Massachusetts Financial Services Co. MA Cuts Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

Massachusetts Financial Services Co. MA lowered its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 13.0% during the second quarter, Holdings Channel reports. The fund owned 2,153,195 shares of the technology company’s stock after selling 322,859 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Veeva Systems were worth $394,056,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of VEEV. Norges Bank purchased a new stake in shares of Veeva Systems during the fourth quarter worth $305,543,000. Vanguard Group Inc. grew its stake in shares of Veeva Systems by 7.5% during the first quarter. Vanguard Group Inc. now owns 14,150,070 shares of the technology company’s stock worth $3,278,430,000 after purchasing an additional 991,208 shares in the last quarter. Swedbank AB acquired a new position in shares of Veeva Systems during the first quarter worth $227,673,000. Principal Financial Group Inc. grew its stake in shares of Veeva Systems by 1,122.3% during the second quarter. Principal Financial Group Inc. now owns 912,223 shares of the technology company’s stock worth $166,946,000 after purchasing an additional 837,593 shares in the last quarter. Finally, Matrix Capital Management Company LP grew its stake in shares of Veeva Systems by 635.4% during the first quarter. Matrix Capital Management Company LP now owns 498,821 shares of the technology company’s stock worth $115,572,000 after purchasing an additional 430,989 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 2,353 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $200.00, for a total transaction of $470,600.00. Following the completion of the transaction, the senior vice president now directly owns 9,035 shares of the company’s stock, valued at $1,807,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 10.50% of the stock is currently owned by corporate insiders.

Veeva Systems Stock Down 0.4 %

NYSE VEEV opened at $217.06 on Tuesday. The stock has a market capitalization of $35.09 billion, a P/E ratio of 64.03, a P/E/G ratio of 2.14 and a beta of 0.81. Veeva Systems Inc. has a 52-week low of $162.72 and a 52-week high of $236.90. The firm has a 50-day moving average price of $196.82 and a 200 day moving average price of $201.66.

Analyst Ratings Changes

A number of equities analysts recently commented on VEEV shares. Guggenheim boosted their target price on shares of Veeva Systems from $211.00 to $233.00 and gave the stock a “buy” rating in a research note on Thursday, July 18th. Robert W. Baird boosted their target price on shares of Veeva Systems from $245.00 to $251.00 and gave the stock an “outperform” rating in a research note on Thursday, August 29th. JPMorgan Chase & Co. boosted their target price on shares of Veeva Systems from $203.00 to $208.00 and gave the stock a “neutral” rating in a research note on Monday, September 9th. Canaccord Genuity Group decreased their price objective on shares of Veeva Systems from $220.00 to $210.00 and set a “hold” rating for the company in a research note on Friday, May 31st. Finally, Raymond James upped their price objective on shares of Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $229.96.

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.