Veeva Systems Inc. $VEEV Shares Sold by Rockland Trust Co.

Key Points

• Rockland Trust Co. has reduced its holdings in Veeva Systems Inc. by 8.1%, selling 8,599 shares, and now holds 97,633 shares, representing 1.4% of its portfolio.
• Multiple analysts have raised their price targets on Veeva Systems, with Mizuho increasing their target from $295.00 to $325.00 and Stifel Nicolaus from $295.00 to $320.00, while the consensus rating remains at a "Moderate Buy".
• Veeva Systems has a market capitalization of $45.75 billion and its stock has experienced a 1.6% increase, trading at $279.10 recently, with a 52-week range of $200.30 to $296.72.

Rockland Trust Co. reduced its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 8.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 97,633 shares of the technology company's stock after selling 8,599 shares during the period. Veeva Systems accounts for 1.4% of Rockland Trust Co.'s holdings, making the stock its 24th biggest holding. Rockland Trust Co. owned 0.06% of Veeva Systems worth $28,116,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the company. Sowell Financial Services LLC purchased a new position in Veeva Systems in the first quarter valued at about $274,000. Crossmark Global Holdings Inc. bought a new position in Veeva Systems in the first quarter valued at $299,000. GAMMA Investing LLC grew its holdings in shares of Veeva Systems by 13.8% during the 1st quarter. GAMMA Investing LLC now owns 1,823 shares of the technology company's stock valued at $422,000 after purchasing an additional 221 shares during the last quarter. Janney Montgomery Scott LLC bought a new stake in Veeva Systems in the 1st quarter worth $5,876,000. Finally, Private Trust Co. NA grew its holdings in Veeva Systems by 35.0% in the 1st quarter. Private Trust Co. NA now owns 247 shares of the technology company's stock worth $57,000 after acquiring an additional 64 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

Veeva Systems Price Performance

Shares of VEEV stock traded down $2.10 during trading hours on Friday, hitting $276.98. The stock had a trading volume of 2,339,568 shares, compared to its average volume of 1,477,733. Veeva Systems Inc. has a twelve month low of $200.30 and a twelve month high of $296.72. The stock's 50 day moving average is $280.65 and its 200 day moving average is $258.99. The firm has a market capitalization of $45.40 billion, a PE ratio of 56.87, a PEG ratio of 2.16 and a beta of 0.95.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, Director Priscilla Hung sold 172 shares of the stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total value of $48,676.00. Following the completion of the transaction, the director owned 4,137 shares in the company, valued at approximately $1,170,771. This represents a 3.99% 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, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the transaction, the senior vice president directly 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 disclosure for this sale can be found here. Insiders sold 1,063 shares of company stock valued at $302,955 in the last quarter. 10.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

VEEV has been the subject of several research analyst reports. UBS Group raised their target price on shares of Veeva Systems from $285.00 to $310.00 and gave the stock a "neutral" rating in a research report on Thursday, August 28th. Needham & Company LLC lifted their target price on shares of Veeva Systems from $300.00 to $355.00 and gave the stock a "buy" rating in a report on Thursday, August 28th. Barclays lifted their price target on shares of Veeva Systems from $300.00 to $325.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Raymond James Financial reiterated an "outperform" rating and issued a $340.00 price objective (up previously from $310.00) on shares of Veeva Systems in a research note on Thursday, August 28th. Finally, Wells Fargo & Company lifted their price target on shares of Veeva Systems from $300.00 to $326.00 and gave the company an "overweight" rating in a report on Tuesday, August 26th. Seventeen investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $301.48.

About Veeva Systems

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.