Worldquant Millennium Advisors LLC Sells 15,249 Shares of Veeva Systems Inc. (NYSE:VEEV)

Worldquant Millennium Advisors LLC reduced its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 7.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 195,511 shares of the technology company's stock after selling 15,249 shares during the quarter. Worldquant Millennium Advisors LLC owned 0.12% of Veeva Systems worth $41,106,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Woodline Partners LP bought a new stake in Veeva Systems during the fourth quarter worth approximately $16,940,000. Vident Advisory LLC lifted its position in shares of Veeva Systems by 27.9% during the 4th quarter. Vident Advisory LLC now owns 2,752 shares of the technology company's stock valued at $579,000 after acquiring an additional 601 shares during the last quarter. Sone Capital Management LLC bought a new stake in shares of Veeva Systems during the 4th quarter worth $3,654,000. Sphera Management Technology Funds Ltd bought a new stake in shares of Veeva Systems during the 4th quarter worth $631,000. Finally, Spyglass Capital Management LLC grew its holdings in shares of Veeva Systems by 37.3% in the 4th quarter. Spyglass Capital Management LLC now owns 307,801 shares of the technology company's stock worth $64,715,000 after acquiring an additional 83,658 shares during the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Timothy S. Cabral sold 3,882 shares of the business's stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $216.83, for a total value of $841,734.06. Following the completion of the sale, the director now directly owns 5,500 shares in the company, valued at approximately $1,192,565. The trade was a 41.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Jonathan Faddis sold 787 shares of the company's stock in a transaction that occurred 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 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. Insiders have sold 5,869 shares of company stock valued at $1,284,917 over the last three months. 10.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on VEEV. JPMorgan Chase & Co. upped their target price on Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a report on Thursday, March 20th. Needham & Company LLC reaffirmed a "buy" rating and set a $270.00 price objective on shares of Veeva Systems in a research note on Thursday, March 6th. Morgan Stanley raised their target price on shares of Veeva Systems from $195.00 to $201.00 and gave the stock an "underweight" rating in a report on Thursday, March 6th. KeyCorp cut their price target on shares of Veeva Systems from $260.00 to $250.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, Piper Sandler reduced their price target on shares of Veeva Systems from $290.00 to $255.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy 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 $254.92.

Veeva Systems Stock Down 0.9%

Shares of VEEV traded down $2.12 during mid-day trading on Friday, hitting $233.41. 858,455 shares of the company's stock were exchanged, compared to its average volume of 1,112,430. The stock has a market cap of $37.97 billion, a price-to-earnings ratio of 57.63, a P/E/G ratio of 1.89 and a beta of 0.96. The firm has a fifty day moving average of $229.00 and a two-hundred day moving average of $226.91. Veeva Systems Inc. has a twelve month low of $170.25 and a twelve month high of $258.93.

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.