Goldman Sachs Group Inc. Reduces Stake in Veeva Systems Inc. $VEEV

Key Points

• Goldman Sachs reduced its stake in Veeva Systems by 12.5%, now holding approximately 0.38% of the company, valued at $144.03 million.
• Several institutional investors have increased their positions in Veeva Systems, with Nuveen LLC acquiring approximately $365.68 million worth of shares during the first quarter.
• Veeva Systems has received positive revisions in target prices from multiple analysts, with the consensus price target now sitting at $301.48 and a majority rating of "Moderate Buy".

Goldman Sachs Group Inc. lowered its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 12.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 621,817 shares of the technology company's stock after selling 89,132 shares during the period. Goldman Sachs Group Inc. owned 0.38% of Veeva Systems worth $144,031,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in VEEV. Abound Financial LLC acquired a new position in Veeva Systems during the first quarter worth $25,000. ORG Partners LLC acquired a new position in shares of Veeva Systems in the 1st quarter valued at $26,000. Golden State Wealth Management LLC lifted its stake in shares of Veeva Systems by 152.9% in the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock valued at $30,000 after purchasing an additional 78 shares during the last quarter. Wayfinding Financial LLC acquired a new position in shares of Veeva Systems in the 1st quarter valued at $32,000. Finally, Key Financial Inc lifted its stake 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 valued at $36,000 after purchasing an additional 95 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Trading Down 1.2%

VEEV traded down $3.26 during mid-day trading on Friday, hitting $276.21. 935,743 shares of the stock were exchanged, compared to its average volume of 1,479,340. The company has a market cap of $45.27 billion, a PE ratio of 56.72, a PEG ratio of 2.17 and a beta of 0.95. The firm's fifty day moving average is $281.13 and its two-hundred day moving average is $257.33. Veeva Systems Inc. has a 1-year low of $200.30 and a 1-year high of $296.72.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on VEEV. Truist Financial upped their price target on Veeva Systems from $268.00 to $275.00 and gave the company a "hold" rating in a research note on Thursday, August 28th. Piper Sandler upped their price target on Veeva Systems from $325.00 to $355.00 and gave the company an "overweight" rating in a research note on Thursday, August 28th. Stifel Nicolaus upped their price target on Veeva Systems from $295.00 to $320.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Canaccord Genuity Group increased their target price on Veeva Systems from $270.00 to $300.00 and gave the stock a "hold" rating in a research note on Thursday, August 28th. Finally, Raymond James Financial reissued an "outperform" rating and set a $340.00 target price (up previously from $310.00) on shares of Veeva Systems in a research note on Thursday, August 28th. Seventeen research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Veeva Systems presently has a consensus rating of "Moderate Buy" and an average target price of $301.48.

Insider Transactions at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 720 shares of the stock in a transaction dated Thursday, July 10th. The stock was 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 of the company's stock, valued at $2,256,969.24. This trade represents a 8.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Priscilla Hung sold 171 shares of the stock in a transaction dated 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 represents a 4.13% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,063 shares of company stock worth $302,955 in the last ninety days. 10.30% of the stock is owned by corporate insiders.

Veeva Systems 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.