SYSTM Wealth Solutions LLC Trims Holdings in Veeva Systems Inc. (NYSE:VEEV)

SYSTM Wealth Solutions LLC reduced its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 44.5% during the 2nd quarter, Holdings Channel.com reports. The firm owned 7,379 shares of the technology company’s stock after selling 5,915 shares during the quarter. SYSTM Wealth Solutions LLC’s holdings in Veeva Systems were worth $1,350,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in Veeva Systems in the 4th quarter valued at $305,543,000. Vanguard Group Inc. increased its stake in Veeva Systems by 7.5% in the first quarter. Vanguard Group Inc. now owns 14,150,070 shares of the technology company’s stock valued at $3,278,430,000 after purchasing an additional 991,208 shares during the last quarter. Swedbank AB purchased a new position in Veeva Systems during the first quarter worth about $227,673,000. Principal Financial Group Inc. boosted its stake in Veeva Systems by 1,122.3% in the 2nd quarter. Principal Financial Group Inc. now owns 912,223 shares of the technology company’s stock worth $166,946,000 after buying an additional 837,593 shares during the last quarter. Finally, Matrix Capital Management Company LP grew its holdings in Veeva Systems by 635.4% in the 1st quarter. Matrix Capital Management Company LP now owns 498,821 shares of the technology company’s stock valued at $115,572,000 after buying an additional 430,989 shares during the period. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Veeva Systems

In other news, SVP Jonathan Faddis sold 2,353 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total transaction of $470,600.00. Following the completion of the transaction, the senior vice president now directly owns 9,035 shares in the company, valued at approximately $1,807,000. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 10.50% of the stock is currently owned by corporate insiders.

Veeva Systems Stock Performance

Shares of VEEV opened at $214.80 on Wednesday. Veeva Systems Inc. has a one year low of $162.72 and a one year high of $236.90. The stock has a 50-day moving average price of $197.48 and a 200 day moving average price of $201.61. The company has a market capitalization of $34.72 billion, a P/E ratio of 63.36, a P/E/G ratio of 2.14 and a beta of 0.81.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on VEEV shares. Royal Bank of Canada reissued an “outperform” rating and issued a $250.00 target price on shares of Veeva Systems in a research report on Thursday, August 29th. UBS Group upped their price objective on Veeva Systems from $185.00 to $215.00 and gave the stock a “neutral” rating in a report on Monday, August 26th. Raymond James lifted their target price on Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Bank of America boosted their price target on Veeva Systems from $204.00 to $240.00 and gave the company a “neutral” rating in a research report on Thursday, August 29th. Finally, Canaccord Genuity Group cut their price objective on Veeva Systems from $220.00 to $210.00 and set a “hold” rating on the stock in a report on Friday, May 31st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $229.96.

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.