Swedbank AB Increases Stock Holdings in Veeva Systems Inc. $VEEV

Key Points

• Swedbank AB has increased its holdings in Veeva Systems Inc. by 0.1%, now owning approximately 1,031,829 shares valued at $239 million.
• In the first quarter, several large investors, including Voya Investment Management and Inspire Investing, also raised their stakes in Veeva Systems, contributing to institutional investors holding around 88.20% of the stock.
• Analyst ratings for Veeva Systems have been positive, with multiple firms increasing their price objectives, resulting in a consensus rating of "Moderate Buy" and an average target price of $301.48.

Swedbank AB lifted its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 0.1% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,031,829 shares of the technology company's stock after buying an additional 1,041 shares during the quarter. Swedbank AB owned approximately 0.63% of Veeva Systems worth $239,003,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Nuveen LLC bought a new position in Veeva Systems during the first quarter valued at $365,684,000. Price T Rowe Associates Inc. MD boosted its position in Veeva Systems by 20.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company's stock valued at $924,754,000 after buying an additional 689,700 shares during the period. Stockbridge Partners LLC purchased a new stake in shares of Veeva Systems in the fourth quarter valued at approximately $137,260,000. Linonia Partnership LP grew its position in shares of Veeva Systems by 52.7% during the 1st quarter. Linonia Partnership LP now owns 1,836,557 shares of the technology company's stock worth $425,402,000 after buying an additional 633,585 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Veeva Systems by 48.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,799,931 shares of the technology company's stock valued at $416,918,000 after purchasing an additional 585,785 shares in the last quarter. Institutional investors own 88.20% of the company's stock.

Insiders Place Their Bets

In other Veeva Systems news, Director Priscilla Hung sold 171 shares of the business's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $284.40, for a total value of $48,632.40. Following the completion of the transaction, the director owned 3,966 shares in the company, valued at $1,127,930.40. The trade was a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Jonathan Faddis sold 720 shares of the company's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the sale, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. The trade was a 8.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,063 shares of company stock valued at $302,955 over the last ninety days. Insiders own 10.30% of the company's stock.

Veeva Systems Stock Performance

Shares of Veeva Systems stock traded down $3.26 during trading hours on Friday, hitting $276.21. The company's stock had a trading volume of 935,743 shares, compared to its average volume of 1,485,345. The firm has a fifty day moving average of $281.13 and a 200-day moving average of $257.59. The stock has a market cap of $45.27 billion, a price-to-earnings ratio of 56.72, a P/E/G ratio of 2.15 and a beta of 0.95. Veeva Systems Inc. has a twelve month low of $200.30 and a twelve month high of $296.72.

Wall Street Analysts Forecast Growth

Several analysts have commented on VEEV shares. Oppenheimer reissued an "outperform" rating and set a $325.00 price target on shares of Veeva Systems in a research report on Thursday, August 28th. Mizuho lifted their price objective on shares of Veeva Systems from $295.00 to $325.00 and gave the company an "outperform" rating in a research note on Friday, August 29th. Wells Fargo & Company boosted their price target on Veeva Systems from $300.00 to $326.00 and gave the company an "overweight" rating in a report on Tuesday, August 26th. Piper Sandler increased their price target on Veeva Systems from $325.00 to $355.00 and gave the stock an "overweight" rating in a research report on Thursday, August 28th. Finally, JPMorgan Chase & Co. upgraded Veeva Systems from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $290.00 to $330.00 in a research note on Monday, September 8th. Seventeen analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $301.48.

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.