MGO One Seven LLC Grows Stock Position in Veeva Systems Inc. (NYSE:VEEV)

MGO One Seven LLC raised its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 135.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,742 shares of the technology company's stock after purchasing an additional 1,576 shares during the period. MGO One Seven LLC's holdings in Veeva Systems were worth $577,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in VEEV. MassMutual Private Wealth & Trust FSB boosted its position in Veeva Systems by 72.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company's stock valued at $25,000 after buying an additional 50 shares during the period. Centricity Wealth Management LLC purchased a new position in Veeva Systems in the 4th quarter worth about $25,000. Smithfield Trust Co grew its holdings in shares of Veeva Systems by 145.5% in the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock worth $27,000 after acquiring an additional 80 shares during the period. Avion Wealth lifted its stake in shares of Veeva Systems by 635.0% in the 4th quarter. Avion Wealth now owns 147 shares of the technology company's stock worth $30,000 after purchasing an additional 127 shares during the period. Finally, Retirement Wealth Solutions LLC purchased a new position in Veeva Systems during the fourth quarter valued at $31,000. Institutional investors and hedge funds own 88.20% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Truist Financial lifted their target price on Veeva Systems from $210.00 to $217.00 and gave the stock a "hold" rating in a report on Thursday, March 6th. Stephens reiterated an "overweight" rating and issued a $280.00 target price on shares of Veeva Systems in a report on Thursday, March 6th. JPMorgan Chase & Co. increased their price objective on Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a report on Thursday, March 20th. Scotiabank raised their price objective on Veeva Systems from $240.00 to $245.00 and gave the company a "sector perform" rating in a report on Thursday, March 6th. Finally, Morgan Stanley upped 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 assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $254.92.

Insider Activity

In other news, insider Thomas D. Schwenger sold 1,200 shares of the firm's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $220.97, for a total transaction of $265,164.00. Following the sale, the insider now owns 25,889 shares of the company's stock, valued at $5,720,692.33. This trade represents a 4.43 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Timothy S. Cabral sold 3,882 shares of the 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 transaction, the director now directly owns 5,500 shares in the company, valued at $1,192,565. The trade was a 41.38 % decrease in their ownership of the stock. 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. 10.50% of the stock is currently owned by insiders.

Veeva Systems Price Performance

NYSE:VEEV traded up $2.17 during trading hours on Wednesday, hitting $233.81. The stock had a trading volume of 1,240,301 shares, compared to its average volume of 1,077,211. Veeva Systems Inc. has a one year low of $170.25 and a one year high of $258.93. The firm has a market capitalization of $38.04 billion, a price-to-earnings ratio of 57.73, a P/E/G ratio of 1.89 and a beta of 1.05. The company has a 50 day simple moving average of $225.96 and a two-hundred day simple moving average of $224.26.

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.