Franklin Resources Inc. Sells 436,900 Shares of Veeva Systems Inc. (NYSE:VEEV)

Franklin Resources Inc. decreased its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 21.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,560,395 shares of the technology company's stock after selling 436,900 shares during the quarter. Franklin Resources Inc. owned about 0.97% of Veeva Systems worth $300,407,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of VEEV. Wellington Management Group LLP boosted its position in Veeva Systems by 9.6% in the third quarter. Wellington Management Group LLP now owns 3,315,304 shares of the technology company's stock worth $674,499,000 after purchasing an additional 289,133 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Veeva Systems by 6.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,167,960 shares of the technology company's stock valued at $417,376,000 after buying an additional 122,546 shares during the last quarter. FMR LLC lifted its position in shares of Veeva Systems by 15.4% during the 3rd quarter. FMR LLC now owns 1,833,135 shares of the technology company's stock valued at $372,951,000 after buying an additional 244,599 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Veeva Systems by 22.6% during the 4th quarter. Van ECK Associates Corp now owns 1,775,065 shares of the technology company's stock valued at $341,736,000 after purchasing an additional 327,662 shares during the period. Finally, Norges Bank bought a new stake in shares of Veeva Systems during the 4th quarter valued at $305,543,000. Institutional investors own 88.20% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on VEEV shares. Royal Bank of Canada restated an "outperform" rating and set a $250.00 target price on shares of Veeva Systems in a report on Wednesday, March 27th. Needham & Company LLC reaffirmed a "buy" rating and set a $260.00 price objective on shares of Veeva Systems in a research report on Tuesday, April 2nd. Citigroup raised their price objective on Veeva Systems from $240.00 to $264.00 and gave the company a "buy" rating in a research report on Friday, March 1st. The Goldman Sachs Group raised their price objective on Veeva Systems from $219.00 to $248.00 and gave the company a "buy" rating in a research report on Friday, March 1st. Finally, Piper Sandler lifted their target price on Veeva Systems from $220.00 to $245.00 and gave the stock an "overweight" rating in a report on Friday, March 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $234.90.

Insider Buying and Selling at Veeva Systems

In other news, Director Timothy S. Cabral sold 15,000 shares of the company's stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $226.04, for a total transaction of $3,390,600.00. Following the sale, the director now owns 23,391 shares of the company's stock, valued at $5,287,301.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Veeva Systems news, Director Timothy S. Cabral sold 15,000 shares of the company's stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $226.04, for a total value of $3,390,600.00. Following the completion of the transaction, the director now owns 23,391 shares in the company, valued at $5,287,301.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Alan Mateo sold 3,391 shares of the company's stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $200.86, for a total transaction of $681,116.26. Following the completion of the transaction, the executive vice president now owns 21,983 shares of the company's stock, valued at approximately $4,415,505.38. The disclosure for this sale can be found here. Insiders have sold a total of 21,989 shares of company stock valued at $4,818,013 over the last quarter. 10.50% of the stock is owned by company insiders.

Veeva Systems Stock Down 1.7 %

Shares of VEEV stock traded down $3.52 during mid-day trading on Wednesday, hitting $205.72. 733,242 shares of the stock were exchanged, compared to its average volume of 911,909. The firm has a fifty day moving average of $212.16 and a 200 day moving average of $203.16. Veeva Systems Inc. has a 52-week low of $160.21 and a 52-week high of $236.90. The company has a market cap of $33.19 billion, a PE ratio of 63.89, a price-to-earnings-growth ratio of 2.12 and a beta of 0.76.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings data on Thursday, February 29th. The technology company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.11. The company had revenue of $630.62 million for the quarter, compared to analysts' expectations of $620.75 million. Veeva Systems had a return on equity of 11.26% and a net margin of 22.24%. Equities analysts predict that Veeva Systems Inc. will post 4.11 EPS for the current year.

About Veeva Systems

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.