Sone Capital Management LLC Makes New $3.65 Million Investment in Veeva Systems Inc. (NYSE:VEEV)

Sone Capital Management LLC purchased a new stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 17,377 shares of the technology company's stock, valued at approximately $3,654,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in VEEV. Barclays PLC grew its holdings in Veeva Systems by 18.2% in the 3rd quarter. Barclays PLC now owns 185,206 shares of the technology company's stock valued at $38,870,000 after buying an additional 28,497 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Veeva Systems by 73.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company's stock valued at $536,972,000 after buying an additional 1,081,501 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in Veeva Systems by 182.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 60,072 shares of the technology company's stock valued at $12,630,000 after buying an additional 38,793 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its holdings in Veeva Systems by 71.5% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 2,507 shares of the technology company's stock valued at $527,000 after buying an additional 1,045 shares in the last quarter. Finally, Procyon Advisors LLC grew its holdings in Veeva Systems by 11.9% in the 4th quarter. Procyon Advisors LLC now owns 3,796 shares of the technology company's stock valued at $798,000 after buying an additional 405 shares in the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have commented on VEEV. Piper Sandler decreased their price objective on Veeva Systems from $290.00 to $255.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Robert W. Baird increased their target price on Veeva Systems from $283.00 to $285.00 and gave the stock an "outperform" rating in a report on Thursday, March 6th. Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a report on Monday, February 17th. Truist Financial increased their target price on Veeva Systems from $210.00 to $217.00 and gave the stock a "hold" rating in a report on Thursday, March 6th. Finally, Morgan Stanley increased their target price on Veeva Systems from $195.00 to $201.00 and gave the stock an "underweight" rating in a report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $254.92.

Veeva Systems Stock Up 0.2%

Veeva Systems stock traded up $0.44 during trading hours on Thursday, hitting $235.44. The stock had a trading volume of 1,068,020 shares, compared to its average volume of 1,112,166. The stock has a market cap of $38.31 billion, a price-to-earnings ratio of 58.13, a P/E/G ratio of 1.89 and a beta of 0.96. Veeva Systems Inc. has a one year low of $170.25 and a one year high of $258.93. The business's 50 day simple moving average is $229.03 and its 200-day simple moving average is $226.75.

Insiders Place Their Bets

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,200 shares of the business's stock in a transaction on Monday, April 14th. The stock was sold at an average price of $220.97, for a total value of $265,164.00. Following the transaction, the insider now owns 25,889 shares of the company's stock, valued at approximately $5,720,692.33. The trade was a 4.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Jonathan Faddis sold 787 shares of the business's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total value of $178,019.40. Following the completion of the transaction, the senior vice president now directly owns 8,668 shares in the company, valued at approximately $1,960,701.60. This represents a 8.32% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,869 shares of company stock worth $1,284,917. 10.30% of the stock is owned by corporate insiders.

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.