Veeva Systems Inc. (NYSE:VEEV) Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC trimmed its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 6.6% in the third quarter, HoldingsChannel.com reports. The fund owned 15,634 shares of the technology company’s stock after selling 1,097 shares during the period. HighTower Advisors LLC’s holdings in Veeva Systems were worth $3,261,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in VEEV. Hilltop Holdings Inc. acquired a new position in Veeva Systems during the third quarter worth approximately $340,000. Concentric Capital Strategies LP purchased a new stake in shares of Veeva Systems in the third quarter valued at approximately $4,932,000. Benjamin Edwards Inc. boosted its stake in shares of Veeva Systems by 650.6% in the third quarter. Benjamin Edwards Inc. now owns 6,620 shares of the technology company’s stock valued at $1,389,000 after buying an additional 5,738 shares in the last quarter. Kestra Investment Management LLC acquired a new position in Veeva Systems during the third quarter worth $485,000. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Veeva Systems in the third quarter worth $2,868,000. Institutional investors and hedge funds own 88.20% of the company’s stock.

Analyst Ratings Changes

VEEV has been the subject of several analyst reports. Bank of America upped their target price on Veeva Systems from $280.00 to $290.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Mizuho began coverage on Veeva Systems in a research note on Wednesday, December 4th. They set an “outperform” rating and a $275.00 price objective on the stock. Needham & Company LLC upped their price objective on Veeva Systems from $260.00 to $270.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Piper Sandler increased their price target on Veeva Systems from $280.00 to $290.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Finally, StockNews.com raised Veeva Systems from a “hold” rating to a “buy” rating in a report on Saturday, November 9th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Veeva Systems presently has an average rating of “Moderate Buy” and a consensus target price of $255.35.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $240.01, for a total transaction of $270,251.26. Following the transaction, the insider now directly owns 27,013 shares in the company, valued at $6,483,390.13. This trade represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jonathan Faddis sold 1,694 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $1,856,448.30. This represents a 17.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 10.50% of the company’s stock.

Veeva Systems Price Performance

NYSE VEEV opened at $232.48 on Friday. Veeva Systems Inc. has a fifty-two week low of $170.25 and a fifty-two week high of $258.93. The stock’s 50-day moving average is $220.31 and its two-hundred day moving average is $203.63. The firm has a market cap of $37.65 billion, a P/E ratio of 57.82, a price-to-earnings-growth ratio of 2.43 and a beta of 0.82.

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.