Recent SEC filings reveal significant shifts in institutional investment around Veeva Systems Inc. stock, with major advisory firms adjusting their portfolios in the tech sector. Foundations Investment Advisors LLC, for instance, has notably scaled back its stake in the cloud-based software provider, reflecting a broader trend of re-evaluation among financial heavyweights.
Specifically, Foundations Investment Advisors LLC reduced its position in Veeva Systems (VEEV) by a substantial 26.1% during the first quarter. This move involved selling 770 shares, bringing their total ownership down to 2,177 shares, valued at $504,000 as per their most recent disclosure with the Securities and Exchange Commission.
However, the narrative isn’t uniform across all institutional investors. While some firms like Foundations are divesting, others are actively building new positions or increasing their holdings. Sowell Financial Services LLC, for example, initiated a new stake in Veeva Systems during the first quarter, valued at an impressive $274,000, signaling a bullish outlook from certain quarters of the market.
Further reinforcing this varied landscape, Crossmark Global Holdings Inc. also acquired a new stake in Veeva Systems, worth $299,000, during the same period. Meanwhile, GAMMA Investing LLC significantly bolstered its investment, increasing its stake by 13.8%, purchasing an additional 221 shares to bring their total to 1,823 shares, valued at $422,000. Janney Montgomery Scott LLC made an even more substantial entry, acquiring a new stake worth $5.876 million, and Private Trust Co. NA boosted its Veeva Systems holdings by 35.0%, adding 64 shares to reach 247 shares, valued at $57,000.
The overall stock performance of Veeva Systems Inc. presents a mixed picture, indicative of ongoing market dynamics. The stock recently opened at $284.27, operating within a 52-week range spanning from a low of $177.41 to a high of $296.72. With a substantial market capitalization of $46.45 billion, the company’s valuation metrics include a PE ratio of 60.23, a price-to-earnings-growth ratio of 2.27, and a beta of 0.98, reflecting its volatility relative to the broader market. The stock’s 50-day simple moving average stands at $279.05, while its 200-day simple moving average is $246.25, providing key technical indicators for investors.
Equity research analysts have offered diverse perspectives on Veeva Systems stock, contributing to a “Moderate Buy” consensus rating based on MarketBeat data, with a target price of $274.17. Notably, Citigroup and Wells Fargo & Company both lifted their price targets and maintained “buy” or “overweight” ratings, suggesting confidence in the company’s future performance. However, the spectrum of recommendations includes two “sell” ratings and eight “hold” ratings, alongside fifteen “buy” recommendations, illustrating the varied expert opinions on the stock’s trajectory.
Beyond institutional movements, insider transactions also shed light on company sentiment. Recent SEC filings highlight sales by key company figures; a director sold 315 shares for over $91,000, reducing their direct ownership, while a Senior Vice President offloaded 720 shares totaling over $205,000. These transactions contribute to a total of 1,378 shares sold by insiders worth approximately $394,217 over the last three months, though insiders collectively still retain 10.30% ownership, indicating significant alignment with the company’s long-term prospects.
Veeva Systems Inc. itself is a prominent player in the life sciences industry, providing specialized cloud-based software solutions. Its offerings, part of the comprehensive Veeva Commercial Cloud suite, include Veeva CRM for customer engagement, Veeva Vault PromoMats for content management, Veeva Vault Medical for medical content, and advanced analytics platforms like Veeva Crossix and Veeva Link, alongside data solutions such as Veeva OpenData and Veeva Compass. These tools are crucial for pharmaceutical and biotechnology companies globally, underscoring the company’s vital role in a specialized market sector.
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