Avalon Global Asset Management LLC trimmed its holdings in shares of Veeva Systems Inc. (NYSE:VEEV – Get Rating) by 21.4% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 55,000 shares of the technology company's stock after selling 15,000 shares during the period. Veeva Systems makes up about 4.1% of Avalon Global Asset Management LLC's investment portfolio, making the stock its 9th largest holding. Avalon Global Asset Management LLC's holdings in Veeva Systems were worth $9,068,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Nisa Investment Advisors LLC boosted its stake in Veeva Systems by 0.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 18,774 shares of the technology company's stock valued at $3,718,000 after purchasing an additional 50 shares during the last quarter. Sigma Planning Corp boosted its stake in shares of Veeva Systems by 1.2% in the 2nd quarter. Sigma Planning Corp now owns 4,473 shares of the technology company's stock worth $886,000 after buying an additional 52 shares during the last quarter. Perigon Wealth Management LLC boosted its stake in shares of Veeva Systems by 4.5% in the 2nd quarter. Perigon Wealth Management LLC now owns 1,292 shares of the technology company's stock worth $256,000 after buying an additional 56 shares during the last quarter. Mizuho Securities Co. Ltd. boosted its stake in shares of Veeva Systems by 42.9% in the 3rd quarter. Mizuho Securities Co. Ltd. now owns 200 shares of the technology company's stock worth $51,000 after buying an additional 60 shares during the last quarter. Finally, Lion Street Advisors LLC boosted its stake in shares of Veeva Systems by 2.1% in the 3rd quarter. Lion Street Advisors LLC now owns 3,046 shares of the technology company's stock worth $497,000 after buying an additional 64 shares during the last quarter. 78.76% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

VEEV has been the topic of a number of research reports. Cowen initiated coverage on Veeva Systems in a research note on Tuesday, December 6th. They issued a "market perform" rating on the stock. Barclays upgraded Veeva Systems from an "equal weight" rating to an "overweight" rating and set a $205.00 price target on the stock in a research note on Wednesday, January 4th. Robert W. Baird decreased their target price on Veeva Systems from $250.00 to $233.00 in a report on Monday, October 31st. Needham & Company LLC raised their target price on Veeva Systems from $205.00 to $220.00 and gave the stock a "buy" rating in a report on Friday, December 2nd. Finally, Oppenheimer decreased their target price on Veeva Systems from $250.00 to $225.00 and set an "outperform" rating on the stock in a report on Thursday, January 12th. Eleven investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Veeva Systems currently has an average rating of "Moderate Buy" and a consensus price target of $208.65.

Insider Transactions at Veeva Systems

In other news, Director Matthew J. Wallach sold 10,000 shares of Veeva Systems stock in a transaction dated Monday, December 5th. The stock was sold at an average price of $169.13, for a total value of $1,691,300.00. Following the sale, the director now directly owns 2,846 shares of the company's stock, valued at $481,343.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Alan Mateo sold 15,061 shares of Veeva Systems stock in a transaction dated Wednesday, December 7th. The stock was sold at an average price of $165.83, for a total value of $2,497,565.63. Following the completion of the transaction, the executive vice president now owns 17,559 shares in the company, valued at $2,911,808.97. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Matthew J. Wallach sold 10,000 shares of Veeva Systems stock in a transaction dated Monday, December 5th. The stock was sold at an average price of $169.13, for a total value of $1,691,300.00. Following the completion of the transaction, the director now owns 2,846 shares of the company's stock, valued at approximately $481,343.98. The disclosure for this sale can be found here. Over the last three months, insiders have sold 318,610 shares of company stock valued at $53,449,824. 13.23% of the stock is currently owned by insiders.

Veeva Systems Stock Down 3.2 %

NYSE:VEEV opened at $165.11 on Friday. The business's 50-day simple moving average is $167.25 and its two-hundred day simple moving average is $175.17. The stock has a market cap of $25.71 billion, a PE ratio of 67.39, a P/E/G ratio of 3.88 and a beta of 0.86. Veeva Systems Inc. has a 52 week low of $151.02 and a 52 week high of $234.89.

Veeva Systems (NYSE:VEEV – Get Rating) last issued its earnings results on Thursday, December 1st. The technology company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.03. Veeva Systems had a return on equity of 12.81% and a net margin of 19.08%. The firm had revenue of $552.35 million for the quarter, compared to analysts' expectations of $545.78 million. Sell-side analysts anticipate that Veeva Systems Inc. will post 2.52 earnings per share for the current fiscal year.

Veeva Systems Profile

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Veeva Systems, Inc engages in the provision of industry cloud solutions for the global life sciences industry. Its solutions enable pharmaceutical and other life sciences companies to realize the benefits of modern cloud-based architectures and mobile applications for their most critical business functions, without compromising industry-specific functionality or regulatory compliance.

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