Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Tidal Investments LLC

Tidal Investments LLC decreased its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 51.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,852 shares of the technology company’s stock after selling 11,478 shares during the quarter. Tidal Investments LLC’s holdings in Veeva Systems were worth $2,282,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Leigh Baldwin & CO. LLC purchased a new position in Veeva Systems in the 4th quarter worth approximately $685,355,000. Norges Bank acquired a new stake in shares of Veeva Systems in the fourth quarter valued at approximately $294,785,000. JPMorgan Chase & Co. lifted its position in 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 buying an additional 1,081,501 shares in the last quarter. Wealthfront Advisers LLC boosted its stake in Veeva Systems by 29,760.5% during the fourth quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company’s stock worth $220,489,000 after buying an additional 1,045,188 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Veeva Systems by 36.0% during the fourth quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company’s stock worth $623,186,000 after buying an additional 784,741 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Stock Performance

Shares of NYSE:VEEV opened at $235.44 on Friday. The firm has a 50 day simple moving average of $229.00 and a 200 day simple moving average of $226.91. Veeva Systems Inc. has a 52 week low of $170.25 and a 52 week high of $258.93. The company has a market cap of $38.31 billion, a PE ratio of 58.13, a price-to-earnings-growth ratio of 1.89 and a beta of 0.96.

Insider Transactions at Veeva Systems

In other Veeva Systems news, Director Timothy S. Cabral sold 3,882 shares of the business’s stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $216.83, for a total value of $841,734.06. Following the completion of the sale, the director now directly owns 5,500 shares of the company’s stock, valued at $1,192,565. The trade was a 41.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Thomas D. Schwenger sold 1,200 shares of Veeva Systems stock in a transaction on Monday, April 14th. The shares were sold at an average price of $220.97, for a total transaction of $265,164.00. Following the completion of the sale, the insider now directly owns 25,889 shares of the company’s stock, valued at approximately $5,720,692.33. The trade was a 4.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,869 shares of company stock valued at $1,284,917 over the last three months. 10.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on VEEV shares. Morgan Stanley raised their price objective on shares of Veeva Systems from $195.00 to $201.00 and gave the stock an “underweight” rating in a research report on Thursday, March 6th. Robert W. Baird increased their price target on shares of Veeva Systems from $283.00 to $285.00 and gave the company an “outperform” rating in a research note on Thursday, March 6th. JPMorgan Chase & Co. lifted their price target on shares of Veeva Systems from $218.00 to $249.00 and gave the company a “neutral” rating in a research report on Thursday, March 20th. Piper Sandler decreased their price objective on Veeva Systems from $290.00 to $255.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Finally, KeyCorp lowered their price objective on Veeva Systems from $260.00 to $250.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $254.92.

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.