Canada Pension Plan Investment Board Sells 105,137 Shares of Veeva Systems Inc. $VEEV

Key Points

• The Canada Pension Plan Investment Board reduced its stake in Veeva Systems Inc. by 49.6% in the first quarter, now holding 106,629 shares valued at approximately $24.7 million.
• Veeva Systems' stock opened at $268.85 and has a market capitalization of $43.93 billion, with analysts providing a consensus target price of $299.88.
• Insider transactions included director Priscilla Hung selling 171 shares at an average price of $284.40, resulting in a 4.13% decrease in her ownership, indicative of recent insider trading activity.

Canada Pension Plan Investment Board decreased its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 49.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 106,629 shares of the technology company's stock after selling 105,137 shares during the quarter. Canada Pension Plan Investment Board owned 0.07% of Veeva Systems worth $24,698,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of VEEV. Abound Financial LLC acquired a new stake in shares of Veeva Systems in the 1st quarter valued at about $25,000. ORG Partners LLC acquired a new stake in shares of Veeva Systems in the first quarter valued at about $26,000. Golden State Wealth Management LLC increased its position in shares of Veeva Systems by 152.9% in the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock valued at $30,000 after acquiring an additional 78 shares during the last quarter. Wayfinding Financial LLC acquired a new stake in shares of Veeva Systems in the first quarter valued at about $32,000. Finally, Key Financial Inc increased its position in shares of Veeva Systems by 161.0% in the first 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 last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Price Performance

VEEV traded up $0.97 during trading on Wednesday, hitting $270.95. 1,316,256 shares of the stock traded hands, compared to its average volume of 1,269,295. The business has a 50 day moving average price of $281.75 and a 200 day moving average price of $254.78. The company has a market cap of $44.28 billion, a price-to-earnings ratio of 55.64, a PEG ratio of 2.12 and a beta of 0.95. Veeva Systems Inc. has a twelve month low of $200.30 and a twelve month high of $296.72.

Insider Transactions at Veeva Systems

In other news, Director Timothy S. Cabral sold 315 shares of the company's stock in a transaction on 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 transaction, the director directly owned 5,500 shares in the company, valued at approximately $1,593,460. This represents a 5.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction of $48,676.00. Following the completion of the sale, the director directly owned 4,137 shares in the company, valued at approximately $1,170,771. This represents a 3.99% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,378 shares of company stock worth $394,217. Corporate insiders own 10.30% of the company's stock.

Analyst Upgrades and Downgrades

VEEV has been the topic of a number of recent research reports. Mizuho lifted their target price on Veeva Systems from $295.00 to $325.00 and gave the company an "outperform" rating in a research report on Friday, August 29th. Truist Financial lifted their target price on Veeva Systems from $268.00 to $275.00 and gave the company a "hold" rating in a research report on Thursday, August 28th. Needham & Company LLC lifted their target price on Veeva Systems from $300.00 to $355.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. Barclays lifted their target price on Veeva Systems from $300.00 to $325.00 and gave the company an "overweight" rating in a research report on Thursday, August 28th. Finally, Evercore ISI lifted their price target on Veeva Systems from $285.00 to $295.00 and gave the stock an "in-line" rating in a report on Thursday, August 28th. Sixteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $299.88.

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.