Lecap Asset Management Ltd. Sells 7,410 Shares of Veeva Systems Inc. (NYSE:VEEV)

Lecap Asset Management Ltd. lessened its stake in Veeva Systems Inc. (NYSE:VEEV) by 32.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,250 shares of the technology company’s stock after selling 7,410 shares during the quarter. Veeva Systems makes up 0.9% of Lecap Asset Management Ltd.’s holdings, making the stock its 14th biggest position. Lecap Asset Management Ltd.’s holdings in Veeva Systems were worth $3,206,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in VEEV. MassMutual Private Wealth & Trust FSB increased its stake in shares of Veeva Systems by 72.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock worth $25,000 after purchasing an additional 50 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of Veeva Systems in the third quarter valued at approximately $26,000. True Wealth Design LLC boosted its stake in shares of Veeva Systems by 3,375.0% during the 3rd quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock worth $29,000 after acquiring an additional 135 shares during the period. Retirement Wealth Solutions LLC acquired a new position in shares of Veeva Systems during the 4th quarter worth approximately $31,000. Finally, Harvest Fund Management Co. Ltd bought a new stake in Veeva Systems in the 3rd quarter valued at $49,000. 88.20% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on VEEV shares. Citigroup lifted their price objective on shares of Veeva Systems from $281.00 to $307.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Evercore ISI lifted their target price on Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a report on Friday, December 6th. Morgan Stanley upped their price target on shares of Veeva Systems from $183.00 to $195.00 and gave the company an “underweight” rating in a research note on Tuesday, December 17th. Stephens initiated coverage on shares of Veeva Systems in a research note on Friday, December 20th. They issued an “overweight” rating and a $280.00 price objective for the company. Finally, Royal Bank of Canada raised their target price on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $253.96.

Veeva Systems Stock Performance

Shares of VEEV opened at $239.09 on Friday. Veeva Systems Inc. has a 52 week low of $170.25 and a 52 week high of $258.93. The stock has a market capitalization of $38.82 billion, a price-to-earnings ratio of 59.04, a PEG ratio of 2.05 and a beta of 0.85. The stock has a fifty day moving average of $224.05 and a 200-day moving average of $213.83.

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total transaction of $390,128.20. Following the transaction, the senior vice president now owns 8,061 shares in the company, valued at approximately $1,856,448.30. The trade was a 17.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 10.50% of the company’s stock.

About Veeva Systems

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.