652,840 Shares in Veeva Systems Inc. (NYSE:VEEV) Purchased by Stockbridge Partners LLC

Stockbridge Partners LLC purchased a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 652,840 shares of the technology company's stock, valued at approximately $137,260,000. Veeva Systems makes up about 2.9% of Stockbridge Partners LLC's investment portfolio, making the stock its 12th largest holding. Stockbridge Partners LLC owned 0.40% of Veeva Systems at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Veeva Systems by 72.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company's stock worth $25,000 after purchasing an additional 50 shares during the period. Centricity Wealth Management LLC bought a new stake in shares of Veeva Systems during the 4th quarter valued at about $25,000. Smithfield Trust Co raised its stake in Veeva Systems by 145.5% during the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock worth $27,000 after acquiring an additional 80 shares during the period. Retirement Wealth Solutions LLC bought a new position in Veeva Systems in the fourth quarter worth about $31,000. Finally, Avion Wealth lifted its holdings in Veeva Systems by 635.0% in the fourth quarter. Avion Wealth now owns 147 shares of the technology company's stock worth $30,000 after acquiring an additional 127 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

Veeva Systems Price Performance

Shares of VEEV traded down $2.53 during midday trading on Friday, reaching $233.00. The stock had a trading volume of 308,028 shares, compared to its average volume of 1,209,185. The company has a market capitalization of $37.91 billion, a P/E ratio of 57.53, a P/E/G ratio of 1.89 and a beta of 0.96. The firm's 50 day moving average price is $229.00 and its 200-day moving average price is $226.91. Veeva Systems Inc. has a 52 week low of $170.25 and a 52 week high of $258.93.

Insider Buying and Selling

In other news, SVP Jonathan Faddis sold 787 shares of the stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total transaction of $178,019.40. Following the completion of the sale, the senior vice president now owns 8,668 shares in the company, valued at approximately $1,960,701.60. This represents a 8.32% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Thomas D. Schwenger sold 1,200 shares of Veeva Systems 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 completion of the transaction, the insider now owns 25,889 shares in the company, valued at $5,720,692.33. The trade was a 4.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,869 shares of company stock valued at $1,284,917 over the last three months. Company insiders own 10.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on VEEV shares. Wall Street Zen upgraded Veeva Systems from a "hold" rating to a "buy" rating in a research report on Monday, February 17th. The Goldman Sachs Group lowered Veeva Systems from a "buy" rating to a "sell" rating and dropped their target price for the stock from $261.00 to $200.00 in a research report on Thursday, January 23rd. Stephens reiterated an "overweight" rating and issued a $280.00 target price on shares of Veeva Systems in a research note on Thursday, March 6th. Morgan Stanley upped their price target on shares of Veeva Systems from $195.00 to $201.00 and gave the stock an "underweight" rating in a research report on Thursday, March 6th. Finally, Truist Financial increased their price objective on shares of Veeva Systems from $210.00 to $217.00 and gave the stock a "hold" rating in a report on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, Veeva Systems presently has an average rating of "Moderate Buy" and an average price target of $254.92.

Veeva Systems Company 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.