Private Advisor Group LLC Sells 780 Shares of Veeva Systems Inc. (NYSE:VEEV)

Private Advisor Group LLC lowered its position in Veeva Systems Inc. (NYSE:VEEV) by 11.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,261 shares of the technology company’s stock after selling 780 shares during the quarter. Private Advisor Group LLC’s holdings in Veeva Systems were worth $1,316,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of VEEV. Wealth Enhancement Advisory Services LLC lifted its holdings in Veeva Systems by 15.2% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 14,240 shares of the technology company’s stock valued at $2,989,000 after purchasing an additional 1,877 shares during the last quarter. J.W. Cole Advisors Inc. lifted its stake in shares of Veeva Systems by 55.8% during the 3rd quarter. J.W. Cole Advisors Inc. now owns 1,882 shares of the technology company’s stock worth $395,000 after buying an additional 674 shares during the last quarter. Pallas Capital Advisors LLC acquired a new stake in shares of Veeva Systems during the 3rd quarter worth about $499,000. abrdn plc boosted its holdings in shares of Veeva Systems by 86.1% during the 3rd quarter. abrdn plc now owns 30,060 shares of the technology company’s stock worth $6,309,000 after buying an additional 13,910 shares during the period. Finally, First Trust Direct Indexing L.P. grew its stake in Veeva Systems by 63.5% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 2,424 shares of the technology company’s stock valued at $509,000 after buying an additional 941 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Stock Down 2.6 %

Shares of NYSE VEEV opened at $221.28 on Friday. The firm has a market cap of $35.93 billion, a PE ratio of 54.64, a P/E/G ratio of 1.89 and a beta of 0.85. The company’s fifty day simple moving average is $223.85 and its 200 day simple moving average is $218.48. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93.

Insider Activity

In other Veeva Systems 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 value of $390,128.20. Following the transaction, the senior vice president now owns 8,061 shares in the company, valued at approximately $1,856,448.30. This represents a 17.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 10.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on VEEV shares. Stephens assumed coverage on Veeva Systems in a report on Friday, December 20th. They issued an “overweight” rating and a $280.00 price objective on the stock. Wells Fargo & Company upped their price target on shares of Veeva Systems from $275.00 to $285.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Canaccord Genuity Group lifted their price objective on shares of Veeva Systems from $210.00 to $270.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. Mizuho assumed coverage on shares of Veeva Systems in a research report on Wednesday, December 4th. They set an “outperform” rating and a $275.00 target price on the stock. Finally, Morgan Stanley lifted their price target on shares of Veeva Systems from $183.00 to $195.00 and gave the company an “underweight” rating in a research report on Tuesday, December 17th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $255.08.

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.