Veeva Systems Inc. $VEEV Shares Sold by American Century Companies Inc.

American Century Companies Inc. cut its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 23.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 384,906 shares of the technology company’s stock after selling 116,807 shares during the quarter. American Century Companies Inc. owned approximately 0.23% of Veeva Systems worth $114,667,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in VEEV. Sivia Capital Partners LLC grew its holdings in Veeva Systems by 225.9% during the 2nd quarter. Sivia Capital Partners LLC now owns 3,122 shares of the technology company’s stock worth $899,000 after acquiring an additional 2,164 shares in the last quarter. Legacy Investment Solutions LLC purchased a new stake in shares of Veeva Systems during the 2nd quarter worth $32,000. New York Life Investment Management LLC lifted its position in shares of Veeva Systems by 3.0% during the 2nd quarter. New York Life Investment Management LLC now owns 2,406 shares of the technology company’s stock worth $693,000 after purchasing an additional 69 shares during the last quarter. Keybank National Association OH grew its stake in shares of Veeva Systems by 1.4% during the second quarter. Keybank National Association OH now owns 3,088 shares of the technology company’s stock worth $889,000 after purchasing an additional 42 shares in the last quarter. Finally, Amalgamated Bank increased its holdings in Veeva Systems by 11.2% in the second quarter. Amalgamated Bank now owns 12,175 shares of the technology company’s stock valued at $3,506,000 after buying an additional 1,226 shares during the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Thomas D. Schwenger sold 1,000 shares of Veeva Systems stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $231.43, for a total value of $231,430.00. Following the transaction, the insider directly owned 23,204 shares of the company’s stock, valued at $5,370,101.72. The trade was a 4.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 10.30% of the company’s stock.

Veeva Systems Stock Down 0.4%

NYSE:VEEV opened at $181.35 on Tuesday. The company has a market capitalization of $29.81 billion, a PE ratio of 35.28, a P/E/G ratio of 1.26 and a beta of 1.09. Veeva Systems Inc. has a 52-week low of $168.13 and a 52-week high of $310.50. The stock’s 50 day moving average price is $206.04 and its 200 day moving average price is $249.47.

Veeva Systems declared that its board has approved a share repurchase plan on Monday, January 5th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 5.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

VEEV has been the topic of a number of analyst reports. Truist Financial upgraded Veeva Systems from a “hold” rating to a “buy” rating in a research note on Thursday, January 8th. KeyCorp reiterated a “sector weight” rating on shares of Veeva Systems in a report on Friday, December 12th. Needham & Company LLC restated a “buy” rating and set a $355.00 target price on shares of Veeva Systems in a research note on Friday, November 21st. Citigroup lowered their price target on Veeva Systems from $349.00 to $319.00 and set a “buy” rating for the company in a report on Monday, November 24th. Finally, The Goldman Sachs Group started coverage on shares of Veeva Systems in a research note on Tuesday, January 13th. They issued a “sell” rating and a $215.00 price target on the stock. Eighteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $293.71.

Veeva Systems 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.