GraniteShares Advisors LLC Decreases Position in Veeva Systems Inc. (NYSE:VEEV)

GraniteShares Advisors LLC lowered its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 18.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,015 shares of the technology company’s stock after selling 663 shares during the period. GraniteShares Advisors LLC’s holdings in Veeva Systems were worth $634,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of VEEV. Massachusetts Financial Services Co. MA increased its stake in shares of Veeva Systems by 64.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock worth $744,084,000 after purchasing an additional 1,392,256 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Veeva Systems by 138.9% during the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after purchasing an additional 1,267,061 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Veeva Systems by 73.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock worth $536,972,000 after purchasing an additional 1,081,501 shares during the last quarter. FMR LLC grew its stake in Veeva Systems by 25.7% in the 3rd quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock valued at $625,674,000 after buying an additional 610,021 shares in the last quarter. Finally, Seilern Investment Management Ltd purchased a new position in Veeva Systems in the 4th quarter valued at approximately $94,957,000. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Performance

NYSE VEEV opened at $221.53 on Wednesday. Veeva Systems Inc. has a 52-week low of $170.25 and a 52-week high of $258.93. The company has a market capitalization of $35.97 billion, a P/E ratio of 54.70, a P/E/G ratio of 1.89 and a beta of 0.85. The company has a fifty day moving average of $223.69 and a 200-day moving average of $218.40.

Analyst Ratings Changes

A number of research analysts recently weighed in on VEEV shares. Mizuho started coverage on shares of Veeva Systems in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $275.00 price objective for the company. Robert W. Baird lifted their price objective on shares of Veeva Systems from $275.00 to $283.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Truist Financial reduced their price objective on shares of Veeva Systems from $261.00 to $210.00 and set a “hold” rating for the company in a research note on Monday, January 13th. Canaccord Genuity Group lifted their price objective on shares of Veeva Systems from $210.00 to $270.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Finally, Stephens started coverage on shares of Veeva Systems in a research note on Friday, December 20th. They issued an “overweight” rating and a $280.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $255.08.

Insider Transactions at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total value of $390,128.20. Following the completion of the sale, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at $1,856,448.30. The trade was a 17.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 10.50% of the stock is currently owned by insiders.

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.