Riverbridge Partners LLC Sells 9,549 Shares of Veeva Systems Inc. $VEEV

Key Points

• Riverbridge Partners LLC has reduced its stake in Veeva Systems by 2.6%, now holding 361,378 shares, which represents 1.7% of their total holdings.
• A significant portion, 88.20%, of Veeva Systems stock is owned by institutional investors, reflecting strong interest from larger financial entities.
• Analysts remain optimistic, with numerous upgrades in price targets for Veeva Systems, and the stock currently holds an average rating of "Moderate Buy" with a consensus target price of $301.48.

Riverbridge Partners LLC trimmed its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 2.6% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 361,378 shares of the technology company's stock after selling 9,549 shares during the quarter. Veeva Systems accounts for 1.7% of Riverbridge Partners LLC's holdings, making the stock its 20th biggest position. Riverbridge Partners LLC owned approximately 0.22% of Veeva Systems worth $104,070,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Abound Financial LLC bought a new stake in Veeva Systems during the 1st quarter worth approximately $25,000. ORG Partners LLC bought a new stake in Veeva Systems during the 1st quarter worth approximately $26,000. Golden State Wealth Management LLC increased its stake in Veeva Systems by 152.9% during the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after purchasing an additional 78 shares in the last quarter. Wayfinding Financial LLC bought a new stake in Veeva Systems during the 1st quarter worth approximately $32,000. Finally, Maseco LLP bought a new stake in Veeva Systems during the 2nd quarter worth approximately $35,000. 88.20% of the stock is owned by institutional investors.

Insider Activity at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Priscilla Hung sold 171 shares of the firm's stock in a transaction 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 directly owned 3,966 shares of the company's stock, valued at $1,127,930.40. This represents a 4.13% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,063 shares of company stock valued at $302,955. 10.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

VEEV has been the subject of a number of research reports. Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Citigroup upped their price target on Veeva Systems from $329.00 to $349.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. UBS Group upped their price target on Veeva Systems from $285.00 to $310.00 and gave the stock a "neutral" rating in a research report on Thursday, August 28th. KeyCorp upped their price target on Veeva Systems from $285.00 to $325.00 and gave the stock an "overweight" rating in a research report on Monday, July 14th. Finally, Needham & Company LLC upped their price target on Veeva Systems from $300.00 to $355.00 and gave the stock a "buy" rating in a research report on Thursday, August 28th. Seventeen research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $301.48.

Veeva Systems Trading Down 0.5%

NYSE VEEV opened at $277.58 on Thursday. The company has a market cap of $45.50 billion, a PE ratio of 57.00, a PEG ratio of 2.16 and a beta of 0.95. Veeva Systems Inc. has a 12 month low of $200.30 and a 12 month high of $296.72. The stock has a 50 day moving average of $280.52 and a 200-day moving average of $259.91.

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.

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.