TimesSquare Capital Management LLC Cuts Stock Position in Veeva Systems Inc. (NYSE:VEEV)

TimesSquare Capital Management LLC cut its holdings in Veeva Systems Inc. (NYSE:VEEV) by 5.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 442,078 shares of the technology company’s stock after selling 24,056 shares during the quarter. Veeva Systems accounts for approximately 1.4% of TimesSquare Capital Management LLC’s investment portfolio, making the stock its 13th largest position. TimesSquare Capital Management LLC owned 0.27% of Veeva Systems worth $92,947,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB boosted its stake in Veeva Systems by 72.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock worth $25,000 after buying an additional 50 shares during the period. Mowery & Schoenfeld Wealth Management LLC purchased a new position in Veeva Systems during the third quarter worth $26,000. True Wealth Design LLC boosted its stake 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 buying an additional 135 shares during the period. Avion Wealth boosted its stake in Veeva Systems by 635.0% during the fourth quarter. Avion Wealth now owns 147 shares of the technology company’s stock worth $30,000 after buying an additional 127 shares during the period. Finally, Retirement Wealth Solutions LLC purchased a new position in Veeva Systems during the fourth quarter worth $31,000. 88.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Bank of America lifted their price objective on shares of Veeva Systems from $280.00 to $290.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Scotiabank lifted their price objective on shares of Veeva Systems from $235.00 to $240.00 and gave the stock a “sector perform” rating in a research note on Friday, December 6th. Needham & Company LLC reissued a “buy” rating and set a $270.00 target price on shares of Veeva Systems in a research note on Friday, January 17th. Wells Fargo & Company boosted their target price on shares of Veeva Systems from $275.00 to $285.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, Robert W. Baird boosted their target price on shares of Veeva Systems from $275.00 to $283.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, Veeva Systems currently has a consensus rating of “Moderate Buy” and an average target price of $253.96.

Insider Transactions at Veeva Systems

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

Veeva Systems Trading Down 0.4 %

NYSE VEEV opened at $233.06 on Wednesday. The firm’s fifty day simple moving average is $224.24 and its two-hundred day simple moving average is $216.60. The firm has a market capitalization of $37.84 billion, a P/E ratio of 57.54, a P/E/G ratio of 1.93 and a beta of 0.85. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93.

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.