Ithaka Group LLC Decreases Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

Ithaka Group LLC lessened its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 3.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 60,298 shares of the technology company’s stock after selling 2,376 shares during the quarter. Veeva Systems comprises about 2.0% of Ithaka Group LLC’s investment portfolio, making the stock its 20th biggest holding. Ithaka Group LLC’s holdings in Veeva Systems were worth $11,035,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Advisors Asset Management Inc. bought a new position in Veeva Systems in the first quarter valued at about $28,000. DSM Capital Partners LLC bought a new stake in Veeva Systems during the fourth quarter valued at approximately $29,000. Vermillion & White Wealth Management Group LLC purchased a new stake in Veeva Systems during the fourth quarter valued at approximately $32,000. Blue Trust Inc. raised its position in Veeva Systems by 3,460.0% in the second quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock worth $33,000 after acquiring an additional 173 shares during the period. Finally, First Financial Corp IN purchased a new position in shares of Veeva Systems during the 1st quarter worth $35,000. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Stock Performance

NYSE VEEV opened at $217.95 on Monday. Veeva Systems Inc. has a fifty-two week low of $162.72 and a fifty-two week high of $236.90. The company has a market cap of $35.23 billion, a P/E ratio of 64.29, a P/E/G ratio of 2.14 and a beta of 0.81. The business’s 50 day moving average price is $196.14 and its 200-day moving average price is $201.72.

Wall Street Analyst Weigh In

VEEV has been the topic of a number of recent research reports. Bank of America raised their target price on Veeva Systems from $204.00 to $240.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Raymond James lifted their price objective on Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. TD Cowen increased their target price on shares of Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a report on Thursday, August 29th. Barclays upped their price target on shares of Veeva Systems from $220.00 to $240.00 and gave the stock an “overweight” rating in a research report on Thursday, August 29th. Finally, BTIG Research assumed coverage on shares of Veeva Systems in a research report on Tuesday, July 9th. They set a “buy” rating and a $240.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $229.96.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 2,353 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total transaction of $470,600.00. Following the completion of the sale, the senior vice president now directly owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 10.50% of the stock is owned by corporate insiders.

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.