KLP Kapitalforvaltning AS Has $16.59 Million Stock Holdings in Veeva Systems Inc. $VEEV

Key Points

• KLP Kapitalforvaltning AS reduced its stake in Veeva Systems by 18.4%, owning 57,600 shares worth approximately $16.59 million after selling 13,000 shares.
• The share price of Veeva Systems is currently around $301.91, with a market cap of $49.49 billion and a consensus rating of "Moderate Buy" from analysts.
• Recent insider selling includes SVP Jonathan Faddis selling 14,595 shares worth over $4.37 million, indicating a significant decrease in ownership.

KLP Kapitalforvaltning AS lessened its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 18.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 57,600 shares of the technology company's stock after selling 13,000 shares during the period. KLP Kapitalforvaltning AS's holdings in Veeva Systems were worth $16,588,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Abound Financial LLC acquired a new position in Veeva Systems during the first quarter valued at approximately $25,000. ORG Partners LLC acquired a new position in Veeva Systems during the first quarter valued at approximately $26,000. Golden State Wealth Management LLC grew its holdings in 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 purchasing an additional 78 shares during the last quarter. Wayfinding Financial LLC acquired a new position in Veeva Systems during the first quarter valued at approximately $32,000. Finally, Maseco LLP acquired a new position in Veeva Systems during the second quarter valued at approximately $35,000. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Price Performance

Shares of VEEV stock opened at $301.91 on Thursday. The stock has a market cap of $49.49 billion, a P/E ratio of 61.99, a price-to-earnings-growth ratio of 2.37 and a beta of 0.98. Veeva Systems Inc. has a one year low of $201.54 and a one year high of $310.50. The stock has a fifty day moving average price of $282.51 and a 200 day moving average price of $264.13.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 14,595 shares of the stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $300.00, for a total transaction of $4,378,500.00. Following the completion of the transaction, the senior vice president directly owned 8,588 shares in the company, valued at $2,576,400. This represents a 62.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Thomas D. Schwenger sold 3,350 shares of the stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $300.04, for a total value of $1,005,134.00. Following the transaction, the insider owned 23,773 shares of the company's stock, valued at $7,132,850.92. This represents a 12.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,665 shares of company stock valued at $5,598,280. 10.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Raymond James Financial reissued an "outperform" rating and issued a $340.00 price objective (up from $310.00) on shares of Veeva Systems in a research report on Thursday, August 28th. Truist Financial increased their price objective on Veeva Systems from $268.00 to $275.00 and gave the company a "hold" rating in a research report on Thursday, August 28th. Barclays increased their price objective on Veeva Systems from $300.00 to $325.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. UBS Group increased their price objective on Veeva Systems from $285.00 to $310.00 and gave the company a "neutral" rating in a research report on Thursday, August 28th. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Veeva Systems in a research report on Wednesday. Sixteen 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. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $307.58.

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.

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