Wellington Management Group LLP Sells 1,559,740 Shares of Veeva Systems Inc. (NYSE:VEEV)

Wellington Management Group LLP trimmed its holdings in Veeva Systems Inc. (NYSE:VEEV) by 47.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 1,755,564 shares of the technology company’s stock after selling 1,559,740 shares during the quarter. Wellington Management Group LLP owned 1.09% of Veeva Systems worth $337,981,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Operose Advisors LLC purchased a new stake in Veeva Systems during the third quarter valued at about $29,000. DSM Capital Partners LLC bought a new stake in shares of Veeva Systems in the 4th quarter valued at about $29,000. Vermillion & White Wealth Management Group LLC purchased a new stake in Veeva Systems during the 4th quarter valued at about $32,000. Parkside Financial Bank & Trust grew its position in Veeva Systems by 81.9% during the 3rd quarter. Parkside Financial Bank & Trust now owns 171 shares of the technology company’s stock worth $35,000 after acquiring an additional 77 shares during the last quarter. Finally, American National Bank purchased a new position in Veeva Systems in the 4th quarter worth approximately $36,000. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Performance

VEEV stock opened at $179.75 on Tuesday. The firm has a market capitalization of $29.06 billion, a price-to-earnings ratio of 53.02, a PEG ratio of 1.82 and a beta of 0.80. The firm has a 50 day moving average price of $198.54 and a 200-day moving average price of $204.82. Veeva Systems Inc. has a 52-week low of $162.72 and a 52-week high of $236.90.

Insider Buying and Selling at Veeva Systems

In other news, CFO Timothy S. Cabral sold 15,000 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $184.33, for a total transaction of $2,764,950.00. Following the completion of the transaction, the chief financial officer now directly owns 8,391 shares in the company, valued at $1,546,713.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Timothy S. Cabral sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $184.33, for a total value of $2,764,950.00. Following the transaction, the chief financial officer now owns 8,391 shares in the company, valued at $1,546,713.03. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 sale, the executive vice president now directly owns 21,983 shares of the company’s stock, valued at approximately $4,415,505.38. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,989 shares of company stock worth $4,192,363. 10.50% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. Morgan Stanley dropped their price objective on Veeva Systems from $210.00 to $173.00 and set an “underweight” rating for the company in a research note on Friday, May 31st. UBS Group lowered their price objective on shares of Veeva Systems from $235.00 to $185.00 and set a “neutral” rating for the company in a research note on Friday, May 31st. Citigroup cut their target price on Veeva Systems from $274.00 to $256.00 and set a “buy” rating on the stock in a research note on Monday, June 3rd. Evercore ISI lowered their price target on 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. Finally, Barclays dropped their price objective on Veeva Systems from $245.00 to $220.00 and set an “overweight” rating for the company in a report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price 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.