Congress Asset Management Co. MA Sells 377,631 Shares of Veeva Systems Inc. (NYSE:VEEV)

Congress Asset Management Co. MA lowered its position in Veeva Systems Inc. (NYSE:VEEV) by 90.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 38,201 shares of the technology company’s stock after selling 377,631 shares during the quarter. Congress Asset Management Co. MA’s holdings in Veeva Systems were worth $7,354,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in VEEV. Linscomb & Williams Inc. purchased a new position in Veeva Systems in the fourth quarter worth $1,479,000. Robeco Institutional Asset Management B.V. grew its position in Veeva Systems by 32.7% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 206,220 shares of the technology company’s stock worth $365,000 after acquiring an additional 50,868 shares in the last quarter. Sequoia Financial Advisors LLC grew its position in Veeva Systems by 703.8% in the fourth quarter. Sequoia Financial Advisors LLC now owns 15,594 shares of the technology company’s stock worth $3,002,000 after acquiring an additional 13,654 shares in the last quarter. Nordea Investment Management AB grew its position in Veeva Systems by 5.2% in the fourth quarter. Nordea Investment Management AB now owns 163,247 shares of the technology company’s stock worth $31,730,000 after acquiring an additional 8,007 shares in the last quarter. Finally, APG Asset Management US Inc. purchased a new stake in Veeva Systems during the fourth quarter valued at about $5,756,000. Institutional investors own 88.20% of the company’s stock.

Insider Activity at Veeva Systems

In related news, EVP Alan Mateo sold 3,391 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $200.86, for a total transaction of $681,116.26. Following the completion of the sale, the executive vice president now owns 21,983 shares of the company’s stock, valued at $4,415,505.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Alan Mateo sold 3,391 shares of the firm’s stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $200.86, for a total transaction of $681,116.26. Following the completion of the sale, the executive vice president now owns 21,983 shares of the company’s stock, valued at $4,415,505.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jonathan Faddis sold 3,598 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $207.42, for a total transaction of $746,297.16. Following the sale, the senior vice president now directly owns 10,668 shares of the company’s stock, valued at approximately $2,212,756.56. The disclosure for this sale can be found here. Insiders sold 21,989 shares of company stock valued at $4,192,363 over the last 90 days. Corporate insiders own 10.50% of the company’s stock.

Veeva Systems Stock Performance

Shares of NYSE VEEV opened at $184.70 on Monday. Veeva Systems Inc. has a fifty-two week low of $162.72 and a fifty-two week high of $236.90. The company has a 50 day simple moving average of $199.25 and a two-hundred day simple moving average of $204.78. The company has a market capitalization of $29.86 billion, a price-to-earnings ratio of 54.48, a P/E/G ratio of 1.82 and a beta of 0.80.

Analysts Set New Price Targets

Several analysts have issued reports on VEEV shares. Evercore ISI cut their price target on shares of Veeva Systems from $230.00 to $200.00 and set an “in-line” rating for the company in a research report on Friday, May 31st. Morgan Stanley cut their price target on shares of Veeva Systems from $210.00 to $173.00 and set an “underweight” rating for the company in a research report on Friday, May 31st. JPMorgan Chase & Co. upped their price target on shares of Veeva Systems from $183.00 to $222.00 and gave the company a “neutral” rating in a research report on Wednesday, March 13th. Truist Financial cut their price target on shares of Veeva Systems from $203.00 to $197.00 and set a “hold” rating for the company in a research report on Friday. Finally, Citigroup dropped their target price on shares of Veeva Systems from $274.00 to $256.00 and set a “buy” rating for the company in a report on Monday, June 3rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, Veeva Systems currently has an average rating of “Moderate Buy” and a consensus price target of $227.95.

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.