Bank of Montreal Can Decreases Position in Veeva Systems Inc. (NYSE:VEEV)

Bank of Montreal Can lessened its holdings in Veeva Systems Inc. (NYSE:VEEV) by 82.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,656 shares of the technology company’s stock after selling 126,041 shares during the quarter. Bank of Montreal Can’s holdings in Veeva Systems were worth $5,620,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Patriot Financial Group Insurance Agency LLC boosted its stake in shares of Veeva Systems by 0.7% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 6,924 shares of the technology company’s stock valued at $1,453,000 after purchasing an additional 48 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its stake in shares of Veeva Systems by 1.2% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,307 shares of the technology company’s stock valued at $904,000 after purchasing an additional 50 shares in the last quarter. Clearbridge Investments LLC boosted its stake in shares of Veeva Systems by 0.4% during the 2nd quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company’s stock valued at $2,138,000 after purchasing an additional 52 shares in the last quarter. Park Place Capital Corp boosted its stake in shares of Veeva Systems by 11.5% during the 3rd quarter. Park Place Capital Corp now owns 574 shares of the technology company’s stock valued at $120,000 after purchasing an additional 59 shares in the last quarter. Finally, Quintet Private Bank Europe S.A. boosted its stake in shares of Veeva Systems by 13.4% during the 3rd quarter. Quintet Private Bank Europe S.A. now owns 516 shares of the technology company’s stock valued at $108,000 after purchasing an additional 61 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Insiders Place Their Bets

In other news, insider Thomas D. Schwenger sold 1,126 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the transaction, the insider now owns 27,013 shares in the company, valued at approximately $6,483,390.13. This represents a 4.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 10.50% of the stock is owned by company insiders.

Veeva Systems Trading Down 0.4 %

VEEV opened at $226.45 on Wednesday. The stock’s 50-day moving average price is $216.41 and its 200 day moving average price is $202.16. Veeva Systems Inc. has a 12-month low of $165.12 and a 12-month high of $240.68. The firm has a market cap of $36.67 billion, a price-to-earnings ratio of 60.39, a PEG ratio of 2.20 and a beta of 0.82.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on VEEV shares. Piper Sandler boosted their price objective on shares of Veeva Systems from $230.00 to $280.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Scotiabank started coverage on shares of Veeva Systems in a research note on Monday, November 18th. They set a “sector perform” rating and a $235.00 price objective on the stock. Citigroup boosted their price objective on shares of Veeva Systems from $256.00 to $273.00 and gave the stock a “buy” rating in a research note on Tuesday, August 27th. Truist Financial boosted their price objective on shares of Veeva Systems from $197.00 to $207.00 and gave the stock a “hold” rating in a research note on Tuesday, September 3rd. Finally, Needham & Company LLC reissued a “buy” rating and set a $260.00 price objective on shares of Veeva Systems in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $236.92.

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.