Peregrine Capital Management LLC Sells 11,809 Shares of Veeva Systems Inc. (NYSE:VEEV)

Peregrine Capital Management LLC cut its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 4.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 252,378 shares of the technology company’s stock after selling 11,809 shares during the period. Veeva Systems comprises 1.6% of Peregrine Capital Management LLC’s portfolio, making the stock its 11th biggest position. Peregrine Capital Management LLC owned 0.16% of Veeva Systems worth $53,062,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA grew its stake in shares of Veeva Systems by 64.7% during the third 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 last quarter. Principal Financial Group Inc. raised its position 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 worth $457,366,000 after acquiring an additional 1,267,061 shares during the period. JPMorgan Chase & Co. grew its holdings in Veeva Systems by 73.2% in the third quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock valued at $536,972,000 after purchasing an additional 1,081,501 shares during the period. FMR LLC lifted its holdings 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 stake in Veeva Systems in the 4th quarter worth about $94,957,000. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total transaction of $390,128.20. Following the transaction, the senior vice president now owns 8,061 shares of the company’s stock, valued at $1,856,448.30. This trade represents a 17.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 10.50% of the company’s stock.

Veeva Systems Stock Performance

Shares of NYSE:VEEV opened at $234.09 on Tuesday. The business’s fifty day moving average price is $224.48 and its two-hundred day moving average price is $216.29. The stock has a market cap of $38.00 billion, a PE ratio of 57.80, a price-to-earnings-growth ratio of 1.97 and a beta of 0.85. Veeva Systems Inc. has a one year low of $170.25 and a one year high of $258.93.

Analyst Ratings Changes

Several research firms have recently commented on VEEV. JPMorgan Chase & Co. lifted their price target on Veeva Systems from $208.00 to $218.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Robert W. Baird increased their target price on shares of Veeva Systems from $275.00 to $283.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Royal Bank of Canada upped their target price on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. KeyCorp cut their price objective on shares of Veeva Systems from $285.00 to $255.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Finally, Canaccord Genuity Group lifted their price target on Veeva Systems from $210.00 to $270.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, Veeva Systems currently has a consensus rating of “Moderate Buy” and an average target price of $253.96.

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.