NFJ Investment Group LLC Sells 12,414 Shares of Veeva Systems Inc. $VEEV

Key Points

• NFJ Investment Group LLC has reduced its stake in Veeva Systems by 13.5%, owning 79,424 shares worth approximately $18.40 million after selling 12,414 shares.
• Veeva Systems' stock price is currently at $270.17, showing a slight decrease of 0.3%, with a market capitalization of $44.15 billion.
• Research analysts maintain a moderate buy rating on Veeva Systems, with a consensus price target of approximately $299.88.

NFJ Investment Group LLC trimmed its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 13.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 79,424 shares of the technology company's stock after selling 12,414 shares during the quarter. NFJ Investment Group LLC's holdings in Veeva Systems were worth $18,397,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Veeva Systems Stock Down 3.1%

NYSE VEEV traded down $8.65 during midday trading on Wednesday, hitting $274.03. The company had a trading volume of 672,662 shares, compared to its average volume of 1,330,271. The firm has a fifty day simple moving average of $281.23 and a two-hundred day simple moving average of $256.25. Veeva Systems Inc. has a fifty-two week low of $200.30 and a fifty-two week high of $296.72. The stock has a market cap of $44.92 billion, a price-to-earnings ratio of 56.26, a P/E/G ratio of 2.20 and a beta of 0.95.

Wall Street Analyst Weigh In

Several research firms have commented on VEEV. Barclays increased their target price on shares of Veeva Systems from $300.00 to $325.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Wells Fargo & Company increased their price objective on Veeva Systems from $300.00 to $326.00 and gave the company an "overweight" rating in a report on Tuesday, August 26th. Canaccord Genuity Group raised their price objective on Veeva Systems from $270.00 to $300.00 and gave the company a "hold" rating in a research note on Thursday, August 28th. JPMorgan Chase & Co. upgraded Veeva Systems from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $290.00 to $330.00 in a report on Monday. Finally, Citigroup increased their price target on Veeva Systems from $329.00 to $349.00 and gave the company a "buy" rating in a report on Thursday, August 28th. Seventeen equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Veeva Systems currently has an average rating of "Moderate Buy" and an average price target of $301.48.

Insider Transactions at Veeva Systems

In related news, SVP Jonathan Faddis sold 720 shares of the business's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the transaction, the senior vice president directly owned 7,902 shares in the company, valued at $2,256,969.24. The trade was a 8.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Priscilla Hung sold 171 shares of the business's stock in a transaction that occurred on Monday, July 7th. The shares were 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 in the company, valued at approximately $1,127,930.40. This represents a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,063 shares of company stock worth $302,955. 10.30% of the stock is owned by company insiders.

Veeva Systems Company 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.