Frontier Capital Management Co. LLC Lowers Holdings in Veeva Systems Inc. (NYSE:VEEV)

Frontier Capital Management Co. LLC cut its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 5.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 352,911 shares of the technology company’s stock after selling 22,003 shares during the period. Frontier Capital Management Co. LLC owned about 0.22% of Veeva Systems worth $74,200,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Veeva Systems by 72.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock valued at $25,000 after purchasing an additional 50 shares in the last quarter. Centricity Wealth Management LLC purchased a new position in shares of Veeva Systems in the 4th quarter valued at $25,000. Smithfield Trust Co raised its position in shares of Veeva Systems by 145.5% in the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock worth $27,000 after acquiring an additional 80 shares in the last quarter. Retirement Wealth Solutions LLC bought a new stake in Veeva Systems during the fourth quarter valued at about $31,000. Finally, Avion Wealth grew its stake in Veeva Systems by 635.0% in the fourth quarter. Avion Wealth now owns 147 shares of the technology company’s stock valued at $30,000 after purchasing an additional 127 shares during the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Trading Up 2.2 %

Shares of NYSE VEEV opened at $237.91 on Thursday. The stock has a market cap of $38.71 billion, a P/E ratio of 58.74, a P/E/G ratio of 1.89 and a beta of 0.96. The stock has a 50 day moving average of $227.22 and a two-hundred day moving average of $225.01. Veeva Systems Inc. has a twelve month low of $170.25 and a twelve month high of $258.93.

Analysts Set New Price Targets

Several research firms recently commented on VEEV. Morgan Stanley boosted their price objective on shares of Veeva Systems from $195.00 to $201.00 and gave the stock an “underweight” rating in a research note on Thursday, March 6th. Piper Sandler reduced their target price on Veeva Systems from $290.00 to $255.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 23rd. KeyCorp dropped their price target on Veeva Systems from $260.00 to $250.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Robert W. Baird boosted their target price on shares of Veeva Systems from $283.00 to $285.00 and gave the stock an “outperform” rating in a research report on Thursday, March 6th. Finally, Stephens reiterated an “overweight” rating and set a $280.00 price objective on shares of Veeva Systems in a research note on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $254.92.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,200 shares of the stock in a transaction on Monday, April 14th. The stock was sold at an average price of $220.97, for a total value of $265,164.00. Following the completion of the transaction, the insider now owns 25,889 shares in the company, valued at approximately $5,720,692.33. This represents a 4.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Jonathan Faddis sold 787 shares of the company’s stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total transaction of $178,019.40. Following the transaction, the senior vice president now owns 8,668 shares in the company, valued at $1,960,701.60. The trade was a 8.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,869 shares of company stock worth $1,284,917. 10.50% of the stock is owned by company insiders.

Veeva Systems 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.