AFT Forsyth & Company Inc. Cuts Stock Position in Veeva Systems Inc. (NYSE:VEEV)

AFT Forsyth & Company Inc. reduced its position in Veeva Systems Inc. (NYSE:VEEV) by 6.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,344 shares of the technology company’s stock after selling 100 shares during the quarter. AFT Forsyth & Company Inc.’s holdings in Veeva Systems were worth $283,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Massachusetts Financial Services Co. MA boosted its holdings in shares of Veeva Systems by 64.7% in 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 purchasing an additional 1,392,256 shares in the last quarter. State Street Corp boosted its holdings in shares of Veeva Systems by 1.5% in the 3rd quarter. State Street Corp now owns 3,293,141 shares of the technology company’s stock worth $691,132,000 after purchasing an additional 47,872 shares in the last quarter. FMR LLC boosted its holdings in shares of Veeva Systems by 25.7% in the 3rd quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock worth $625,674,000 after purchasing an additional 610,021 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Veeva Systems by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company’s stock worth $579,630,000 after purchasing an additional 149,807 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Veeva Systems by 73.2% in the 3rd 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 in the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Veeva Systems

In related news, SVP Jonathan Faddis sold 1,694 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president now owns 8,061 shares of the company’s stock, valued at $1,856,448.30. This trade represents a 17.37 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 10.50% of the company’s stock.

Veeva Systems Stock Performance

Shares of NYSE:VEEV opened at $233.26 on Thursday. Veeva Systems Inc. has a 52-week low of $170.25 and a 52-week high of $258.93. The firm has a market capitalization of $37.87 billion, a P/E ratio of 57.60, a P/E/G ratio of 1.97 and a beta of 0.85. The stock has a 50 day moving average price of $224.84 and a 200-day moving average price of $215.41.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Scotiabank upped their price objective on Veeva Systems from $235.00 to $240.00 and gave the stock a “sector perform” rating in a report on Friday, December 6th. Citigroup increased their target price on Veeva Systems from $281.00 to $307.00 and gave the company a “buy” rating in a report on Monday, December 9th. Royal Bank of Canada increased their target price on Veeva Systems from $275.00 to $285.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Canaccord Genuity Group increased their target price on Veeva Systems from $210.00 to $270.00 and gave the company a “hold” rating in a report on Friday, December 6th. Finally, JPMorgan Chase & Co. increased their target price on Veeva Systems from $208.00 to $218.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target 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.