Lyell Wealth Management LP lessened its stake in Veeva Systems Inc (NYSE:VEEV) by 4.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 50,972 shares of the technology company’s stock after selling 2,100 shares during the period. Veeva Systems comprises about 1.9% of Lyell Wealth Management LP’s holdings, making the stock its 14th largest holding. Lyell Wealth Management LP’s holdings in Veeva Systems were worth $5,549,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Legal & General Group Plc raised its position in Veeva Systems by 6.5% during the 1st quarter. Legal & General Group Plc now owns 142,929 shares of the technology company’s stock valued at $10,437,000 after purchasing an additional 8,747 shares during the last quarter. WINTON GROUP Ltd bought a new position in Veeva Systems during the 1st quarter valued at approximately $753,000. Cerebellum GP LLC raised its position in Veeva Systems by 1,645.0% during the 2nd quarter. Cerebellum GP LLC now owns 2,251 shares of the technology company’s stock valued at $173,000 after purchasing an additional 2,122 shares during the last quarter. DnB Asset Management AS bought a new position in Veeva Systems during the 2nd quarter valued at approximately $830,000. Finally, XR Securities LLC bought a new position in Veeva Systems during the 2nd quarter valued at approximately $215,000. 75.55% of the stock is owned by institutional investors.
Shares of NYSE:VEEV opened at $89.83 on Wednesday. Veeva Systems Inc has a 52-week low of $52.17 and a 52-week high of $109.05. The company has a market capitalization of $11.96 billion, a PE ratio of 97.64, a PEG ratio of 3.94 and a beta of 1.54.
A number of research analysts have commented on the company. JMP Securities upped their price target on Veeva Systems from $80.00 to $95.00 and gave the company a “market perform” rating in a research report on Friday, August 24th. They noted that the move was a valuation call. DA Davidson upped their price target on Veeva Systems to $105.00 and gave the company a “buy” rating in a research report on Friday, August 24th. Zacks Investment Research raised Veeva Systems from a “hold” rating to a “buy” rating and set a $92.00 price target for the company in a research report on Tuesday, July 17th. Guggenheim started coverage on Veeva Systems in a research report on Tuesday, August 7th. They set a “buy” rating and a $100.00 price target for the company. Finally, Needham & Company LLC reissued a “buy” rating and issued a $100.00 target price (up previously from $90.00) on shares of Veeva Systems in a research report on Friday, August 24th. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $99.07.
In related news, President Matthew J. Wallach sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $84.57, for a total value of $1,014,840.00. Following the sale, the president now owns 12,000 shares in the company, valued at approximately $1,014,840. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Alan Mateo sold 46,547 shares of the company’s stock in a transaction that occurred on Monday, August 13th. The stock was sold at an average price of $85.42, for a total value of $3,976,044.74. The disclosure for this sale can be found here. Insiders sold a total of 172,476 shares of company stock valued at $16,528,424 in the last three months. Corporate insiders own 15.97% of the company’s stock.
About Veeva Systems
Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, and internationally. The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, data solutions, and master data management solutions; and Veeva Vault, a cloud-based enterprise content management applications for managing commercial functions, including medical, sales, and marketing, as well as research and development functions, such as clinical, regulatory, quality, and safety.
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