Stockbridge Partners LLC Purchases Shares of 652,840 Veeva Systems Inc. (NYSE:VEEV)

Stockbridge Partners LLC bought a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 652,840 shares of the technology company's stock, valued at approximately $137,260,000. Veeva Systems accounts for about 2.9% of Stockbridge Partners LLC's holdings, making the stock its 12th biggest position. Stockbridge Partners LLC owned 0.40% of Veeva Systems as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in VEEV. Leigh Baldwin & CO. LLC purchased a new position in shares of Veeva Systems during the fourth quarter valued at approximately $685,355,000. Norges Bank bought a new stake in Veeva Systems in the fourth quarter valued at $294,785,000. JPMorgan Chase & Co. increased its position in Veeva Systems by 73.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company's stock valued at $536,972,000 after purchasing an additional 1,081,501 shares during the period. Wealthfront Advisers LLC raised its holdings in Veeva Systems by 29,760.5% in the 4th quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company's stock worth $220,489,000 after purchasing an additional 1,045,188 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Veeva Systems by 36.0% in the 4th quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company's stock worth $623,186,000 after purchasing an additional 784,741 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on VEEV. The Goldman Sachs Group cut shares of Veeva Systems from a "buy" rating to a "sell" rating and reduced their price target for the company from $261.00 to $200.00 in a research report on Thursday, January 23rd. KeyCorp cut their price objective on Veeva Systems from $260.00 to $250.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Scotiabank upped their target price on Veeva Systems from $240.00 to $245.00 and gave the stock a "sector perform" rating in a report on Thursday, March 6th. StockNews.com upgraded Veeva Systems from a "hold" rating to a "buy" rating in a research note on Monday, February 17th. Finally, Morgan Stanley lifted their price target on Veeva Systems from $195.00 to $201.00 and gave the company an "underweight" rating in a research report on Thursday, March 6th. Two research 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's stock. Based on data from MarketBeat.com, Veeva Systems has a consensus rating of "Moderate Buy" and an average price target of $254.92.

Insider Activity at Veeva Systems

In other news, SVP Jonathan Faddis sold 787 shares of the company's stock in a transaction dated Wednesday, April 2nd. The shares were 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 of the company's stock, valued at $1,960,701.60. This represents a 8.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Timothy S. Cabral sold 3,882 shares of the firm's stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $216.83, for a total transaction of $841,734.06. Following the completion of the transaction, the director now directly owns 5,500 shares in the company, valued at approximately $1,192,565. The trade was a 41.38% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,869 shares of company stock valued at $1,284,917 over the last ninety days. Insiders own 10.30% of the company's stock.

Veeva Systems Stock Up 0.5%

Shares of NYSE VEEV traded up $1.16 during midday trading on Tuesday, hitting $240.80. The stock had a trading volume of 1,331,152 shares, compared to its average volume of 1,109,150. The business's 50 day moving average is $229.01 and its 200-day moving average is $226.69. Veeva Systems Inc. has a 52 week low of $170.25 and a 52 week high of $258.93. The company has a market cap of $39.18 billion, a P/E ratio of 59.46, a PEG ratio of 1.89 and a beta of 0.96.

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.