NewEdge Wealth LLC Reduces Stock Position in Veeva Systems Inc. $VEEV

NewEdge Wealth LLC trimmed its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 63.7% in the 3rd quarter, Holdings Channel reports. The firm owned 2,322 shares of the technology company’s stock after selling 4,073 shares during the period. NewEdge Wealth LLC’s holdings in Veeva Systems were worth $686,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Jensen Investment Management Inc. grew its stake in shares of Veeva Systems by 1,924.5% during the 3rd quarter. Jensen Investment Management Inc. now owns 413,213 shares of the technology company’s stock valued at $123,100,000 after purchasing an additional 392,802 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Veeva Systems by 11.2% in the third quarter. Principal Financial Group Inc. now owns 3,846,877 shares of the technology company’s stock worth $1,146,040,000 after buying an additional 388,864 shares during the last quarter. Alphinity Investment Management Pty Ltd bought a new stake in Veeva Systems during the third quarter valued at approximately $422,241,000. Compass Wealth Management LLC bought a new stake in Veeva Systems during the third quarter valued at approximately $18,694,000. Finally, ABN AMRO Bank N.V. purchased a new stake in Veeva Systems during the third quarter valued at approximately $246,625,000. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Down 4.6%

NYSE VEEV opened at $172.08 on Tuesday. The firm has a market cap of $28.29 billion, a price-to-earnings ratio of 33.48, a price-to-earnings-growth ratio of 1.25 and a beta of 1.08. The business has a 50-day moving average price of $210.04 and a 200-day moving average price of $252.94. Veeva Systems Inc. has a twelve month low of $168.13 and a twelve month high of $310.50.

Veeva Systems declared that its Board of Directors has authorized a share buyback program on Monday, January 5th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the technology company to buy up to 5.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 13th. The stock was sold at an average price of $231.43, for a total value of $231,430.00. Following the completion of the transaction, the insider directly owned 23,204 shares in the company, valued at $5,370,101.72. This represents a 4.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 10.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on VEEV. Citigroup dropped their price target on shares of Veeva Systems from $349.00 to $319.00 and set a “buy” rating on the stock in a research note on Monday, November 24th. Barclays lowered their target price on Veeva Systems from $325.00 to $305.00 and set an “overweight” rating on the stock in a research report on Friday, November 21st. Wells Fargo & Company cut their price target on Veeva Systems from $341.00 to $333.00 and set an “overweight” rating for the company in a report on Tuesday, November 25th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $330.00 price objective on shares of Veeva Systems in a research note on Monday, November 24th. Finally, Weiss Ratings downgraded Veeva Systems from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, January 12th. Eighteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $302.58.

Veeva Systems Company Profile

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.