Hsbc Holdings PLC Reduces Stake in Veeva Systems Inc. (NYSE:VEEV)

Hsbc Holdings PLC lowered its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 4.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 130,051 shares of the technology company's stock after selling 5,875 shares during the period. Hsbc Holdings PLC owned approximately 0.08% of Veeva Systems worth $27,343,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. MassMutual Private Wealth & Trust FSB increased its stake in shares of Veeva Systems by 72.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company's stock valued at $25,000 after purchasing an additional 50 shares during the last quarter. Centricity Wealth Management LLC acquired a new position in Veeva Systems in the fourth quarter valued at approximately $25,000. Smithfield Trust Co boosted its holdings in shares of Veeva Systems by 145.5% during the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock worth $27,000 after buying an additional 80 shares in the last quarter. Retirement Wealth Solutions LLC acquired a new stake in shares of Veeva Systems during the 4th quarter worth approximately $31,000. Finally, Avion Wealth increased its stake in shares of Veeva Systems by 635.0% in the 4th quarter. Avion Wealth now owns 147 shares of the technology company's stock valued at $30,000 after acquiring an additional 127 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Insider Activity

In other Veeva Systems news, SVP Jonathan Faddis sold 787 shares of the stock in a transaction 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 owns 8,668 shares in the company, valued at $1,960,701.60. This trade represents a 8.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Thomas D. Schwenger sold 1,200 shares of the business's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $220.97, for a total transaction of $265,164.00. Following the completion of the sale, the insider now directly owns 25,889 shares of the company's stock, valued at approximately $5,720,692.33. This trade represents a 4.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,869 shares of company stock worth $1,284,917. 10.50% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

VEEV has been the subject of a number of research reports. 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 report on Wednesday, April 23rd. KeyCorp reduced their target price on Veeva Systems from $260.00 to $250.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. The Goldman Sachs Group lowered Veeva Systems from a "buy" rating to a "sell" rating and cut their price target for the stock from $261.00 to $200.00 in a report on Thursday, January 23rd. Morgan Stanley boosted their price objective on Veeva Systems from $195.00 to $201.00 and gave the company an "underweight" rating in a report on Thursday, March 6th. Finally, Scotiabank increased their target price on Veeva Systems from $240.00 to $245.00 and gave the stock a "sector perform" rating in a report on Thursday, March 6th. Two equities research 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.com, Veeva Systems has a consensus rating of "Moderate Buy" and a consensus price target of $254.92.

Veeva Systems Price Performance

Shares of VEEV stock traded down $1.48 during mid-day trading on Thursday, hitting $232.21. The company had a trading volume of 746,833 shares, compared to its average volume of 1,075,896. The company has a market capitalization of $37.78 billion, a P/E ratio of 57.34, a P/E/G ratio of 1.89 and a beta of 1.05. The stock's 50 day moving average price is $226.11 and its 200-day moving average price is $224.32. Veeva Systems Inc. has a 52-week low of $170.25 and a 52-week high of $258.93.

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.