLC bought a new position in Veeva Systems in the first quarter worth approximately $25,000. ORG Partners LLC bought a new position in Veeva Systems in the first quarter worth about $26,000. Golden State Wealth Management LLC lifted 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 valued at $30,000 after buying an additional 78 shares during the last quarter. Wayfinding Financial LLC bought a new stake in shares of Veeva Systems in the 1st quarter valued at about $32,000. Finally, Key Financial Inc grew its position in shares of Veeva Systems by 161.0% in the 1st quarter. Key Financial Inc now owns 154 shares of the technology company's stock worth $36,000 after buying an additional 95 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on VEEV shares. UBS Group raised their target price on shares of Veeva Systems from $285.00 to $310.00 and gave the company a "neutral" rating in a research note on Thursday, August 28th. Barclays raised their price objective on Veeva Systems from $300.00 to $325.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Evercore ISI boosted their target price on Veeva Systems from $285.00 to $295.00 and gave the stock an "in-line" rating in a research note on Thursday, August 28th. Mizuho raised their price target on Veeva Systems from $295.00 to $325.00 and gave the stock an "outperform" rating in a report on Friday. Finally, JPMorgan Chase & Co. increased their price objective on shares of Veeva Systems from $274.00 to $290.00 and gave the company a "neutral" rating in a research report on Thursday, August 28th. Sixteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $299.88.

Veeva Systems Stock Performance

NYSE:VEEV opened at $268.85 on Tuesday. The firm has a market cap of $43.93 billion, a price-to-earnings ratio of 55.21, a PEG ratio of 2.12 and a beta of 0.95. Veeva Systems Inc. has a one year low of $200.30 and a one year high of $296.72. The firm's fifty day moving average is $282.16 and its two-hundred day moving average is $254.56.

Insider Activity

In other Veeva Systems news, Director Priscilla Hung sold 172 shares of Veeva Systems stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total value of $48,676.00. Following the completion of the transaction, the director owned 4,137 shares of the company's stock, valued at approximately $1,170,771. The trade was a 3.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Timothy S. Cabral sold 315 shares of the firm's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $289.72, for a total value of $91,261.80. Following the sale, the director owned 5,500 shares in the company, valued at $1,593,460. This trade represents a 5.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,378 shares of company stock valued at $394,217 in the last three months. 10.30% of the stock is currently owned by corporate insiders.

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.

Want to see what other hedge funds are holding VEEV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Veeva Systems Inc. (NYSE:VEEV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.