Lord Abbett & CO. LLC Takes Position in Veeva Systems Inc. (NYSE:VEEV)

Lord Abbett & CO. LLC bought a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 109,000 shares of the technology company's stock, valued at approximately $22,917,000. Lord Abbett & CO. LLC owned about 0.07% of Veeva Systems as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Principal Financial Group Inc. boosted its position in Veeva Systems by 138.9% during the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock valued at $457,366,000 after purchasing an additional 1,267,061 shares during the period. Smith Group Asset Management LLC grew its position in shares of Veeva Systems by 2.2% during the fourth quarter. Smith Group Asset Management LLC now owns 82,567 shares of the technology company's stock worth $17,360,000 after acquiring an additional 1,749 shares during the last quarter. Everence Capital Management Inc. bought a new stake in Veeva Systems in the 4th quarter valued at about $816,000. Venturi Wealth Management LLC grew its position in Veeva Systems by 2,716.7% in the 4th quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock worth $36,000 after purchasing an additional 163 shares during the last quarter. Finally, Nordea Investment Management AB increased its stake in shares of Veeva Systems by 21.6% in the fourth quarter. Nordea Investment Management AB now owns 261,131 shares of the technology company's stock valued at $55,073,000 after purchasing an additional 46,440 shares during the period. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, SVP Jonathan Faddis sold 787 shares of Veeva Systems stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 8,668 shares in the company, valued at approximately $1,960,701.60. The trade was a 8.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Timothy S. Cabral sold 3,882 shares of the company's stock in a transaction on Friday, April 4th. The shares were 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 owns 5,500 shares in the company, valued at approximately $1,192,565. This represents a 41.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,869 shares of company stock valued at $1,284,917. Company insiders own 10.50% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on VEEV. Truist Financial lifted their price objective on shares of Veeva Systems from $210.00 to $217.00 and gave the company a "hold" rating in a research note on Thursday, March 6th. 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 research report on Thursday, March 6th. JPMorgan Chase & Co. lifted their target price on shares of Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research note on Thursday, March 20th. The Goldman Sachs Group downgraded Veeva Systems from a "buy" rating to a "sell" rating and decreased their price target for the stock from $261.00 to $200.00 in a research note on Thursday, January 23rd. Finally, StockNews.com raised Veeva Systems from a "hold" rating to a "buy" rating in a report on Monday, February 17th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, Veeva Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $254.92.

Veeva Systems Stock Performance

VEEV stock traded down $1.48 during midday trading on Thursday, hitting $232.21. 746,858 shares of the company's stock were exchanged, compared to its average volume of 1,075,909. The stock's fifty day moving average price is $226.11 and its 200-day moving average price is $224.32. Veeva Systems Inc. has a one year low of $170.25 and a one year high of $258.93. The company has a market cap of $37.78 billion, a PE ratio of 57.34, a price-to-earnings-growth ratio of 1.89 and a beta of 1.05.

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.