Veeva Systems Inc. $VEEV Holdings Lowered by Ninety One UK Ltd

Key Points

• Ninety One UK Ltd reduced its stake in Veeva Systems Inc. by 10.3% during the second quarter, now holding approximately 0.06% of the company valued at $28.4 million.
• Several hedge funds, including Nuveen LLC and Price T Rowe Associates, have increased their holdings in Veeva Systems, with overall institutional ownership at 88.20%.
• Veeva Systems has seen analyst upgrades, with Canaccord Genuity raising their price target from $270 to $300, and a consensus rating of "Moderate Buy" with an average price target of $303.67.

Ninety One UK Ltd trimmed its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 10.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 98,701 shares of the technology company's stock after selling 11,391 shares during the period. Ninety One UK Ltd owned about 0.06% of Veeva Systems worth $28,424,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of VEEV. Nuveen LLC purchased a new stake in shares of Veeva Systems during the first quarter valued at $365,684,000. Price T Rowe Associates Inc. MD lifted its stake in Veeva Systems by 20.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company's stock worth $924,754,000 after acquiring an additional 689,700 shares in the last quarter. Linonia Partnership LP lifted its stake in Veeva Systems by 52.7% in the 1st quarter. Linonia Partnership LP now owns 1,836,557 shares of the technology company's stock worth $425,402,000 after acquiring an additional 633,585 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Veeva Systems by 48.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,799,931 shares of the technology company's stock worth $416,918,000 after acquiring an additional 585,785 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its stake in Veeva Systems by 10.7% in the 1st quarter. Alliancebernstein L.P. now owns 5,499,651 shares of the technology company's stock worth $1,273,884,000 after acquiring an additional 532,269 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Trading Up 1.7%

Shares of VEEV stock opened at $298.00 on Wednesday. The stock has a 50 day moving average of $281.23 and a two-hundred day moving average of $261.68. The company has a market capitalization of $48.85 billion, a P/E ratio of 61.19, a P/E/G ratio of 2.26 and a beta of 0.95. Veeva Systems Inc. has a 12 month low of $200.30 and a 12 month high of $299.95.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, 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 completion of the transaction, the senior vice president owned 7,902 shares in the company, valued at approximately $2,256,969.24. The trade was a 8.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Priscilla Hung sold 172 shares of the business's 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 sale, the director owned 4,137 shares of the company's stock, valued at approximately $1,170,771. The trade was a 3.99% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,063 shares of company stock valued at $302,955. Corporate insiders own 10.30% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on VEEV. Canaccord Genuity Group increased their price objective on Veeva Systems from $270.00 to $300.00 and gave the stock a "hold" rating in a research note on Thursday, August 28th. Wells Fargo & Company increased their price objective on Veeva Systems from $300.00 to $326.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 26th. Stifel Nicolaus increased their price objective on Veeva Systems from $295.00 to $320.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Piper Sandler increased their price objective on Veeva Systems from $325.00 to $355.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Finally, Needham & Company LLC raised their price target on Veeva Systems from $300.00 to $355.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Sixteen equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $303.67.

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.

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