Howard Capital Management Inc. Grows Position in Veeva Systems Inc. (NYSE:VEEV)

Howard Capital Management Inc. increased its holdings in Veeva Systems Inc. (NYSE:VEEV) by 7.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,177 shares of the technology company’s stock after acquiring an additional 82 shares during the quarter. Howard Capital Management Inc.’s holdings in Veeva Systems were worth $247,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Turning Point Benefit Group Inc. purchased a new stake in Veeva Systems in the fourth quarter worth about $393,000. Allianz Asset Management GmbH lifted its stake in Veeva Systems by 31.9% in the fourth quarter. Allianz Asset Management GmbH now owns 548,493 shares of the technology company’s stock worth $115,321,000 after acquiring an additional 132,633 shares during the period. Centricity Wealth Management LLC purchased a new stake in Veeva Systems in the fourth quarter worth about $25,000. Suncoast Equity Management lifted its stake in Veeva Systems by 8.9% in the fourth quarter. Suncoast Equity Management now owns 3,715 shares of the technology company’s stock worth $781,000 after acquiring an additional 305 shares during the period. Finally, Handelsbanken Fonder AB lifted its stake in Veeva Systems by 4.3% in the fourth quarter. Handelsbanken Fonder AB now owns 37,221 shares of the technology company’s stock worth $7,826,000 after acquiring an additional 1,550 shares during the period. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Stock Down 2.0 %

Shares of VEEV stock opened at $221.53 on Wednesday. The stock has a market cap of $35.97 billion, a PE ratio of 54.70, a price-to-earnings-growth ratio of 1.89 and a beta of 0.85. The business has a 50-day simple moving average of $223.69 and a 200-day simple moving average of $218.40. Veeva Systems Inc. has a 52-week low of $170.25 and a 52-week high of $258.93.

Insider Activity at Veeva Systems

In related news, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total value of $390,128.20. Following the completion of the transaction, the senior vice president now owns 8,061 shares in the company, valued at $1,856,448.30. The trade was a 17.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 10.50% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on VEEV shares. Bank of America boosted their target price on shares of Veeva Systems from $280.00 to $290.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Barclays boosted their target price on shares of Veeva Systems from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Evercore ISI boosted their target price on shares of Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a report on Friday, December 6th. Royal Bank of Canada boosted 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. Finally, Truist Financial cut their price objective on shares of Veeva Systems from $261.00 to $210.00 and set a “hold” rating on the stock in a report on Monday, January 13th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $255.08.

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.