Allworth Financial LP Reduces Stake in Veeva Systems Inc.

Allworth Financial LP has reduced its investment in Veeva Systems Inc. (NYSE:VEEV – Free Report) by 10.8% during the fourth quarter, based on the firm’s latest Form 13F filing with the Securities and Exchange Commission. After selling 99 shares during this period, Allworth Financial now holds a total of 815 shares of the technology company’s stock. At the close of the last quarter, these holdings were valued at approximately $187,000.

Several other institutional investors have also adjusted their positions in Veeva Systems recently. Massachusetts Financial Services Co. MA increased its holdings by 64.7% during the third quarter, acquiring an additional 1,392,256 shares. Now, this fund holds a total of 3,545,451 shares worth about $744,084,000.

State Street Corp also raised its stake by 1.5% in the same quarter, now owning 3,293,141 shares valued at approximately $691,132,000 after a purchase of an additional 47,872 shares. Likewise, FMR LLC expanded its ownership by 25.7%, with 2,981,244 shares now worth about $625,674,000 following an increase of 610,021 shares.

Additionally, Geode Capital Management LLC's holdings increased by 5.7% during the third quarter, resulting in 2,765,236 shares valued at $579,630,000 after acquiring an extra 149,807 shares. Lastly, JPMorgan Chase & Co. revealed a substantial gain of 73.2%, adding 1,081,501 shares to their portfolio, bringing its total to 2,558,592 shares valued at approximately $536,972,000. Overall, institutional investors currently own around 88.20% of Veeva Systems’ stock.

Insider Transactions at Veeva Systems

In related news, Senior Vice President Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction dated December 4th. The shares were sold at an average price of $230.30, amounting to a total of $390,128.20. Post-transaction, Faddis now holds 8,061 shares valued at around $1,856,448.30, indicating a reduction of 17.37% in his stock ownership. This transaction has been formally disclosed in filings with the SEC.

Wall Street Analysts Give Their Insights

Various analysts have recently commented on VEEV shares. Robert W. Baird raised its price target from $275.00 to $283.00 for Veeva Systems, assigning an “outperform” rating in a report published on December 6th. Meanwhile, StockNews.com upgraded the rating from “hold” to “buy” as of February 17th.

On the flip side, KeyCorp lowered its price target from $285.00 to $255.00, maintaining an “overweight” stance on the stock as of January 8th. Bank of America adjusted their target upwards from $280.00 to $290.00, also giving a “neutral” rating on December 6th. Citigroup also increased their price target from $281.00 to $307.00 and assigned a “buy” rating on December 9th. To summarize, two research analysts rated the stock as a sell, while eight gave it a hold rating, and seventeen rated it as a buy. Overall, Veeva Systems has an average rating of “Moderate Buy” with a consensus price target of $255.08 according to MarketBeat.

Veeva Systems Stock Performance

Current Stock Trends

On Friday, Veeva Systems stock opened trading at $226.10. The company’s stock has recorded a twelve-month low of $170.25 and a high of $258.93. The 50-day moving average is $223.76, while the 200-day moving average stands at $217.39. Veeva Systems currently has a market capitalization of about $36.71 billion with a price-to-earnings ratio of 55.83 and a PEG ratio of 1.89, along with a beta of 0.85.

About Veeva Systems

Veeva Systems Inc. specializes in cloud-based software solutions for the life sciences sector. Their offerings include the Veeva Commercial Cloud, a range of software and analytics tools such as Veeva customer relationship management (CRM) for customer-facing teams in pharmaceutical and biotechnology firms. They also provide various platforms such as Veeva Vault, Veeva Crossix, Veeva OpenData, Veeva Link, and Veeva Compass, aimed at enhancing data management and analytics for commercial and medical purposes in this industry.

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