Veeva Systems Inc. (NYSE:VEEV) Shares Sold by First Commonwealth Financial Corp PA

First Commonwealth Financial Corp PA decreased its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 27.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,433 shares of the technology company’s stock after selling 917 shares during the period. First Commonwealth Financial Corp PA’s holdings in Veeva Systems were worth $512,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. MassMutual Private Wealth & Trust FSB grew its stake in Veeva Systems by 72.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock worth $25,000 after acquiring an additional 50 shares during the period. Centricity Wealth Management LLC acquired a new stake in shares of Veeva Systems during the fourth quarter worth $25,000. Smithfield Trust Co grew its position in shares of Veeva Systems by 145.5% in the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock valued at $27,000 after purchasing an additional 80 shares during the period. Avion Wealth increased its stake in Veeva Systems by 635.0% in the fourth quarter. Avion Wealth now owns 147 shares of the technology company’s stock valued at $30,000 after purchasing an additional 127 shares during the last quarter. Finally, Retirement Wealth Solutions LLC purchased a new position in Veeva Systems during the fourth quarter worth about $31,000. 88.20% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

VEEV has been the subject of a number of research analyst reports. Morgan Stanley upped their price objective on shares of Veeva Systems from $195.00 to $201.00 and gave the company an “underweight” rating in a research note on Thursday, March 6th. JPMorgan Chase & Co. increased their price target on shares of Veeva Systems from $218.00 to $249.00 and gave the stock a “neutral” rating in a research note on Thursday, March 20th. Scotiabank boosted their price objective on shares of Veeva Systems from $240.00 to $245.00 and gave the company a “sector perform” rating in a research note on Thursday, March 6th. StockNews.com raised Veeva Systems from a “hold” rating to a “buy” rating in a research report on Monday, February 17th. Finally, KeyCorp lowered their price target on Veeva Systems from $260.00 to $250.00 and set an “overweight” rating for the company in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, Veeva Systems currently has a consensus rating of “Moderate Buy” and a consensus target price of $256.32.

Insider Activity

In related news, SVP Jonathan Faddis sold 787 shares of the company’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total transaction of $178,019.40. Following the sale, the senior vice president now directly owns 8,668 shares of the company’s stock, valued at approximately $1,960,701.60. This represents a 8.32 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Timothy S. Cabral sold 3,882 shares of the firm’s stock in a transaction on Friday, April 4th. The stock was sold at an average price of $216.83, for a total value of $841,734.06. Following the transaction, the director now owns 5,500 shares in the company, valued at $1,192,565. This trade represents a 41.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,869 shares of company stock worth $1,284,917. 10.50% of the stock is currently owned by corporate insiders.

Veeva Systems Trading Down 2.2 %

Shares of NYSE:VEEV opened at $215.73 on Friday. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93. The firm has a market cap of $35.10 billion, a PE ratio of 53.27, a price-to-earnings-growth ratio of 1.89 and a beta of 1.05. The company has a fifty day simple moving average of $227.68 and a 200 day simple moving average of $223.29.

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.