Triangle Securities Wealth Management Reduces Stake in Veeva Systems Inc. (NYSE:VEEV)

Triangle Securities Wealth Management cut its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 1.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,792 shares of the technology company’s stock after selling 63 shares during the period. Triangle Securities Wealth Management’s holdings in Veeva Systems were worth $1,218,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in VEEV. Massachusetts Financial Services Co. MA grew its holdings 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 acquiring an additional 1,392,256 shares during the period. State Street Corp increased its stake in shares of Veeva Systems by 1.5% in the 3rd quarter. State Street Corp now owns 3,293,141 shares of the technology company’s stock worth $691,132,000 after acquiring an additional 47,872 shares in the last quarter. FMR LLC increased its stake in shares of Veeva Systems by 25.7% in the 3rd quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock worth $625,674,000 after acquiring an additional 610,021 shares in the last quarter. Geode Capital Management LLC lifted its position in Veeva Systems by 5.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company’s stock valued at $579,630,000 after acquiring an additional 149,807 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in Veeva Systems by 73.2% during the third quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock worth $536,972,000 after acquiring an additional 1,081,501 shares in the last quarter. Institutional investors own 88.20% of the company’s stock.

Insiders Place Their Bets

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total value of $390,128.20. Following the completion of the transaction, the senior vice president now directly owns 8,061 shares in the company, valued at $1,856,448.30. This represents a 17.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the sale, the insider now owns 27,013 shares in the company, valued at approximately $6,483,390.13. The trade was a 4.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 10.50% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on VEEV. Barclays lifted their target price on shares of Veeva Systems from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Citigroup increased their price target on shares of Veeva Systems from $281.00 to $307.00 and gave the company a “buy” rating in a report on Monday, December 9th. Mizuho assumed coverage on shares of Veeva Systems in a report on Wednesday, December 4th. They issued an “outperform” rating and a $275.00 price objective for the company. Scotiabank upped their price objective on Veeva Systems from $235.00 to $240.00 and gave the company a “sector perform” rating in a research report on Friday, December 6th. Finally, Guggenheim lifted their price objective on Veeva Systems from $233.00 to $249.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat.com, Veeva Systems currently has an average rating of “Moderate Buy” and a consensus target price of $255.74.

Veeva Systems Trading Up 0.9 %

Shares of NYSE:VEEV opened at $216.67 on Friday. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93. The company has a market cap of $35.18 billion, a PE ratio of 53.50, a price-to-earnings-growth ratio of 1.91 and a beta of 0.84. The stock has a 50 day moving average of $222.31 and a 200 day moving average of $209.47.

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.