Fred Alger Management LLC Reduces Holdings in Veeva Systems Inc. (NYSE:VEEV)

Fred Alger Management LLC decreased its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 29.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 56,098 shares of the technology company's stock after selling 23,491 shares during the quarter. Fred Alger Management LLC's holdings in Veeva Systems were worth $11,795,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB increased its position in shares of Veeva Systems by 72.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company's stock valued at $25,000 after buying an additional 50 shares in the last quarter. Centricity Wealth Management LLC purchased a new position in shares of Veeva Systems in the fourth quarter valued at $25,000. Smithfield Trust Co increased its position in shares of Veeva Systems by 145.5% in the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock valued at $27,000 after buying an additional 80 shares in the last quarter. Retirement Wealth Solutions LLC purchased a new position in shares of Veeva Systems in the fourth quarter valued at $31,000. Finally, Avion Wealth increased its position in shares of Veeva Systems by 635.0% in the fourth quarter. Avion Wealth now owns 147 shares of the technology company's stock valued at $30,000 after buying an additional 127 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on VEEV. Robert W. Baird raised their price target on Veeva Systems from $283.00 to $285.00 and gave the company an "outperform" rating in a research report on Thursday, March 6th. Piper Sandler dropped their price target on Veeva Systems from $290.00 to $255.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Stephens restated an "overweight" rating and issued a $280.00 price target on shares of Veeva Systems in a research report on Thursday, March 6th. Needham & Company LLC reiterated a "buy" rating and set a $270.00 price objective on shares of Veeva Systems in a research report on Thursday, March 6th. Finally, The Goldman Sachs Group lowered shares of Veeva Systems from a "buy" rating to a "sell" rating and reduced their target price for the company from $261.00 to $200.00 in a report on Thursday, January 23rd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Veeva Systems has a consensus rating of "Moderate Buy" and a consensus target price of $254.92.

Veeva Systems Stock Down 1.2%

Shares of VEEV traded down $2.93 during mid-day trading on Friday, hitting $236.60. The company had a trading volume of 977,455 shares, compared to its average volume of 1,085,187. The business's 50-day simple moving average is $227.98 and its 200-day simple moving average is $225.39. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93. The stock has a market cap of $38.49 billion, a PE ratio of 58.42, a P/E/G ratio of 1.89 and a beta of 0.96.

Insider Buying and Selling

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,200 shares of Veeva Systems stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $220.97, for a total transaction of $265,164.00. Following the transaction, the insider now directly owns 25,889 shares of the company's stock, valued at $5,720,692.33. The trade was a 4.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Jonathan Faddis sold 787 shares of Veeva Systems stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total transaction of $178,019.40. Following the transaction, the senior vice president now directly owns 8,668 shares in the company, valued at approximately $1,960,701.60. This trade represents a 8.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,869 shares of company stock valued at $1,284,917. Insiders own 10.50% 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.