Veeva Systems Inc. $VEEV Shares Sold by TD Asset Management Inc

TD Asset Management Inc trimmed its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 9.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 354,568 shares of the technology company’s stock after selling 37,606 shares during the quarter. TD Asset Management Inc’s holdings in Veeva Systems were worth $105,629,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of VEEV. Vanguard Group Inc. boosted its holdings in Veeva Systems by 3.1% in the third quarter. Vanguard Group Inc. now owns 15,429,231 shares of the technology company’s stock valued at $4,596,522,000 after purchasing an additional 457,806 shares during the last quarter. Alliancebernstein L.P. boosted its stake in shares of Veeva Systems by 3.7% during the 2nd quarter. Alliancebernstein L.P. now owns 5,705,648 shares of the technology company’s stock valued at $1,643,113,000 after buying an additional 205,997 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Veeva Systems by 11.2% during the third quarter. Principal Financial Group Inc. now owns 3,846,877 shares of the technology company’s stock worth $1,146,040,000 after buying an additional 388,864 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Veeva Systems by 4.8% in the third quarter. JPMorgan Chase & Co. now owns 3,476,258 shares of the technology company’s stock worth $1,035,622,000 after buying an additional 159,984 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in Veeva Systems by 3.8% in the second quarter. Geode Capital Management LLC now owns 3,092,539 shares of the technology company’s stock valued at $888,108,000 after acquiring an additional 114,003 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Insider Activity

In other news, insider Thomas D. Schwenger sold 1,000 shares of the firm’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 transaction, the insider directly owned 23,204 shares of the company’s stock, valued at approximately $5,370,101.72. This trade represents a 4.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 10.30% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on VEEV shares. UBS Group decreased their price objective on shares of Veeva Systems from $280.00 to $200.00 and set a “neutral” rating for the company in a report on Friday, February 20th. KeyCorp reaffirmed a “sector weight” rating on shares of Veeva Systems in a research report on Friday, December 12th. BMO Capital Markets assumed coverage on Veeva Systems in a report on Thursday, November 13th. They issued a “market perform” rating and a $300.00 price objective for the company. Weiss Ratings cut Veeva Systems from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, January 12th. Finally, Wall Street Zen lowered Veeva Systems from a “buy” rating to a “hold” rating in a research report on Saturday, December 6th. Eighteen equities 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 stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $298.21.

Veeva Systems Stock Up 0.3%

Veeva Systems stock opened at $176.34 on Thursday. The firm has a 50-day moving average price of $208.38 and a two-hundred day moving average price of $251.65. The firm has a market capitalization of $28.99 billion, a price-to-earnings ratio of 34.31, a PEG ratio of 1.22 and a beta of 1.08. Veeva Systems Inc. has a 52-week low of $168.13 and a 52-week high of $310.50.

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

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.