Veeva Systems Inc. $VEEV Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. cut its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 42.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,749 shares of the technology company’s stock after selling 15,763 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Veeva Systems were worth $6,263,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Perpetual Ltd boosted its stake in shares of Veeva Systems by 1.6% during the 2nd quarter. Perpetual Ltd now owns 17,792 shares of the technology company’s stock worth $5,124,000 after acquiring an additional 282 shares in the last quarter. IFM Investors Pty Ltd boosted its stake in shares of Veeva Systems by 7.4% during the 2nd quarter. IFM Investors Pty Ltd now owns 28,268 shares of the technology company’s stock worth $8,141,000 after acquiring an additional 1,942 shares in the last quarter. Triangle Securities Wealth Management boosted its stake in shares of Veeva Systems by 0.8% during the 2nd quarter. Triangle Securities Wealth Management now owns 5,782 shares of the technology company’s stock worth $1,665,000 after acquiring an additional 45 shares in the last quarter. NorthCrest Asset Manangement LLC boosted its stake in shares of Veeva Systems by 2.8% during the 2nd quarter. NorthCrest Asset Manangement LLC now owns 51,435 shares of the technology company’s stock worth $14,622,000 after acquiring an additional 1,413 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in shares of Veeva Systems by 96.8% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 26,612 shares of the technology company’s stock worth $7,566,000 after acquiring an additional 13,088 shares in the last quarter. 88.20% of the stock is owned by institutional investors.

Veeva Systems Stock Down 0.8%

VEEV stock opened at $278.75 on Wednesday. Veeva Systems Inc. has a twelve month low of $200.30 and a twelve month high of $296.72. The company has a market cap of $45.69 billion, a PE ratio of 57.24, a price-to-earnings-growth ratio of 2.18 and a beta of 0.95. The business’s 50-day simple moving average is $280.62 and its 200 day simple moving average is $259.78.

Analyst Ratings Changes

VEEV has been the subject of several research reports. Morgan Stanley raised their price objective on Veeva Systems from $210.00 to $222.00 and gave the stock an “underweight” rating in a research note on Thursday, August 28th. Mizuho raised their target price on Veeva Systems from $295.00 to $325.00 and gave the stock an “outperform” rating in a research report on Friday, August 29th. Piper Sandler raised their target price on Veeva Systems from $325.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, August 28th. Stifel Nicolaus raised their target price on Veeva Systems from $295.00 to $320.00 and gave the stock a “buy” rating in a research report on Thursday, August 28th. Finally, Truist Financial raised their target price on Veeva Systems from $268.00 to $275.00 and gave the stock a “hold” rating in a research report on Thursday, August 28th. Seventeen research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $301.48.

Insider Transactions at Veeva Systems

In related news, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the sale, the senior vice president directly owned 7,902 shares of the company’s stock, valued at $2,256,969.24. This trade represents a 8.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Priscilla Hung sold 171 shares of Veeva Systems stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $284.40, for a total value of $48,632.40. Following the sale, the director directly owned 3,966 shares in the company, valued at approximately $1,127,930.40. This trade represents a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,063 shares of company stock worth $302,955. 10.30% of the stock is owned by company insiders.

Veeva Systems 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.