NewEdge Advisors LLC Has $1.33 Million Stock Position in Veeva Systems Inc. (NYSE:VEEV)

NewEdge Advisors LLC reduced its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 24.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,339 shares of the technology company's stock after selling 2,101 shares during the period. NewEdge Advisors LLC's holdings in Veeva Systems were worth $1,333,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of VEEV. FMR LLC lifted its stake in shares of Veeva Systems by 7.8% during the fourth quarter. FMR LLC now owns 3,213,360 shares of the technology company's stock valued at $675,609,000 after buying an additional 232,116 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Veeva Systems by 17.5% during the 4th quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company's stock worth $631,935,000 after purchasing an additional 447,041 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Veeva Systems by 36.0% during the fourth quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company's stock worth $623,186,000 after purchasing an additional 784,741 shares during the last quarter. Geode Capital Management LLC increased its stake in Veeva Systems by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 2,803,344 shares of the technology company's stock valued at $589,208,000 after purchasing an additional 38,108 shares during the last quarter. Finally, Van ECK Associates Corp increased its stake in Veeva Systems by 6.8% in the fourth quarter. Van ECK Associates Corp now owns 2,130,498 shares of the technology company's stock valued at $447,937,000 after purchasing an additional 135,492 shares during the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Veeva Systems news, Director Timothy S. Cabral sold 3,882 shares of the company's stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $216.83, for a total value of $841,734.06. Following the transaction, the director now owns 5,500 shares in the company, valued at approximately $1,192,565. This represents a 41.38 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jonathan Faddis sold 787 shares of the business's stock in a transaction that occurred 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 completion of the sale, the senior vice president now directly owns 8,668 shares of the company's stock, valued at approximately $1,960,701.60. The trade was a 8.32 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,869 shares of company stock valued at $1,284,917 over the last three months. Insiders own 10.50% of the company's stock.

Veeva Systems Stock Performance

NYSE VEEV traded up $3.10 on Tuesday, reaching $228.87. The company's stock had a trading volume of 169,693 shares, compared to its average volume of 1,070,078. The firm's 50 day moving average is $225.90 and its two-hundred day moving average is $224.20. The stock has a market cap of $37.24 billion, a PE ratio of 56.65, a PEG ratio of 1.89 and a beta of 1.05. Veeva Systems Inc. has a twelve month low of $170.25 and a twelve month high of $258.93.

Analysts Set New Price Targets

Several research firms have commented on VEEV. Morgan Stanley lifted their price target on Veeva Systems from $195.00 to $201.00 and gave the company an "underweight" rating in a report on Thursday, March 6th. Piper Sandler dropped 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. Needham & Company LLC reiterated a "buy" rating and issued a $270.00 target price on shares of Veeva Systems in a report on Thursday, March 6th. JPMorgan Chase & Co. boosted their price objective on shares of Veeva Systems from $218.00 to $249.00 and gave the stock a "neutral" rating in a research note on Thursday, March 20th. Finally, Robert W. Baird raised their target price on shares of Veeva Systems from $283.00 to $285.00 and gave the company an "outperform" rating in a research note on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, Veeva Systems presently has a consensus rating of "Moderate Buy" and an average target price of $254.92.

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.