Ameriprise Financial Inc. Has $48.49 Million Stock Holdings in Veeva Systems Inc. $VEEV

Key Points

• Ameriprise Financial Inc. significantly reduced its stake in Veeva Systems Inc. by 61.7%, now holding approximately 209,349 shares worth $48.49 million.
• Institutional investors own 88.20% of Veeva Systems, with major stakeholders like Vanguard Group and JPMorgan Chase increasing their investments this quarter.
• Analysts have revised their price targets for Veeva Systems upwards, with KeyCorp setting a new target of $325 and maintaining an "overweight" rating on the stock.

Ameriprise Financial Inc. trimmed its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 61.7% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 209,349 shares of the technology company's stock after selling 337,614 shares during the period. Ameriprise Financial Inc. owned approximately 0.13% of Veeva Systems worth $48,490,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Abound Financial LLC acquired a new stake in Veeva Systems in the first quarter valued at $25,000. ORG Partners LLC purchased a new stake in Veeva Systems in the 1st quarter valued at approximately $26,000. Golden State Wealth Management LLC boosted its holdings in Veeva Systems by 152.9% in the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock valued at $30,000 after purchasing an additional 78 shares in the last quarter. Wayfinding Financial LLC acquired a new stake in shares of Veeva Systems during the 1st quarter valued at approximately $32,000. Finally, Key Financial Inc lifted its position in shares of Veeva Systems by 161.0% during the 1st quarter. Key Financial Inc now owns 154 shares of the technology company's stock valued at $36,000 after acquiring an additional 95 shares during the period. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on VEEV. Citigroup lifted their price target on shares of Veeva Systems from $329.00 to $349.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. UBS Group increased their target price on Veeva Systems from $285.00 to $310.00 and gave the stock a "neutral" rating in a research report on Thursday, August 28th. Oppenheimer reissued an "outperform" rating and issued a $325.00 price objective on shares of Veeva Systems in a research report on Thursday, August 28th. JPMorgan Chase & Co. lifted their price target on Veeva Systems from $274.00 to $290.00 and gave the stock a "neutral" rating in a research note on Thursday, August 28th. Finally, Stifel Nicolaus lifted their price target on Veeva Systems from $295.00 to $320.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Sixteen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Veeva Systems has an average rating of "Moderate Buy" and an average target price of $299.88.

Veeva Systems Trading Up 0.5%

NYSE:VEEV traded up $1.38 during trading hours on Tuesday, hitting $270.58. 752,622 shares of the stock traded hands, compared to its average volume of 1,325,607. The firm has a 50 day moving average price of $282.16 and a 200 day moving average price of $254.56. Veeva Systems Inc. has a fifty-two week low of $200.30 and a fifty-two week high of $296.72. The firm has a market cap of $44.21 billion, a price-to-earnings ratio of 55.56, a PEG ratio of 2.12 and a beta of 0.95.

Insider Activity

In other Veeva Systems news, Director Timothy S. Cabral sold 315 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the completion of the sale, the director directly owned 5,500 shares in the company, valued at $1,593,460. This represents a 5.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Priscilla Hung sold 172 shares of the company's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total transaction of $48,676.00. Following the transaction, the director directly owned 4,137 shares of the company's stock, valued at $1,170,771. This represents a 3.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,378 shares of company stock worth $394,217 in the last ninety days. Corporate insiders own 10.30% of the company's stock.

Veeva Systems 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.