Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Franklin Resources Inc.

Franklin Resources Inc. lessened its stake in Veeva Systems Inc. (NYSE:VEEV) by 4.3% in the 3rd quarter, Holdings Channel.com reports. The firm owned 1,519,538 shares of the technology company’s stock after selling 68,972 shares during the period. Franklin Resources Inc.’s holdings in Veeva Systems were worth $319,741,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in VEEV. Peapack Gladstone Financial Corp raised its stake in Veeva Systems by 5.6% during the third quarter. Peapack Gladstone Financial Corp now owns 70,147 shares of the technology company’s stock worth $14,721,000 after purchasing an additional 3,741 shares during the period. Tidal Investments LLC increased its holdings in shares of Veeva Systems by 77.1% during the 3rd quarter. Tidal Investments LLC now owns 22,330 shares of the technology company’s stock worth $4,686,000 after buying an additional 9,724 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Veeva Systems during the 3rd quarter worth approximately $168,000. World Investment Advisors LLC purchased a new stake in shares of Veeva Systems during the 3rd quarter valued at approximately $2,131,000. Finally, Sanctuary Advisors LLC lifted its holdings in Veeva Systems by 19.7% in the third quarter. Sanctuary Advisors LLC now owns 7,335 shares of the technology company’s stock valued at $1,589,000 after acquiring an additional 1,206 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on VEEV shares. BNP Paribas initiated coverage on Veeva Systems in a research note on Tuesday, October 8th. They set an “outperform” rating and a $286.00 target price for the company. Royal Bank of Canada raised their price objective on Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Guggenheim upped their target price on shares of Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. StockNews.com upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a research report on Saturday, November 9th. Finally, Robert W. Baird increased their price objective on shares of Veeva Systems from $275.00 to $283.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $255.35.

Veeva Systems Trading Down 1.6 %

Veeva Systems stock opened at $228.78 on Friday. The company has a fifty day simple moving average of $221.36 and a 200-day simple moving average of $204.00. The stock has a market cap of $37.05 billion, a P/E ratio of 56.49, a price-to-earnings-growth ratio of 2.07 and a beta of 0.82. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93.

Insider Buying and Selling at Veeva Systems

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

Veeva Systems Company 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.