By otakuyassine3@gmail.com 
Smith Group Asset Management LLC boosted its holdings in Veeva Systems Inc. (NYSE:VEEV – Free Report) by 2.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 82,567 shares of the technology company’s stock after purchasing an additional 1,749 shares during the period. Smith Group Asset Management LLC’s holdings in Veeva Systems were worth $17,360,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. raised its position in Veeva Systems by 117.9% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 335,397 shares of the technology company’s stock valued at $70,517,000 after purchasing an additional 181,493 shares during the last quarter. R Squared Ltd bought a new position in Veeva Systems in the 4th quarter worth $119,000. Patriot Financial Group Insurance Agency LLC boosted its stake in shares of Veeva Systems by 0.7% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 6,975 shares of the technology company’s stock valued at $1,467,000 after purchasing an additional 51 shares in the last quarter. Foundations Investment Advisors LLC increased its position in shares of Veeva Systems by 17.5% during the fourth quarter. Foundations Investment Advisors LLC now owns 2,947 shares of the technology company’s stock valued at $620,000 after buying an additional 439 shares during the period. Finally, Pacer Advisors Inc. raised its stake in Veeva Systems by 442.6% in the fourth quarter. Pacer Advisors Inc. now owns 25,902 shares of the technology company’s stock worth $5,446,000 after buying an additional 21,128 shares in the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.
Veeva Systems Price Performance
Shares of Veeva Systems stock opened at $232.18 on Wednesday. The stock has a market capitalization of $37.69 billion, a PE ratio of 57.33, a P/E/G ratio of 2.01 and a beta of 0.84. The company’s fifty day simple moving average is $221.87 and its 200-day simple moving average is $211.57. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93.
Insiders Place Their Bets
In related news, insider Thomas D. Schwenger sold 1,126 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $240.01, for a total value of $270,251.26. Following the completion of the transaction, the insider now owns 27,013 shares of the company’s stock, valued at approximately $6,483,390.13. This represents a 4.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Jonathan Faddis sold 1,694 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total value of $390,128.20. Following the sale, the senior vice president now directly owns 8,061 shares in the company, valued at approximately $1,856,448.30. This represents a 17.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 10.50% of the company’s stock.
Wall Street Analyst Weigh In
Several analysts have weighed in on VEEV shares. Evercore ISI lifted their price objective on Veeva Systems from $220.00 to $245.00 and gave the company an “in-line” rating in a research report on Friday, December 6th. Truist Financial cut their price target on Veeva Systems from $261.00 to $210.00 and set a “hold” rating on the stock in a research note on Monday, January 13th. Royal Bank of Canada lifted their price objective on Veeva Systems from $275.00 to $285.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Piper Sandler increased their target price on Veeva Systems from $280.00 to $290.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Finally, Scotiabank upped their price target on shares of Veeva Systems from $235.00 to $240.00 and gave the stock a “sector perform” rating in a research note on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, Veeva Systems has a consensus rating of “Moderate Buy” and an average price target of $253.96.
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.
Further Reading
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