Twinbeech Capital LP Lowers Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Twinbeech Capital LP decreased its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 42.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 51,357 shares of the technology company's stock after selling 38,567 shares during the quarter. Twinbeech Capital LP's holdings in Veeva Systems were worth $10,798,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Smith Group Asset Management LLC grew its holdings in shares of Veeva Systems by 2.2% during the 4th quarter. Smith Group Asset Management LLC now owns 82,567 shares of the technology company's stock valued at $17,360,000 after acquiring an additional 1,749 shares in the last quarter. Venturi Wealth Management LLC lifted its position in Veeva Systems by 2,716.7% during the 4th quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock worth $36,000 after acquiring an additional 163 shares during the last quarter. Union Bancaire Privee UBP SA acquired a new position in Veeva Systems during the 4th quarter worth $3,525,000. AEGON ASSET MANAGEMENT UK Plc lifted its position in Veeva Systems by 10.1% during the 4th quarter. AEGON ASSET MANAGEMENT UK Plc now owns 117,757 shares of the technology company's stock worth $24,755,000 after acquiring an additional 10,836 shares during the last quarter. Finally, SYM FINANCIAL Corp bought a new position in shares of Veeva Systems during the 4th quarter worth about $729,000. Institutional investors and hedge funds own 88.20% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. KeyCorp dropped their price objective on shares of Veeva Systems from $260.00 to $250.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Robert W. Baird boosted their price objective on shares of Veeva Systems from $283.00 to $285.00 and gave the stock an "outperform" rating in a report on Thursday, March 6th. Scotiabank boosted their price objective on shares of Veeva Systems from $240.00 to $245.00 and gave the stock a "sector perform" rating in a report on Thursday, March 6th. Wall Street Zen raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a research note on Monday, February 17th. Finally, Morgan Stanley upped their target price on shares of Veeva Systems from $195.00 to $201.00 and gave the company an "underweight" rating in a research note on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $254.92.

Insider Transactions at Veeva Systems

In other news, SVP Jonathan Faddis sold 787 shares of the firm's stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total value of $178,019.40. Following the transaction, the senior vice president now owns 8,668 shares in the company, valued at approximately $1,960,701.60. This trade represents a 8.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Timothy S. Cabral sold 3,882 shares of the firm's stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $216.83, for a total transaction of $841,734.06. Following the completion of the transaction, the director now owns 5,500 shares in the company, valued at $1,192,565. This represents a 41.38% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,869 shares of company stock valued at $1,284,917. 10.30% of the stock is currently owned by corporate insiders.

Veeva Systems Trading Down 0.9%

VEEV stock traded down $2.12 during mid-day trading on Friday, hitting $233.41. The stock had a trading volume of 858,455 shares, compared to its average volume of 1,114,486. The firm has a market capitalization of $37.97 billion, a P/E ratio of 57.63, a P/E/G ratio of 1.89 and a beta of 0.96. The firm has a fifty day simple moving average of $228.95 and a 200 day simple moving average of $227.13. Veeva Systems Inc. has a 52 week low of $170.25 and a 52 week high of $258.93.

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.