Franklin Resources Inc. Sells 68,972 Shares of Veeva Systems Inc. (NYSE:VEEV)

Franklin Resources Inc. cut its holdings in Veeva Systems Inc. (NYSE:VEEV) by 4.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,519,538 shares of the technology company’s stock after selling 68,972 shares during the quarter. Franklin Resources Inc. owned approximately 0.94% of Veeva Systems worth $319,741,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of Veeva Systems during the 3rd quarter worth $26,000. True Wealth Design LLC lifted its position in Veeva Systems by 3,375.0% during the third quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock valued at $29,000 after acquiring an additional 135 shares during the last quarter. Blue Trust Inc. boosted its stake in Veeva Systems by 3,460.0% in the second quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock valued at $33,000 after acquiring an additional 173 shares in the last quarter. DT Investment Partners LLC purchased a new position in Veeva Systems in the second quarter worth $35,000. Finally, Harvest Fund Management Co. Ltd purchased a new position in Veeva Systems in the third quarter worth $49,000. 88.20% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction that occurred 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 sale, the insider now directly owns 27,013 shares of the company’s stock, valued at $6,483,390.13. The trade was a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Jonathan Faddis sold 1,694 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total value of $390,128.20. Following the sale, the senior vice president now owns 8,061 shares of the company’s stock, valued at $1,856,448.30. The trade was a 17.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 10.50% of the company’s stock.

Analyst Upgrades and Downgrades

VEEV has been the subject of a number of recent analyst reports. Citigroup raised their price objective on Veeva Systems from $281.00 to $307.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Piper Sandler raised their price target on Veeva Systems from $280.00 to $290.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. BNP Paribas started coverage on Veeva Systems in a research note on Tuesday, October 8th. They set an “outperform” rating and a $286.00 price target on the stock. Barclays increased their price objective on shares of Veeva Systems from $260.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Finally, UBS Group boosted their target price on shares of Veeva Systems from $185.00 to $215.00 and gave the stock a “neutral” rating in a research report on Monday, August 26th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $255.35.

Veeva Systems Trading Down 1.6 %

Shares of VEEV stock opened at $228.78 on Friday. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93. The business’s 50 day moving average is $221.36 and its two-hundred day moving average is $204.00. The company has a market capitalization of $37.05 billion, a P/E ratio of 56.49, a P/E/G ratio of 2.07 and a beta of 0.82.

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.