Patten Group Inc. Lowers Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

Patten Group Inc. trimmed its holdings in Veeva Systems Inc. (NYSE:VEEV) by 4.0% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 6,523 shares of the technology company’s stock after selling 275 shares during the quarter. Patten Group Inc.’s holdings in Veeva Systems were worth $1,371,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Cardinal Capital Management lifted its holdings in Veeva Systems by 0.3% during the fourth quarter. Cardinal Capital Management now owns 15,727 shares of the technology company’s stock valued at $3,307,000 after purchasing an additional 44 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. grew its position in Veeva Systems by 1.2% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,307 shares of the technology company’s stock worth $904,000 after acquiring an additional 50 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its stake in Veeva Systems by 72.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock worth $25,000 after buying an additional 50 shares during the period. Patriot Financial Group Insurance Agency LLC raised its position in Veeva Systems by 0.7% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 6,975 shares of the technology company’s stock worth $1,467,000 after purchasing an additional 51 shares during the period. Finally, CHICAGO TRUST Co NA raised its holdings in shares of Veeva Systems by 2.9% in the fourth quarter. CHICAGO TRUST Co NA now owns 1,880 shares of the technology company’s stock worth $395,000 after buying an additional 53 shares during the period. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Veeva Systems

In other news, SVP Jonathan Faddis sold 1,694 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total value of $390,128.20. Following the transaction, the senior vice president now directly owns 8,061 shares in the company, valued at $1,856,448.30. This trade represents a 17.37 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 10.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on VEEV. Morgan Stanley lifted their target price on Veeva Systems from $183.00 to $195.00 and gave the company an “underweight” rating in a research report on Tuesday, December 17th. Scotiabank upped their target price on Veeva Systems from $235.00 to $240.00 and gave the company a “sector perform” rating in a research report on Friday, December 6th. Robert W. Baird lifted their price objective on shares of Veeva Systems from $275.00 to $283.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Piper Sandler upped their target price on Veeva Systems from $280.00 to $290.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Finally, KeyCorp decreased their price objective on Veeva Systems from $285.00 to $255.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $255.08.

Veeva Systems Stock Performance

Shares of NYSE:VEEV opened at $219.28 on Tuesday. Veeva Systems Inc. has a 52-week low of $170.25 and a 52-week high of $258.93. The company has a market cap of $35.60 billion, a P/E ratio of 54.14, a P/E/G ratio of 1.89 and a beta of 0.85. The stock’s 50-day moving average is $223.74 and its 200-day moving average is $219.35.

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.