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

Rhumbline Advisers reduced its stake in Veeva Systems Inc. (NYSE:VEEV) by 4.0% in the 2nd 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.

Other hedge funds also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. purchased a new stake in shares of Veeva Systems in the first quarter worth about $28,000. DSM Capital Partners LLC acquired a new position in Veeva Systems during the 4th quarter worth approximately $29,000. Vermillion & White Wealth Management Group LLC acquired a new position in Veeva Systems during the 4th quarter worth approximately $32,000. Blue Trust Inc. boosted its holdings in Veeva Systems by 3,460.0% in the 2nd 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 stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 2,353 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was 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 document filed with the SEC, which is available through this link. 10.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have 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 lowered 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 raised their price target 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 raised their price target 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 lowered 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.

Veeva Systems Price Performance

Shares of VEEV 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

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.