Ellevest Inc. Raises Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Ellevest Inc. raised its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 3.5% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 2,453 shares of the technology company’s stock after buying an additional 82 shares during the quarter. Ellevest Inc.’s holdings in Veeva Systems were worth $516,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. T. Rowe Price Investment Management Inc. increased its holdings in Veeva Systems by 3.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,169,698 shares of the technology company’s stock valued at $1,086,930,000 after buying an additional 177,201 shares during the last quarter. FMR LLC increased its stake in shares of Veeva Systems by 7.8% in the 4th quarter. FMR LLC now owns 3,213,360 shares of the technology company’s stock worth $675,609,000 after purchasing an additional 232,116 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Veeva Systems by 17.5% in the 4th quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company’s stock worth $631,935,000 after purchasing an additional 447,041 shares during the period. Principal Financial Group Inc. lifted its position in Veeva Systems by 36.0% during the fourth quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company’s stock valued at $623,186,000 after purchasing an additional 784,741 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Veeva Systems by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 2,803,344 shares of the technology company’s stock valued at $589,208,000 after purchasing an additional 38,108 shares during the period. 88.20% of the stock is owned by institutional investors.

Veeva Systems Stock Performance

NYSE:VEEV opened at $236.60 on Friday. Veeva Systems Inc. has a fifty-two week low of $170.25 and a fifty-two week high of $258.93. The firm has a market capitalization of $38.49 billion, a PE ratio of 58.42, a PEG ratio of 1.89 and a beta of 0.96. The stock’s fifty day moving average is $227.98 and its 200 day moving average is $225.25.

Insider Buying and Selling

In related news, Director Timothy S. Cabral sold 3,882 shares of the firm’s stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $216.83, for a total value of $841,734.06. Following the transaction, the director now owns 5,500 shares of the company’s stock, valued at $1,192,565. This trade represents a 41.38 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Thomas D. Schwenger sold 1,200 shares of the business’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $220.97, for a total transaction of $265,164.00. Following the completion of the sale, the insider now directly owns 25,889 shares of the company’s stock, valued at approximately $5,720,692.33. This trade represents a 4.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,869 shares of company stock valued at $1,284,917. Company insiders own 10.50% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on VEEV shares. StockNews.com raised Veeva Systems from a “hold” rating to a “buy” rating in a research note on Monday, February 17th. Needham & Company LLC restated a “buy” rating and set a $270.00 target price on shares of Veeva Systems in a research note on Thursday, March 6th. Stephens reiterated an “overweight” rating and issued a $280.00 price target on shares of Veeva Systems in a research report on Thursday, March 6th. Morgan Stanley raised their price objective on shares of Veeva Systems from $195.00 to $201.00 and gave the company an “underweight” rating in a research report on Thursday, March 6th. Finally, Piper Sandler dropped their target price on shares of Veeva Systems from $290.00 to $255.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Two analysts have 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.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $254.92.

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.