Sycomore Asset Management Decreases Stake in Veeva Systems Inc. (NYSE:VEEV)

Sycomore Asset Management cut its stake in Veeva Systems Inc. (NYSE:VEEV) by 5.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,273 shares of the technology company’s stock after selling 2,169 shares during the period. Sycomore Asset Management’s holdings in Veeva Systems were worth $8,434,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Massachusetts Financial Services Co. MA raised its position in Veeva Systems by 64.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock worth $744,084,000 after buying an additional 1,392,256 shares during the last quarter. Principal Financial Group Inc. increased its stake 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. raised its holdings in shares of 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 purchasing an additional 1,081,501 shares during the last quarter. FMR LLC lifted its position 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 during the period. Finally, Seilern Investment Management Ltd purchased a new stake in Veeva Systems in the fourth quarter valued at $94,957,000. Institutional investors and hedge funds own 88.20% of the company’s stock.

Insider Buying and Selling

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

Veeva Systems Stock Down 0.9 %

VEEV stock opened at $237.16 on Monday. Veeva Systems Inc. has a 52-week low of $170.25 and a 52-week high of $258.93. The stock has a market cap of $38.50 billion, a price-to-earnings ratio of 58.56, a price-to-earnings-growth ratio of 1.97 and a beta of 0.85. The business has a fifty day moving average of $224.48 and a two-hundred day moving average of $214.55.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on VEEV. Stifel Nicolaus lifted their price objective on Veeva Systems from $240.00 to $272.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Scotiabank boosted their price target on Veeva Systems from $235.00 to $240.00 and gave the company a “sector perform” rating in a report on Friday, December 6th. The Goldman Sachs Group lowered Veeva Systems from a “buy” rating to a “sell” rating and lowered their price objective for the stock from $261.00 to $200.00 in a research report on Thursday, January 23rd. StockNews.com cut shares of Veeva Systems from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, Canaccord Genuity Group increased their price target on shares of Veeva Systems from $210.00 to $270.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $253.96.

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.