Vega Investment Solutions Makes New Investment in Veeva Systems Inc. (NYSE:VEEV)

Vega Investment Solutions bought a new position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 2,768 shares of the technology company's stock, valued at approximately $582,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. lifted its holdings in Veeva Systems by 3.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,169,698 shares of the technology company's stock worth $1,086,930,000 after buying an additional 177,201 shares in the last quarter. Leigh Baldwin & CO. LLC acquired a new stake in shares of Veeva Systems in the 4th quarter valued at $685,355,000. FMR LLC raised its holdings in shares of Veeva Systems by 7.8% in the 4th quarter. FMR LLC now owns 3,213,360 shares of the technology company's stock valued at $675,609,000 after purchasing an additional 232,116 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Veeva Systems by 17.5% in the 4th quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company's stock valued at $631,935,000 after purchasing an additional 447,041 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of 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 valued at $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 and hedge funds.

Insiders Place Their Bets

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

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on VEEV shares. Piper Sandler reduced their price objective on shares of Veeva Systems from $290.00 to $255.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Wall Street Zen upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a report on Monday, February 17th. Truist Financial raised their price objective on shares of Veeva Systems from $210.00 to $217.00 and gave the company a "hold" rating in a report on Thursday, March 6th. Scotiabank raised their price objective on shares of Veeva Systems from $240.00 to $245.00 and gave the company a "sector perform" rating in a report on Thursday, March 6th. Finally, Stephens restated an "overweight" rating and issued a $280.00 price objective on shares of Veeva Systems in a 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 issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $254.92.

Veeva Systems Stock Performance

Shares of Veeva Systems stock opened at $235.44 on Friday. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93. The company has a market capitalization of $38.31 billion, a P/E ratio of 58.13, a PEG ratio of 1.89 and a beta of 0.96. The company's fifty day moving average is $229.00 and its two-hundred day moving average is $226.91.

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.

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