Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Royal Bank of Canada

Royal Bank of Canada lowered its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 1.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 628,721 shares of the technology company's stock after selling 11,972 shares during the period. Royal Bank of Canada owned approximately 0.39% of Veeva Systems worth $132,188,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Rafferty Asset Management LLC boosted its stake in Veeva Systems by 21.1% during the fourth quarter. Rafferty Asset Management LLC now owns 9,348 shares of the technology company's stock worth $1,965,000 after buying an additional 1,627 shares during the period. Raiffeisen Bank International AG purchased a new position in shares of Veeva Systems during the 4th quarter worth about $206,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Veeva Systems during the 4th quarter valued at about $209,000. Point72 Hong Kong Ltd grew its holdings in Veeva Systems by 63.3% during the 4th quarter. Point72 Hong Kong Ltd now owns 22,322 shares of the technology company's stock valued at $4,693,000 after purchasing an additional 8,656 shares during the last quarter. Finally, Quantinno Capital Management LP raised its position in Veeva Systems by 56.1% in the 4th quarter. Quantinno Capital Management LP now owns 8,356 shares of the technology company's stock worth $1,757,000 after purchasing an additional 3,004 shares during the period. Hedge funds and other institutional investors own 88.20% of the company's stock.

Insider Buying and Selling at Veeva Systems

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

Veeva Systems Stock Down 0.6%

Shares of NYSE VEEV traded down $1.51 during mid-day trading on Friday, reaching $234.02. 504,224 shares of the company were exchanged, compared to its average volume of 1,109,866. The firm has a 50-day moving average of $229.00 and a 200 day moving average of $226.91. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93. The stock has a market cap of $38.07 billion, a price-to-earnings ratio of 57.78, a P/E/G ratio of 1.89 and a beta of 0.96.

Wall Street Analyst Weigh In

Several brokerages have issued reports on VEEV. KeyCorp dropped their target price on Veeva Systems from $260.00 to $250.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Stephens reissued an "overweight" rating and set a $280.00 price target on shares of Veeva Systems in a research note on Thursday, March 6th. JPMorgan Chase & Co. upped their price objective on Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research report on Thursday, March 20th. The Goldman Sachs Group lowered Veeva Systems from a "buy" rating to a "sell" rating and reduced their target price for the stock from $261.00 to $200.00 in a research note on Thursday, January 23rd. Finally, Robert W. Baird lifted their target price on Veeva Systems from $283.00 to $285.00 and gave the stock an "outperform" rating in a research report on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, Veeva Systems has an average rating of "Moderate Buy" and a consensus price target of $254.92.

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.