Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Rhumbline Advisers

Rhumbline Advisers reduced its stake in Veeva Systems Inc. (NYSE:VEEV – Free Report) by 4.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 210,925 shares of the technology company’s stock after selling 8,747 shares during the period. Rhumbline Advisers’ holdings in Veeva Systems were worth $38,601,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. acquired a new stake in shares of Veeva Systems in the 1st quarter valued at approximately $28,000. DSM Capital Partners LLC acquired a new position in Veeva Systems in the fourth quarter valued at approximately $29,000. Vermillion & White Wealth Management Group LLC purchased a new position in Veeva Systems during the 4th quarter valued at approximately $32,000. Blue Trust Inc. boosted its holdings in Veeva Systems by 3,460.0% in the second quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock worth $33,000 after acquiring an additional 173 shares during the period. Finally, First Financial Corp IN acquired a new stake in Veeva Systems in the first quarter valued at approximately $35,000. 88.20% of the shares are held by hedge funds and other institutional investors.

Insider buying and selling

In related news, SVP Jonathan Faddis sold 2,353 shares of the business’s 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 in the company, valued at approximately $1,807,000. The sale was disclosed in a filing with the SEC, which is available at this link. 10.50% of shares are owned by company insiders.

Analysts on Wall Street are forecasting an increase

Several research analysts recently weighed in on the stock. UBS Group upped their target price on shares of Veeva Systems from $185.00 to $215.00 and gave the company a “neutral” rating in a research note on Monday, August 26th. Evercore ISI cut their price target on shares of Veeva Systems from $230.00 to $200.00 and set an “in-line” rating for the company in a report on Friday, May 31st. Piper Sandler boosted their target price on shares of Veeva Systems from $225.00 to $230.00 and gave the company an “overweight” rating in a report on Thursday, August 29th. Truist Financial upped their target price on shares of Veeva Systems from $197.00 to $207.00 and gave the company a “hold” rating in a report on Tuesday. Finally, Canaccord Genuity Group cut their price target on shares of Veeva Systems from $220.00 to $210.00 and set a “hold” rating for the company in a report on Friday, May 31st. One analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat , the stock has an average rating of “Moderate Buy” and an average target price of $230.57.

Get the latest inventory report on Veeva Systems

Veeva Systems price performance

Shares of VEEV stock opened at $215.45 on Friday. The company has a market cap of $34.83 billion, a P/E ratio of 63.55, a PEG ratio of 2.11 and a beta of 0.81. The stock has a fifty day moving average price of $191.56 and a 200 day moving average price of $202.03. Veeva Systems Inc. has a 12-month low of $162.72 and a 12-month high of $236.90.

Veeva Systems Company Profile

(Free report)

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), which enables customer-facing employees in pharmaceutical and biotech companies; Veeva Vault PromoMats, an end-to-end digital asset management solution; Veeva Vault Medical which provides medical content source across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a reference data solution for customers; Veeva Link, a data application that allows the link to generate real-time information; and Veeva Compass includes de-identified and longitudinal patient data for the United States.

Further reading

Want to see what other hedge funds own VEEV? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for Veeva Systems Inc. (NYSE:VEEV – Free Report).

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