Kovitz Investment Group Partners LLC Invests $381,000 in Veeva Systems Inc. (NYSE:VEEV)

Kovitz Investment Group Partners LLC acquired a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 1,811 shares of the technology company's stock, valued at approximately $381,000.

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

Veeva Systems Price Performance

NYSE:VEEV traded down $3.36 during trading hours on Tuesday, reaching $233.63. The company had a trading volume of 376,239 shares, compared to its average volume of 1,074,850. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93. The business's 50 day moving average price is $226.72 and its 200-day moving average price is $224.87. The firm has a market cap of $38.01 billion, a PE ratio of 57.53, a price-to-earnings-growth ratio of 1.89 and a beta of 1.05.

Insider Buying and Selling

In related news, insider Thomas D. Schwenger sold 1,200 shares of the business's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $220.97, for a total value of $265,164.00. Following the completion of the sale, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Jonathan Faddis sold 787 shares of the business's stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total transaction of $178,019.40. Following the sale, the senior vice president now directly 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 5,869 shares of company stock valued at $1,284,917. Corporate insiders own 10.50% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on VEEV shares. Scotiabank upped their price target 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. Needham & Company LLC reiterated a "buy" rating and issued a $270.00 price target on shares of Veeva Systems in a report on Thursday, March 6th. Stephens reissued an "overweight" rating and set a $280.00 price target on shares of Veeva Systems in a research note on Thursday, March 6th. The Goldman Sachs Group downgraded Veeva Systems from a "buy" rating to a "sell" rating and cut their price objective for the company from $261.00 to $200.00 in a research report on Thursday, January 23rd. Finally, Morgan Stanley lifted their target price on Veeva Systems from $195.00 to $201.00 and gave the stock an "underweight" rating in a research report on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus 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.