Lord Abbett & CO. LLC Lowers Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

Lord Abbett & CO. LLC decreased its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 65.2% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 57,232 shares of the technology company’s stock after selling 107,404 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Veeva Systems were worth $16,493,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Veeva Systems by 0.4% in the 2nd quarter. Vanguard Group Inc. now owns 12,544,865 shares of the technology company’s stock worth $3,900,825,000 after buying an additional 52,479 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Veeva Systems by 9.5% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 11,341,548 shares of the technology company’s stock valued at $3,526,654,000 after purchasing an additional 983,136 shares during the last quarter. Artisan Partners Limited Partnership grew its holdings in Veeva Systems by 4.2% during the 2nd quarter. Artisan Partners Limited Partnership now owns 6,609,878 shares of the technology company’s stock valued at $2,055,342,000 after purchasing an additional 265,091 shares during the last quarter. State Street Corp lifted its position in shares of Veeva Systems by 9.5% in the 2nd quarter. State Street Corp now owns 2,992,119 shares of the technology company’s stock worth $930,399,000 after purchasing an additional 258,882 shares during the period. Finally, Geode Capital Management LLC lifted its position in Veeva Systems by 18.6% during the second quarter. Geode Capital Management LLC now owns 1,928,524 shares of the technology company’s stock valued at $598,880,000 after acquiring an additional 301,868 shares during the last quarter. Institutional investors and hedge funds own 78.19% of the company’s stock.

Several equities analysts have issued reports on VEEV shares. UBS Group decreased their price objective on shares of Veeva Systems from $320.00 to $290.00 and set a “neutral” rating on the stock in a report on Thursday, December 2nd. SVB Leerink raised shares of Veeva Systems from a “market perform” rating to an “outperform” rating and set a $282.00 target price on the stock in a research note on Thursday, January 6th. Stephens downgraded shares of Veeva Systems from an “overweight” rating to an “equal weight” rating and set a $275.00 target price on the stock. in a research note on Friday, January 7th. William Blair restated a “buy” rating on shares of Veeva Systems in a report on Wednesday, October 20th. Finally, Piper Sandler decreased their price target on shares of Veeva Systems from $360.00 to $300.00 in a research note on Monday, January 10th. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, Veeva Systems currently has an average rating of “Buy” and an average target price of $328.32.

NYSE:VEEV opened at $223.85 on Friday. Veeva Systems Inc. has a fifty-two week low of $221.48 and a fifty-two week high of $343.96. The stock has a market cap of $34.42 billion, a PE ratio of 83.84, a price-to-earnings-growth ratio of 6.03 and a beta of 0.75. The firm’s fifty day simple moving average is $271.83 and its 200-day simple moving average is $299.51.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings results on Wednesday, December 1st. The technology company reported $0.97 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.88 by $0.09. Veeva Systems had a net margin of 24.59% and a return on equity of 16.16%. During the same quarter in the previous year, the firm posted $0.54 EPS. On average, analysts forecast that Veeva Systems Inc. will post 2.56 EPS for the current year.

In related news, SVP Jonathan Faddis sold 1,666 shares of the stock in a transaction dated Thursday, November 18th. The shares were sold at an average price of $316.88, for a total value of $527,922.08. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Matthew J. Wallach sold 5,000 shares of the stock in a transaction dated Friday, November 12th. The shares were sold at an average price of $316.25, for a total transaction of $1,581,250.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 33,805 shares of company stock worth $9,493,499. 13.18% of the stock is owned by corporate insiders.

Veeva Systems Company Profile

Veeva Systems, Inc engages in the provision of industry cloud solutions for the global life sciences industry. Its solutions enable pharmaceutical and other life sciences companies to realize the benefits of modern cloud-based architectures and mobile applications for their most critical business functions, without compromising industry-specific functionality or regulatory compliance.

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Institutional Ownership by Quarter for Veeva Systems (NYSE:VEEV)

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