MML Investors Services LLC Lowers Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

MML Investors Services LLC cut its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 4.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 64,786 shares of the technology company’s stock after selling 3,132 shares during the period. MML Investors Services LLC’s holdings in Veeva Systems were worth $13,597,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Orion Portfolio Solutions LLC boosted its position in shares of Veeva Systems by 6.9% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 8,195 shares of the technology company’s stock worth $1,720,000 after buying an additional 527 shares in the last quarter. XTX Topco Ltd grew its holdings in shares of Veeva Systems by 78.2% during the 3rd quarter. XTX Topco Ltd now owns 5,056 shares of the technology company’s stock worth $1,061,000 after purchasing an additional 2,219 shares during the period. National Bank of Canada FI lifted its holdings in shares of Veeva Systems by 33.4% during the 3rd quarter. National Bank of Canada FI now owns 8,662 shares of the technology company’s stock valued at $1,818,000 after acquiring an additional 2,168 shares in the last quarter. EP Wealth Advisors LLC acquired a new stake in shares of Veeva Systems in the third quarter valued at about $789,000. Finally, Wellington Management Group LLP lifted its position in shares of Veeva Systems by 1.5% during the third quarter. Wellington Management Group LLP now owns 1,780,315 shares of the technology company’s stock worth $373,635,000 after purchasing an additional 26,553 shares in the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.

Veeva Systems Trading Up 0.1 %

VEEV opened at $246.19 on Wednesday. The stock’s 50 day simple moving average is $219.02 and its 200-day simple moving average is $203.12. The stock has a market cap of $39.87 billion, a PE ratio of 60.79, a P/E/G ratio of 2.43 and a beta of 0.82. Veeva Systems Inc. has a 1 year low of $169.98 and a 1 year high of $258.93.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on VEEV shares. Truist Financial reiterated a “hold” rating and issued a $261.00 price target (up previously from $207.00) on shares of Veeva Systems in a research note on Friday, December 6th. Raymond James increased their target price on Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. Mizuho assumed coverage on shares of Veeva Systems in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $275.00 price target for the company. Piper Sandler raised their price objective on shares of Veeva Systems from $280.00 to $290.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Finally, BNP Paribas assumed coverage on shares of Veeva Systems in a research note on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 target price on the stock. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $255.35.

Insider Buying and Selling at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,126 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the transaction, the insider now directly owns 27,013 shares in the company, valued at $6,483,390.13. This trade represents a 4.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Jonathan Faddis sold 1,694 shares of the company’s stock in a transaction dated 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 owns 8,061 shares of the company’s stock, valued at $1,856,448.30. This represents a 17.37 % decrease in their position. The disclosure for this sale can be found here. Insiders own 10.50% of the company’s stock.

About Veeva Systems

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.