LGT Fund Management Co Ltd. Reduces Stock Holdings in Veeva Systems Inc. $VEEV

Key Points

• LGT Fund Management has reduced its stake in Veeva Systems Inc. by 43.7%, owning 22,037 shares worth approximately $6.35 million after selling 17,121 shares in the second quarter.
• Analysts are mixed on Veeva Systems, with a consensus rating of "Moderate Buy" and a target price averaging around $303.67 per share.
• Insider transactions show that significant sales occurred, with SVP Jonathan Faddis selling 14,595 shares for about $4.38 million, indicating a notable decrease in insider ownership.

LGT Fund Management Co Ltd. decreased its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 43.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,037 shares of the technology company's stock after selling 17,121 shares during the period. LGT Fund Management Co Ltd.'s holdings in Veeva Systems were worth $6,346,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Abound Financial LLC purchased a new position in Veeva Systems in the first quarter valued at approximately $25,000. ORG Partners LLC purchased a new position in Veeva Systems in the first quarter valued at approximately $26,000. Maseco LLP purchased a new position in Veeva Systems in the second quarter valued at approximately $35,000. Golden State Wealth Management LLC lifted its stake in Veeva Systems by 152.9% in 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. Finally, Wayfinding Financial LLC purchased a new position in Veeva Systems in the first quarter valued at approximately $32,000. Hedge funds and other institutional investors own 88.20% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on VEEV shares. Weiss Ratings reiterated a "hold (c+)" rating on shares of Veeva Systems in a research note on Saturday, September 27th. Oppenheimer restated an "outperform" rating and set a $325.00 target price on shares of Veeva Systems in a research report on Thursday, August 28th. Wall Street Zen downgraded Veeva Systems from a "buy" rating to a "hold" rating in a research report on Friday. Piper Sandler increased their target price on Veeva Systems from $325.00 to $355.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Finally, Truist Financial increased their target price on Veeva Systems from $268.00 to $275.00 and gave the stock a "hold" rating in a research report on Thursday, August 28th. Sixteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $303.67.

Veeva Systems Stock Performance

Veeva Systems stock opened at $296.47 on Friday. The stock has a market cap of $48.60 billion, a P/E ratio of 60.88, a PEG ratio of 2.32 and a beta of 0.98. Veeva Systems Inc. has a fifty-two week low of $200.30 and a fifty-two week high of $302.00. The firm's fifty day moving average price is $281.68 and its 200-day moving average price is $262.76.

Insider Transactions at Veeva Systems

In other news, SVP Jonathan Faddis sold 14,595 shares of the company's stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $300.00, for a total value of $4,378,500.00. Following the transaction, the senior vice president owned 8,588 shares of the company's stock, valued at approximately $2,576,400. This represents a 62.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $48,632.40. Following the completion of the transaction, the director directly owned 3,966 shares in the company, valued at approximately $1,127,930.40. The trade was a 4.13% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,836 shares of company stock valued at $5,637,913. 10.30% of the stock is currently owned by company 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.

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