Legal Advantage Investments Inc. Decreases Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

Legal Advantage Investments Inc. trimmed its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 1.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,340 shares of the technology company’s stock after selling 400 shares during the quarter. Veeva Systems accounts for about 2.3% of Legal Advantage Investments Inc.’s holdings, making the stock its 12th largest position. Legal Advantage Investments Inc.’s holdings in Veeva Systems were worth $4,276,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Dimensional Fund Advisors LP raised its stake in shares of Veeva Systems by 26.2% in the second quarter. Dimensional Fund Advisors LP now owns 378,380 shares of the technology company’s stock valued at $69,259,000 after buying an additional 78,654 shares during the period. Amalgamated Bank grew its position in shares of Veeva Systems by 2.1% in the second quarter. Amalgamated Bank now owns 9,968 shares of the technology company’s stock valued at $1,824,000 after purchasing an additional 201 shares in the last quarter. Canada Pension Plan Investment Board grew its position in Veeva Systems by 293.5% during the second quarter. Canada Pension Plan Investment Board now owns 90,227 shares of the technology company’s stock worth $16,512,000 after buying an additional 67,296 shares in the last quarter. Pacer Advisors Inc. grew its position in Veeva Systems by 31.4% during the second quarter. Pacer Advisors Inc. now owns 5,688 shares of the technology company’s stock worth $1,041,000 after buying an additional 1,359 shares in the last quarter. Finally, Summit Trail Advisors LLC grew its position in Veeva Systems by 7.4% during the second quarter. Summit Trail Advisors LLC now owns 1,123 shares of the technology company’s stock worth $206,000 after buying an additional 77 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Veeva Systems

In other news, SVP Jonathan Faddis sold 1,694 shares of the stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total value of $390,128.20. Following the completion of the sale, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at $1,856,448.30. This represents a 17.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Thomas D. Schwenger sold 1,126 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $240.01, for a total transaction of $270,251.26. Following the completion of the sale, the insider now directly owns 27,013 shares of the company’s stock, valued at approximately $6,483,390.13. This trade represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.50% of the stock is currently owned by company insiders.

Veeva Systems Trading Up 0.9 %

VEEV stock opened at $216.67 on Tuesday. The stock’s 50 day simple moving average is $222.31 and its 200 day simple moving average is $209.86. The stock has a market capitalization of $35.18 billion, a PE ratio of 53.50, a price-to-earnings-growth ratio of 1.90 and a beta of 0.84. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on VEEV shares. Stifel Nicolaus boosted their target price on Veeva Systems from $240.00 to $272.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Mizuho started coverage on Veeva Systems in a research report on Wednesday, December 4th. They set an “outperform” rating and a $275.00 target price for the company. Piper Sandler boosted their target price on Veeva Systems from $280.00 to $290.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Citigroup boosted their target price on Veeva Systems from $281.00 to $307.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Finally, Truist Financial reduced their target price on Veeva Systems from $261.00 to $210.00 and set a “hold” rating for the company in a research report on Monday, January 13th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat.com, Veeva Systems currently has a consensus rating of “Moderate Buy” and an average price target of $255.74.

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.