Veeva Systems Inc. $VEEV Stock Holdings Lowered by US Bancorp DE

US Bancorp DE reduced its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 7.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 146,659 shares of the technology company's stock after selling 12,340 shares during the quarter. US Bancorp DE owned 0.09% of Veeva Systems worth $42,235,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Veeva Systems by 2.2% during the first quarter. Vanguard Group Inc. now owns 14,760,566 shares of the technology company's stock valued at $3,418,990,000 after acquiring an additional 315,421 shares during the period. Alliancebernstein L.P. raised its holdings in shares of Veeva Systems by 10.7% during the first quarter. Alliancebernstein L.P. now owns 5,499,651 shares of the technology company's stock valued at $1,273,884,000 after acquiring an additional 532,269 shares during the period. T. Rowe Price Investment Management Inc. raised its holdings in shares of Veeva Systems by 0.7% during the first quarter. T. Rowe Price Investment Management Inc. now owns 5,203,867 shares of the technology company's stock valued at $1,205,372,000 after acquiring an additional 34,169 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Veeva Systems by 20.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company's stock valued at $924,754,000 after acquiring an additional 689,700 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of Veeva Systems by 7.5% during the first quarter. JPMorgan Chase & Co. now owns 3,230,758 shares of the technology company's stock valued at $748,341,000 after acquiring an additional 225,125 shares during the period. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Stock Down 1.1%

VEEV stock opened at $298.42 on Friday. The company has a market capitalization of $48.91 billion, a price-to-earnings ratio of 61.28, a P/E/G ratio of 2.33 and a beta of 0.98. Veeva Systems Inc. has a 12 month low of $201.54 and a 12 month high of $310.50. The firm has a 50 day moving average of $282.79 and a two-hundred day moving average of $264.53.

Analysts Set New Price Targets

A number of research firms have recently issued reports on VEEV. Weiss Ratings restated a "hold (c+)" rating on shares of Veeva Systems in a report on Wednesday. KeyCorp boosted their price objective on shares of Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research report on Monday, July 14th. Canaccord Genuity Group boosted their price objective on shares of Veeva Systems from $270.00 to $300.00 and gave the company a "hold" rating in a research report on Thursday, August 28th. Truist Financial boosted their price objective on shares of Veeva Systems from $268.00 to $275.00 and gave the company a "hold" rating in a research report on Thursday, August 28th. Finally, BTIG Research boosted their price objective on shares of Veeva Systems from $335.00 to $340.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. Sixteen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $307.58.

Insider Buying and Selling

In related news, insider Thomas D. Schwenger sold 3,350 shares of the company's stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $300.04, for a total transaction of $1,005,134.00. Following the completion of the sale, the insider directly owned 23,773 shares of the company's stock, valued at approximately $7,132,850.92. This represents a 12.35% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Jonathan Faddis sold 720 shares of the company's stock in a transaction on Monday, October 6th. The stock was sold at an average price of $298.12, for a total transaction of $214,646.40. Following the sale, the senior vice president directly owned 7,868 shares of the company's stock, valued at approximately $2,345,608.16. This represents a 8.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 24,665 shares of company stock valued at $7,438,000. Company insiders own 10.30% of the company's stock.

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.

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