Veeva Systems Inc. (NYSE:VEEV) Stock Position Boosted by Nellore Capital Management LLC

Nellore Capital Management LLC increased its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 50.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 341,345 shares of the technology company's stock after acquiring an additional 113,714 shares during the quarter. Veeva Systems comprises approximately 9.4% of Nellore Capital Management LLC's holdings, making the stock its 4th biggest position. Nellore Capital Management LLC owned about 0.21% of Veeva Systems worth $71,768,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Smith Group Asset Management LLC grew its holdings in Veeva Systems by 2.2% during the 4th quarter. Smith Group Asset Management LLC now owns 82,567 shares of the technology company's stock valued at $17,360,000 after buying an additional 1,749 shares in the last quarter. Venturi Wealth Management LLC grew its holdings in Veeva Systems by 2,716.7% during the 4th quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock valued at $36,000 after buying an additional 163 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new stake in Veeva Systems during the 4th quarter valued at approximately $3,525,000. AEGON ASSET MANAGEMENT UK Plc grew its holdings in Veeva Systems by 10.1% during the 4th quarter. AEGON ASSET MANAGEMENT UK Plc now owns 117,757 shares of the technology company's stock valued at $24,755,000 after buying an additional 10,836 shares in the last quarter. Finally, SYM FINANCIAL Corp purchased a new stake in Veeva Systems during the 4th quarter valued at approximately $729,000. 88.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on VEEV shares. KeyCorp cut their price objective on shares of Veeva Systems from $260.00 to $250.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Stephens reaffirmed an "overweight" rating and set a $280.00 price objective on shares of Veeva Systems in a report on Thursday, March 6th. Needham & Company LLC reaffirmed a "buy" rating and set a $270.00 price objective on shares of Veeva Systems in a report on Thursday, March 6th. StockNews.com upgraded Veeva Systems from a "hold" rating to a "buy" rating in a research report on Monday, February 17th. Finally, Truist Financial increased their target price on Veeva Systems from $210.00 to $217.00 and gave the company a "hold" rating in a research report on Thursday, March 6th. Two equities 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 company. According to MarketBeat.com, Veeva Systems presently has a consensus rating of "Moderate Buy" and an average price target of $254.92.

Veeva Systems Stock Up 0.4%

VEEV traded up $0.88 during trading on Friday, reaching $242.48. The company had a trading volume of 1,743,658 shares, compared to its average volume of 1,100,163. The stock has a market cap of $39.45 billion, a P/E ratio of 59.87, a PEG ratio of 1.89 and a beta of 0.96. The business has a 50 day simple moving average of $228.63 and a 200-day simple moving average of $226.21. Veeva Systems Inc. has a 52 week low of $170.25 and a 52 week high of $258.93.

Insider Transactions at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,200 shares of Veeva Systems stock in a transaction on Monday, April 14th. The stock was sold at an average price of $220.97, for a total transaction of $265,164.00. Following the completion of the sale, the insider now directly owns 25,889 shares in the company, valued at approximately $5,720,692.33. This trade represents a 4.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Jonathan Faddis sold 787 shares of Veeva Systems stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total value of $178,019.40. Following the sale, the senior vice president now owns 8,668 shares of the company's stock, valued at approximately $1,960,701.60. This trade represents a 8.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,869 shares of company stock worth $1,284,917. 10.30% of the stock is currently owned by insiders.

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.