TD Asset Management Inc Lowers Stock Holdings in Veeva Systems Inc. $VEEV

TD Asset Management Inc lessened its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 9.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 354,568 shares of the technology company’s stock after selling 37,606 shares during the quarter. TD Asset Management Inc owned approximately 0.22% of Veeva Systems worth $105,629,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. GPS Wealth Strategies Group LLC lifted its position in Veeva Systems by 196.4% during the third quarter. GPS Wealth Strategies Group LLC now owns 83 shares of the technology company’s stock worth $25,000 after buying an additional 55 shares during the period. Raiffeisen Bank International AG purchased a new position in shares of Veeva Systems during the 3rd quarter worth about $28,000. OLD Second National Bank of Aurora acquired a new stake in shares of Veeva Systems in the third quarter worth approximately $30,000. Legacy Investment Solutions LLC purchased a new stake in Veeva Systems in the second quarter valued at approximately $32,000. Finally, Cary Street Partners Investment Advisory LLC raised its stake 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 worth $38,000 after purchasing an additional 49 shares during the period. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Insider Activity

In other news, insider Thomas D. Schwenger sold 1,000 shares of Veeva Systems stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $231.43, for a total transaction of $231,430.00. Following the sale, the insider owned 23,204 shares in the company, valued at $5,370,101.72. This trade represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 10.30% of the stock is owned by corporate insiders.

Veeva Systems Stock Performance

Shares of NYSE:VEEV opened at $176.34 on Thursday. The business’s 50-day simple moving average is $208.38 and its 200 day simple moving average is $251.65. The company has a market cap of $28.99 billion, a P/E ratio of 34.31, a PEG ratio of 1.22 and a beta of 1.08. Veeva Systems Inc. has a one year low of $168.13 and a one year high of $310.50.

Veeva Systems declared that its Board of Directors has approved a share repurchase program on Monday, January 5th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the technology company to buy up to 5.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of analysts have recently commented on VEEV shares. Barclays dropped their price objective on Veeva Systems from $305.00 to $250.00 and set an “overweight” rating for the company in a report on Wednesday. Morgan Stanley upgraded Veeva Systems from an “underweight” rating to an “equal weight” rating and cut their price objective for the stock from $222.00 to $205.00 in a report on Tuesday, February 17th. Wells Fargo & Company decreased their target price on Veeva Systems from $341.00 to $333.00 and set an “overweight” rating for the company in a report on Tuesday, November 25th. Jefferies Financial Group reissued a “buy” rating and set a $330.00 target price on shares of Veeva Systems in a research report on Monday, November 24th. Finally, KeyCorp restated a “sector weight” rating on shares of Veeva Systems in a report on Friday, December 12th. Eighteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $298.21.

Veeva Systems 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.