Flagship Harbor Advisors LLC Decreases Holdings in Veeva Systems Inc. (NYSE:VEEV)

Flagship Harbor Advisors LLC trimmed its stake in Veeva Systems Inc. (NYSE:VEEV) by 4.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,923 shares of the technology company’s stock after selling 84 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Veeva Systems were worth $404,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Massachusetts Financial Services Co. MA raised its holdings in shares of Veeva Systems by 64.7% in 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 purchasing an additional 1,392,256 shares during the period. Principal Financial Group Inc. raised its stake in shares of Veeva Systems by 138.9% in the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock valued at $457,366,000 after buying an additional 1,267,061 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Veeva Systems by 73.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock valued at $536,972,000 after buying an additional 1,081,501 shares during the last quarter. FMR LLC grew its stake in shares of Veeva Systems by 25.7% during the 3rd quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock worth $625,674,000 after acquiring an additional 610,021 shares during the period. Finally, Seilern Investment Management Ltd purchased a new stake in Veeva Systems in the 4th quarter worth about $94,957,000. 88.20% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on VEEV. Scotiabank increased their target price on shares of Veeva Systems from $235.00 to $240.00 and gave the stock a “sector perform” rating in a research report on Friday, December 6th. KeyCorp reduced their price objective on shares of Veeva Systems from $285.00 to $255.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Evercore ISI increased their target price on Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a research report on Friday, December 6th. Truist Financial reduced their price target on Veeva Systems from $261.00 to $210.00 and set a “hold” rating for the company in a research report on Monday, January 13th. Finally, StockNews.com cut Veeva Systems from a “buy” rating to a “hold” rating in a report on Thursday, January 23rd. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat, Veeva Systems has an average rating of “Moderate Buy” and a consensus target price of $253.96.

Insider Transactions at Veeva Systems

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

Veeva Systems Price Performance

Shares of VEEV opened at $232.18 on Wednesday. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93. The stock has a 50 day simple moving average of $221.87 and a two-hundred day simple moving average of $211.57. The firm has a market cap of $37.69 billion, a P/E ratio of 57.33, a P/E/G ratio of 2.01 and a beta of 0.84.

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.