Patten Group Inc. Lowers Holdings in Veeva Systems Inc. (NYSE:VEEV)

Patten Group Inc. decreased its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 4.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,523 shares of the technology company’s stock after selling 275 shares during the period. Patten Group Inc.’s holdings in Veeva Systems were worth $1,371,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. State of Michigan Retirement System lifted its position in Veeva Systems by 1,600.0% in the fourth quarter. State of Michigan Retirement System now owns 30,600 shares of the technology company’s stock valued at $6,434,000 after buying an additional 28,800 shares during the last quarter. Fidelis Capital Partners LLC acquired a new stake in Veeva Systems in the fourth quarter valued at approximately $222,000. LGT Fund Management Co Ltd. lifted its position in shares of Veeva Systems by 95.3% during the 4th quarter. LGT Fund Management Co Ltd. now owns 33,249 shares of the technology company’s stock worth $6,991,000 after purchasing an additional 16,225 shares during the last quarter. LGT Group Foundation increased its holdings in shares of Veeva Systems by 40.8% in the 4th quarter. LGT Group Foundation now owns 126,228 shares of the technology company’s stock valued at $26,539,000 after acquiring an additional 36,574 shares during the last quarter. Finally, Plato Investment Management Ltd raised its stake in Veeva Systems by 5.2% during the 4th quarter. Plato Investment Management Ltd now owns 6,681 shares of the technology company’s stock worth $1,410,000 after acquiring an additional 332 shares in the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total transaction of $390,128.20. Following the completion of the sale, the senior vice president now owns 8,061 shares in the company, valued at approximately $1,856,448.30. This trade represents a 17.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 10.50% of the company’s stock.

Veeva Systems Stock Down 2.2 %

NYSE:VEEV opened at $219.28 on Tuesday. Veeva Systems Inc. has a twelve month low of $170.25 and a twelve month high of $258.93. The company has a fifty day moving average of $223.74 and a 200-day moving average of $219.35. The firm has a market capitalization of $35.60 billion, a P/E ratio of 54.14, a P/E/G ratio of 1.89 and a beta of 0.85.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on VEEV shares. StockNews.com upgraded Veeva Systems from a “hold” rating to a “buy” rating in a research report on Monday, February 17th. Truist Financial reduced their price objective on Veeva Systems from $261.00 to $210.00 and set a “hold” rating on the stock in a research report on Monday, January 13th. Scotiabank raised their price objective on Veeva Systems from $235.00 to $240.00 and gave the stock a “sector perform” rating in a report on Friday, December 6th. JPMorgan Chase & Co. lifted their target price on Veeva Systems from $208.00 to $218.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Finally, Piper Sandler boosted their price objective on Veeva Systems from $280.00 to $290.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Two research 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’s stock. According to MarketBeat, Veeva Systems presently has a consensus rating of “Moderate Buy” and an average target price of $255.08.

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.