Forsta AP Fonden Reduces Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

Forsta AP Fonden reduced its stake in Veeva Systems Inc. (NYSE:VEEV) by 9.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 28,800 shares of the technology company’s stock after selling 3,100 shares during the period. Forsta AP Fonden’s holdings in Veeva Systems were worth $5,271,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Western Pacific Wealth Management LP lifted its holdings in Veeva Systems by 23.3% in the first quarter. Western Pacific Wealth Management LP now owns 307 shares of the technology company’s stock valued at $71,000 after acquiring an additional 58 shares during the period. Quadrant Capital Group LLC grew its holdings in Veeva Systems by 14.7% in the 4th quarter. Quadrant Capital Group LLC now owns 530 shares of the technology company’s stock valued at $102,000 after buying an additional 68 shares during the period. Simplicity Wealth LLC grew its holdings in Veeva Systems by 1.7% in the 2nd quarter. Simplicity Wealth LLC now owns 4,029 shares of the technology company’s stock valued at $737,000 after buying an additional 69 shares during the period. Wedmont Private Capital lifted its stake in shares of Veeva Systems by 3.8% in the 1st quarter. Wedmont Private Capital now owns 1,981 shares of the technology company’s stock valued at $429,000 after purchasing an additional 72 shares in the last quarter. Finally, Davidson Capital Management Inc. lifted its stake in shares of Veeva Systems by 0.6% in the 1st quarter. Davidson Capital Management Inc. now owns 11,406 shares of the technology company’s stock valued at $2,643,000 after purchasing an additional 72 shares in the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Stock Down 0.9 %

Shares of VEEV opened at $217.95 on Friday. The stock has a market capitalization of $35.23 billion, a P/E ratio of 64.29, a P/E/G ratio of 2.14 and a beta of 0.81. Veeva Systems Inc. has a twelve month low of $162.72 and a twelve month high of $236.90. The company has a 50 day moving average of $196.14 and a 200-day moving average of $201.88.

Insider Activity

In other Veeva Systems news, SVP Jonathan Faddis sold 2,353 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total transaction of $470,600.00. Following the completion of the sale, the senior vice president now owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 10.50% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Robert W. Baird upped their target price on Veeva Systems from $245.00 to $251.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. BTIG Research assumed coverage on Veeva Systems in a research note on Tuesday, July 9th. They issued a “buy” rating and a $240.00 price target for the company. Canaccord Genuity Group decreased their price target on Veeva Systems from $220.00 to $210.00 and set a “hold” rating for the company in a research note on Friday, May 31st. Raymond James upped their price objective on Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a report on Thursday, August 29th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $250.00 target price on shares of Veeva Systems in a report on Thursday, August 29th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, Veeva Systems presently has an average rating of “Moderate Buy” and a consensus target price of $229.96.

Veeva Systems Company 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.