Veeva Systems Inc. (NYSE:VEEV) Position Reduced by Riverbridge Partners LLC

Riverbridge Partners LLC reduced its position in Veeva Systems Inc. (NYSE:VEEV) by 3.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 375,798 shares of the technology company’s stock after selling 12,540 shares during the period. Riverbridge Partners LLC’s holdings in Veeva Systems were worth $79,011,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in VEEV. Massachusetts Financial Services Co. MA boosted its position in Veeva Systems by 64.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock worth $744,084,000 after acquiring an additional 1,392,256 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Veeva Systems by 138.9% during the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after purchasing an additional 1,267,061 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Veeva Systems by 73.2% during the third quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock worth $536,972,000 after purchasing an additional 1,081,501 shares during the period. FMR LLC grew its position in Veeva Systems by 25.7% during the third quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock valued at $625,674,000 after purchasing an additional 610,021 shares in the last quarter. Finally, Seilern Investment Management Ltd acquired a new position in Veeva Systems in the 4th quarter valued at approximately $94,957,000. Institutional investors and hedge funds own 88.20% of the company’s stock.

Insider Activity at Veeva Systems

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the completion of the transaction, the insider now owns 27,013 shares in the company, valued at $6,483,390.13. This trade represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Jonathan Faddis sold 1,694 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total value of $390,128.20. Following the completion of the sale, the senior vice president now owns 8,061 shares in the company, valued at approximately $1,856,448.30. This represents a 17.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on VEEV shares. Mizuho assumed coverage on shares of Veeva Systems in a research note on Wednesday, December 4th. They set an “outperform” rating and a $275.00 target price for the company. Needham & Company LLC restated a “buy” rating and issued a $270.00 target price on shares of Veeva Systems in a research note on Friday, January 17th. Evercore ISI raised their price target on Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a research note on Friday, December 6th. Piper Sandler boosted their price target on Veeva Systems from $280.00 to $290.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, StockNews.com raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $255.74.

Veeva Systems Price Performance

Shares of Veeva Systems stock opened at $229.05 on Thursday. The firm has a fifty day moving average price of $221.64 and a two-hundred day moving average price of $210.39. Veeva Systems Inc. has a fifty-two week low of $170.25 and a fifty-two week high of $258.93. The company has a market cap of $37.19 billion, a PE ratio of 56.56, a price-to-earnings-growth ratio of 1.96 and a beta of 0.84.

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.