Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Shell Asset Management Co.

Shell Asset Management Co. cut its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 8.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 14,084 shares of the technology company's stock after selling 1,336 shares during the period. Shell Asset Management Co.'s holdings in Veeva Systems were worth $2,961,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of VEEV. Leigh Baldwin & CO. LLC purchased a new position in shares of Veeva Systems in the 4th quarter worth $685,355,000. Norges Bank purchased a new position in shares of Veeva Systems in the 4th quarter worth $294,785,000. JPMorgan Chase & Co. boosted its stake in shares of Veeva Systems by 73.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company's stock worth $536,972,000 after buying an additional 1,081,501 shares during the last quarter. Wealthfront Advisers LLC boosted its stake in shares of Veeva Systems by 29,760.5% in the 4th quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company's stock worth $220,489,000 after buying an additional 1,045,188 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of Veeva Systems by 36.0% in the 4th quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company's stock worth $623,186,000 after buying an additional 784,741 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Morgan Stanley increased their price target on shares of Veeva Systems from $195.00 to $201.00 and gave the stock an "underweight" rating in a research report on Thursday, March 6th. Stephens reiterated an "overweight" rating and issued a $280.00 price target on shares of Veeva Systems in a research report on Thursday, March 6th. Robert W. Baird increased their price target on shares of Veeva Systems from $283.00 to $285.00 and gave the stock an "outperform" rating in a research report on Thursday, March 6th. The Goldman Sachs Group downgraded shares of Veeva Systems from a "buy" rating to a "sell" rating and decreased their price target for the stock from $261.00 to $200.00 in a research report on Thursday, January 23rd. Finally, Wall Street Zen upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a research report on Monday, February 17th. Two equities research 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. According to data from MarketBeat.com, Veeva Systems has an average rating of "Moderate Buy" and an average target price of $254.92.

Veeva Systems Trading Up 0.4%

Shares of NYSE VEEV traded up $0.89 during trading hours on Thursday, hitting $235.89. 395,838 shares of the company traded hands, compared to its average volume of 1,212,310. Veeva Systems Inc. has a 12 month low of $170.25 and a 12 month high of $258.93. The company's 50 day moving average price is $229.03 and its 200 day moving average price is $226.75. The stock has a market capitalization of $38.38 billion, a price-to-earnings ratio of 58.19, a price-to-earnings-growth ratio of 1.89 and a beta of 0.96.

Insider Buying and Selling at Veeva Systems

In related news, Director Timothy S. Cabral sold 3,882 shares of Veeva Systems stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $216.83, for a total transaction of $841,734.06. Following the completion of the sale, the director now owns 5,500 shares in the company, valued at $1,192,565. This trade represents a 41.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Jonathan Faddis sold 787 shares of the firm's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total value of $178,019.40. Following the transaction, the senior vice president now owns 8,668 shares in the company, valued at approximately $1,960,701.60. This represents a 8.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,869 shares of company stock worth $1,284,917 over the last 90 days. 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.