Swedbank AB Lowers Stake in Veeva Systems Inc. (NYSE:VEEV)

Swedbank AB lessened its stake in Veeva Systems Inc. (NYSE:VEEV) by 0.0% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,030,788 shares of the technology company’s stock after selling 276 shares during the quarter. Swedbank AB’s holdings in Veeva Systems were worth $216,723,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. MassMutual Private Wealth & Trust FSB lifted its stake in Veeva Systems by 72.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock worth $25,000 after purchasing an additional 50 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of Veeva Systems in the third quarter valued at about $26,000. True Wealth Design LLC increased its position in Veeva Systems by 3,375.0% during the third quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock worth $29,000 after purchasing an additional 135 shares during the last quarter. Retirement Wealth Solutions LLC purchased a new position in Veeva Systems during the fourth quarter worth about $31,000. Finally, Harvest Fund Management Co. Ltd acquired a new position in Veeva Systems in the 3rd quarter valued at about $49,000. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Price Performance

Shares of NYSE VEEV traded down $1.25 during trading on Wednesday, hitting $230.99. 90,204 shares of the company were exchanged, compared to its average volume of 1,025,167. The firm’s fifty day moving average price is $222.31 and its 200 day moving average price is $211.88. The company has a market cap of $37.50 billion, a price-to-earnings ratio of 57.03, a PEG ratio of 2.01 and a beta of 0.84. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93.

Insider Buying and Selling

In related news, insider Thomas D. Schwenger sold 1,126 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the transaction, the insider now directly owns 27,013 shares of the company’s stock, valued at approximately $6,483,390.13. This trade represents a 4.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Jonathan Faddis sold 1,694 shares of the firm’s stock in a transaction dated 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 owns 8,061 shares in the company, valued at approximately $1,856,448.30. This trade represents a 17.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 10.50% of the company’s stock.

Analyst Upgrades and Downgrades

VEEV has been the subject of several analyst reports. JPMorgan Chase & Co. increased their price objective on Veeva Systems from $208.00 to $218.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Guggenheim increased their price target on Veeva Systems from $233.00 to $249.00 and gave the stock a “buy” rating in a report on Tuesday, October 1st. Truist Financial reduced their price objective on shares of Veeva Systems from $261.00 to $210.00 and set a “hold” rating on the stock in a report on Monday, January 13th. Morgan Stanley lifted their price target on shares of Veeva Systems from $183.00 to $195.00 and gave the company an “underweight” rating in a research report on Tuesday, December 17th. Finally, Barclays upped their price objective on shares of Veeva Systems from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, Veeva Systems currently has an average rating of “Moderate Buy” and a consensus target price of $253.96.

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.