ARK Investment Management LLC Decreases Holdings in Veeva Systems Inc. (NYSE:VEEV)

ARK Investment Management LLC lessened its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 50.8% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 65,837 shares of the technology company’s stock after selling 67,916 shares during the quarter. ARK Investment Management LLC’s holdings in Veeva Systems were worth $13,842,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. General American Investors Co. Inc. bought a new position in Veeva Systems during the third quarter worth about $5,133,000. Toronto Dominion Bank boosted its position in Veeva Systems by 39.1% during the third quarter. Toronto Dominion Bank now owns 20,180 shares of the technology company’s stock worth $4,235,000 after purchasing an additional 5,673 shares during the period. Principal Financial Group Inc. boosted its position in Veeva Systems by 138.9% during the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after purchasing an additional 1,267,061 shares during the period. Oppenheimer Asset Management Inc. boosted its position in Veeva Systems by 3.6% during the third quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company’s stock worth $16,370,000 after purchasing an additional 2,733 shares during the period. Finally, Assetmark Inc. boosted its position in Veeva Systems by 46.4% during the third quarter. Assetmark Inc. now owns 48,205 shares of the technology company’s stock worth $10,117,000 after purchasing an additional 15,289 shares during the period. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Trading Down 2.0 %

Veeva Systems stock opened at $221.53 on Wednesday. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93. The firm has a market capitalization of $35.97 billion, a price-to-earnings ratio of 54.70, a P/E/G ratio of 1.89 and a beta of 0.85. The firm has a 50 day moving average of $223.69 and a 200 day moving average of $218.40.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Evercore ISI increased their target price on shares of Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a research report on Friday, December 6th. JPMorgan Chase & Co. increased their target price on shares of Veeva Systems from $208.00 to $218.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. KeyCorp cut their price objective on shares of Veeva Systems from $285.00 to $255.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Citigroup raised their price objective on shares of Veeva Systems from $281.00 to $307.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Finally, The Goldman Sachs Group lowered shares of Veeva Systems from a “buy” rating to a “sell” rating and cut their price objective for the company from $261.00 to $200.00 in a research report on Thursday, January 23rd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $255.08.

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 1,694 shares of the 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 directly owns 8,061 shares in the company, valued at approximately $1,856,448.30. This represents a 17.37 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.50% of the stock is currently owned by corporate insiders.

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.