Bridgefront Capital LLC Reduces Stake in Veeva Systems Inc. (NYSE:VEEV)

Bridgefront Capital LLC lessened its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 48.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 2,878 shares of the technology company’s stock after selling 2,705 shares during the quarter. Bridgefront Capital LLC’s holdings in Veeva Systems were worth $605,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of VEEV. Cardinal Capital Management increased its holdings in Veeva Systems by 0.3% during the 4th quarter. Cardinal Capital Management now owns 15,727 shares of the technology company’s stock worth $3,307,000 after acquiring an additional 44 shares during the period. Johnson Financial Group Inc. grew its position in shares of Veeva Systems by 22.7% during the 4th quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company’s stock valued at $56,000 after purchasing an additional 44 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Veeva Systems by 72.5% in the fourth 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 during the period. Patriot Financial Group Insurance Agency LLC raised its position in shares of Veeva Systems by 0.7% in the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 6,975 shares of the technology company’s stock worth $1,467,000 after buying an additional 51 shares in the last quarter. Finally, CHICAGO TRUST Co NA boosted its stake in Veeva Systems by 2.9% during the fourth quarter. CHICAGO TRUST Co NA now owns 1,880 shares of the technology company’s stock valued at $395,000 after buying an additional 53 shares during the period. 88.20% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on VEEV shares. Piper Sandler lowered their price target on Veeva Systems from $290.00 to $255.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. The Goldman Sachs Group downgraded shares of Veeva Systems from a “buy” rating to a “sell” rating and lowered their target price for the company from $261.00 to $200.00 in a research note on Thursday, January 23rd. Scotiabank boosted their price target on shares of Veeva Systems from $240.00 to $245.00 and gave the stock a “sector perform” rating in a research note on Thursday, March 6th. JPMorgan Chase & Co. raised their price objective on shares of Veeva Systems from $218.00 to $249.00 and gave the company a “neutral” rating in a research report on Thursday, March 20th. Finally, Stephens reissued an “overweight” rating and issued a $280.00 target price on shares of Veeva Systems in a research note on Thursday, March 6th. Two research 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. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $254.92.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,200 shares of the company’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $220.97, for a total value of $265,164.00. Following the sale, the insider now owns 25,889 shares in the company, valued at approximately $5,720,692.33. This represents a 4.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Timothy S. Cabral sold 3,882 shares of Veeva Systems stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $216.83, for a total transaction of $841,734.06. Following the transaction, the director now owns 5,500 shares of the company’s stock, valued at $1,192,565. The trade was a 41.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,869 shares of company stock valued at $1,284,917. 10.50% of the stock is currently owned by corporate insiders.

Veeva Systems Trading Up 0.2 %

Shares of VEEV opened at $236.93 on Tuesday. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93. The firm’s 50-day moving average price is $226.72 and its 200-day moving average price is $224.87. The firm has a market capitalization of $38.55 billion, a price-to-earnings ratio of 58.50, a PEG ratio of 1.89 and a beta of 1.05.

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.