Dakota Wealth Management Cuts Stock Holdings in Veeva Systems Inc. $VEEV

Dakota Wealth Management decreased its position in Veeva Systems Inc. (NYSE:VEEV) by 61.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,637 shares of the technology company’s stock after selling 7,292 shares during the quarter. Dakota Wealth Management’s holdings in Veeva Systems were worth $1,382,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Sivia Capital Partners LLC lifted its position in shares of 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 buying an additional 2,164 shares in the last quarter. Legacy Investment Solutions LLC purchased a new stake in shares of Veeva Systems during the second quarter valued at approximately $32,000. Ashton Thomas Private Wealth LLC bought a new stake in Veeva Systems during the second quarter worth $261,000. Bessemer Group Inc. boosted its position in Veeva Systems by 32.9% in the second quarter. Bessemer Group Inc. now owns 3,162 shares of the technology company’s stock worth $911,000 after purchasing an additional 783 shares during the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund grew its stake in Veeva Systems by 8.3% in the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 47,169 shares of the technology company’s stock valued at $13,584,000 after purchasing an additional 3,600 shares during the period. 88.20% of the stock is owned by institutional investors.

Veeva Systems Trading Up 0.3%

Shares of VEEV stock opened at $176.34 on Thursday. The firm’s 50 day moving average is $208.38 and its 200 day moving average is $251.65. The stock has a market capitalization of $28.99 billion, a P/E ratio of 34.31, a PEG ratio of 1.22 and a beta of 1.08. Veeva Systems Inc. has a 12 month low of $168.13 and a 12 month high of $310.50.

Veeva Systems announced that its Board of Directors has initiated a share repurchase program on Monday, January 5th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the technology company to purchase up to 5.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,000 shares of the business’s stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $231.43, for a total transaction of $231,430.00. Following the sale, the insider directly owned 23,204 shares in the company, valued at approximately $5,370,101.72. The trade was a 4.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 10.30% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Truist Financial upgraded Veeva Systems from a “hold” rating to a “buy” rating in a research note on Thursday, January 8th. Robert W. Baird lifted their price objective on shares of Veeva Systems from $314.00 to $319.00 and gave the stock an “outperform” rating in a research report on Friday, November 21st. Wall Street Zen downgraded shares of Veeva Systems from a “buy” rating to a “hold” rating in a research report on Saturday, December 6th. Wells Fargo & Company decreased their price target on shares of Veeva Systems from $341.00 to $333.00 and set an “overweight” rating for the company in a research note on Tuesday, November 25th. Finally, KeyCorp reiterated a “sector weight” rating on shares of Veeva Systems in a research note on Friday, December 12th. Eighteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $298.21.

About Veeva Systems

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.