Centiva Capital LP Lowers Position in Veeva Systems Inc. (NYSE:VEEV)

Centiva Capital LP cut its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 26.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,964 shares of the technology company’s stock after selling 3,672 shares during the quarter. Centiva Capital LP’s holdings in Veeva Systems were worth $2,091,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Concentric Capital Strategies LP purchased a new position in shares of Veeva Systems during the 3rd quarter worth $4,932,000. Benjamin Edwards Inc. boosted its holdings in Veeva Systems by 650.6% during the 3rd quarter. Benjamin Edwards Inc. now owns 6,620 shares of the technology company’s stock valued at $1,389,000 after acquiring an additional 5,738 shares during the period. Kestra Investment Management LLC purchased a new position in Veeva Systems during the 3rd quarter valued at about $485,000. Point72 Hong Kong Ltd purchased a new position in Veeva Systems during the 3rd quarter valued at about $2,868,000. Finally, True Wealth Design LLC boosted its holdings in Veeva Systems by 3,375.0% during the 3rd quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock valued at $29,000 after acquiring an additional 135 shares during the period. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Price Performance

Veeva Systems stock opened at $227.46 on Tuesday. Veeva Systems Inc. has a 1-year low of $165.12 and a 1-year high of $240.68. The company has a market cap of $36.83 billion, a PE ratio of 60.66, a price-to-earnings-growth ratio of 2.21 and a beta of 0.82. The stock’s 50 day moving average price is $216.04 and its 200 day moving average price is $202.05.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on VEEV shares. Royal Bank of Canada increased their price target on Veeva Systems from $250.00 to $275.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. UBS Group raised their target price on Veeva Systems from $185.00 to $215.00 and gave the stock a “neutral” rating in a research report on Monday, August 26th. Barclays raised their target price on Veeva Systems from $240.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Bank of America raised their target price on Veeva Systems from $204.00 to $240.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Finally, Needham & Company LLC reissued a “buy” rating and set a $260.00 target price on shares of Veeva Systems in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Veeva Systems presently has a consensus rating of “Moderate Buy” and an average target price of $236.92.

Insider Activity at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the sale, the insider now directly owns 27,013 shares in the company, valued at $6,483,390.13. The trade was a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 10.50% of the company’s stock.

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.