Bell Asset Management Ltd Sells 4,144 Shares of Veeva Systems Inc. (NYSE:VEEV)

Bell Asset Management Ltd lessened its position in Veeva Systems Inc. (NYSE:VEEV) by 20.2% in the fourth quarter, HoldingsChannel reports. The fund owned 16,407 shares of the technology company’s stock after selling 4,144 shares during the quarter. Bell Asset Management Ltd’s holdings in Veeva Systems were worth $3,450,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of VEEV. State Street Corp increased its holdings 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 purchasing an additional 47,872 shares in the last quarter. FMR LLC grew its position in shares of Veeva Systems by 7.8% during the 4th quarter. FMR LLC now owns 3,213,360 shares of the technology company’s stock valued at $675,609,000 after acquiring an additional 232,116 shares during the period. JPMorgan Chase & Co. raised its holdings in shares of Veeva Systems by 17.5% in the 4th quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company’s stock worth $631,935,000 after purchasing an additional 447,041 shares during the period. Principal Financial Group Inc. lifted its stake in Veeva Systems by 36.0% in the fourth quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company’s stock valued at $623,186,000 after purchasing an additional 784,741 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Veeva Systems by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 2,803,344 shares of the technology company’s stock valued at $589,208,000 after purchasing an additional 38,108 shares during the period. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Performance

NYSE VEEV opened at $213.59 on Monday. Veeva Systems Inc. has a 52-week low of $170.25 and a 52-week high of $258.93. The company has a fifty day moving average of $231.73 and a 200-day moving average of $223.12. The company has a market capitalization of $34.75 billion, a P/E ratio of 52.74, a P/E/G ratio of 1.89 and a beta of 1.05.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 787 shares of Veeva Systems stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total transaction of $178,019.40. Following the transaction, the senior vice president now directly owns 8,668 shares of the company’s stock, valued at approximately $1,960,701.60. This trade represents a 8.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 10.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on VEEV. Stephens restated an “overweight” rating and issued a $280.00 target price on shares of Veeva Systems in a research note on Thursday, March 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $270.00 price objective on shares of Veeva Systems in a report on Thursday, March 6th. The Goldman Sachs Group downgraded shares of Veeva Systems from a “buy” rating to a “sell” rating and reduced their target price for the stock from $261.00 to $200.00 in a research note on Thursday, January 23rd. KeyCorp dropped their price target on shares of Veeva Systems from $285.00 to $255.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Finally, Robert W. Baird raised their price objective on shares of Veeva Systems from $283.00 to $285.00 and gave the stock an “outperform” rating in a report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $256.52.

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.