NewEdge Wealth LLC Sells 4,073 Shares of Veeva Systems Inc. $VEEV

NewEdge Wealth LLC cut its stake in Veeva Systems Inc. (NYSE:VEEV) by 63.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,322 shares of the technology company’s stock after selling 4,073 shares during the period. NewEdge Wealth LLC’s holdings in Veeva Systems were worth $686,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. GPS Wealth Strategies Group LLC lifted its stake in shares of Veeva Systems by 196.4% in the 3rd quarter. GPS Wealth Strategies Group LLC now owns 83 shares of the technology company’s stock valued at $25,000 after purchasing an additional 55 shares during the period. OLD Second National Bank of Aurora purchased a new stake in Veeva Systems in the third quarter worth $30,000. Legacy Investment Solutions LLC bought a new position in Veeva Systems in the second quarter worth $32,000. Cary Street Partners Investment Advisory LLC lifted its position in Veeva Systems by 58.3% during the second quarter. Cary Street Partners Investment Advisory LLC now owns 133 shares of the technology company’s stock valued at $38,000 after buying an additional 49 shares during the period. Finally, Elevation Point Wealth Partners LLC purchased a new position in Veeva Systems during the second quarter valued at $41,000. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Insider Activity at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,000 shares of the business’s stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $231.43, for a total value of $231,430.00. Following the completion of the transaction, the insider owned 23,204 shares in the company, valued at $5,370,101.72. The trade was a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 10.30% of the company’s stock.

Veeva Systems Stock Down 4.6%

NYSE:VEEV opened at $172.08 on Tuesday. The stock has a market cap of $28.29 billion, a price-to-earnings ratio of 33.48, a PEG ratio of 1.25 and a beta of 1.08. The company’s 50 day moving average price is $210.04 and its 200-day moving average price is $252.94. Veeva Systems Inc. has a 52 week low of $168.13 and a 52 week high of $310.50.

Veeva Systems announced that its board has approved a stock repurchase program on Monday, January 5th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the technology company to purchase up to 5.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on VEEV shares. BMO Capital Markets initiated coverage on shares of Veeva Systems in a research report on Thursday, November 13th. They issued a “market perform” rating and a $300.00 target price on the stock. Jefferies Financial Group restated a “buy” rating and issued a $330.00 price objective on shares of Veeva Systems in a report on Monday, November 24th. UBS Group decreased their target price on shares of Veeva Systems from $280.00 to $200.00 and set a “neutral” rating for the company in a research note on Friday. Barclays dropped their price target on Veeva Systems from $325.00 to $305.00 and set an “overweight” rating on the stock in a research report on Friday, November 21st. Finally, Weiss Ratings lowered Veeva Systems from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, January 12th. Eighteen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Veeva Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $302.58.

Veeva Systems Company Profile

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.