Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Fairman Group LLC

Fairman Group LLC cut its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 4.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 25,939 shares of the technology company’s stock after selling 1,126 shares during the period. Veeva Systems accounts for approximately 4.5% of Fairman Group LLC’s holdings, making the stock its 5th biggest holding. Fairman Group LLC’s holdings in Veeva Systems were worth $5,454,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. Massachusetts Financial Services Co. MA grew its position 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 buying an additional 1,392,256 shares during the period. State Street Corp boosted its stake in Veeva Systems by 1.5% during 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 during the last quarter. FMR LLC grew its holdings in Veeva Systems by 25.7% during the third quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock valued at $625,674,000 after purchasing an additional 610,021 shares during the period. Geode Capital Management LLC increased its stake in Veeva Systems by 5.7% in the third quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company’s stock valued at $579,630,000 after purchasing an additional 149,807 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Veeva Systems by 73.2% in the third 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 period. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Performance

Shares of VEEV stock opened at $234.43 on Wednesday. The firm’s 50-day moving average is $224.68 and its 200-day moving average is $215.12. The stock has a market cap of $38.06 billion, a price-to-earnings ratio of 57.88, a PEG ratio of 1.97 and a beta of 0.85. Veeva Systems Inc. has a 52-week low of $170.25 and a 52-week high of $258.93.

Insider Buying and Selling

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of the company’s stock in a transaction 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 transaction, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at $1,856,448.30. This represents a 17.37 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 10.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on VEEV shares. Truist Financial decreased their price target on shares of Veeva Systems from $261.00 to $210.00 and set a “hold” rating for the company in a report on Monday, January 13th. The Goldman Sachs Group cut Veeva Systems from a “buy” rating to a “sell” rating and decreased their target price for the company from $261.00 to $200.00 in a research note on Thursday, January 23rd. Mizuho initiated coverage on Veeva Systems in a research report on Wednesday, December 4th. They set an “outperform” rating and a $275.00 price target on the stock. Canaccord Genuity Group lifted their price objective on Veeva Systems from $210.00 to $270.00 and gave the company a “hold” rating in a report on Friday, December 6th. Finally, JPMorgan Chase & Co. increased their target price on Veeva Systems from $208.00 to $218.00 and gave the stock a “neutral” rating in a research note on Monday, December 16th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $253.96.

Veeva Systems 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.