ARK Investment Management LLC Has $43.66 Million Stock Position in Veeva Systems Inc. (NYSE:VEEV)

ARK Investment Management LLC raised its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 13.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 226,786 shares of the technology company's stock after purchasing an additional 26,958 shares during the period. ARK Investment Management LLC owned 0.14% of Veeva Systems worth $43,661,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. UMB Bank n.a. boosted its position in Veeva Systems by 2.5% in the third quarter. UMB Bank n.a. now owns 2,103 shares of the technology company's stock valued at $428,000 after buying an additional 51 shares in the last quarter. NewEdge Wealth LLC grew its holdings in Veeva Systems by 0.6% during the 3rd quarter. NewEdge Wealth LLC now owns 10,059 shares of the technology company's stock worth $2,047,000 after acquiring an additional 60 shares during the last quarter. Personal CFO Solutions LLC raised its stake in shares of Veeva Systems by 5.9% during the third quarter. Personal CFO Solutions LLC now owns 1,091 shares of the technology company's stock valued at $222,000 after acquiring an additional 61 shares during the last quarter. Penserra Capital Management LLC grew its stake in shares of Veeva Systems by 9.3% in the fourth quarter. Penserra Capital Management LLC now owns 729 shares of the technology company's stock worth $117,000 after purchasing an additional 62 shares during the last quarter. Finally, Toroso Investments LLC increased its holdings in Veeva Systems by 4.9% in the third quarter. Toroso Investments LLC now owns 1,318 shares of the technology company's stock valued at $217,000 after purchasing an additional 62 shares during the period. Institutional investors and hedge funds own 88.20% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on VEEV shares. The Goldman Sachs Group upped their target price on Veeva Systems from $219.00 to $248.00 and gave the company a "buy" rating in a report on Friday, March 1st. Jefferies Financial Group lifted their target price on Veeva Systems from $225.00 to $270.00 and gave the stock a "buy" rating in a report on Monday, March 4th. StockNews.com lowered shares of Veeva Systems from a "buy" rating to a "hold" rating in a research note on Wednesday, March 13th. Robert W. Baird upped their price target on Veeva Systems from $245.00 to $251.00 and gave the stock an "outperform" rating in a research note on Friday, March 1st. Finally, Barclays upped their price objective on shares of Veeva Systems from $240.00 to $245.00 and gave the stock an "overweight" rating in a report on Friday, March 1st. One analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat, Veeva Systems presently has a consensus rating of "Moderate Buy" and an average price target of $234.90.

Veeva Systems Stock Performance

VEEV traded down $1.50 during trading on Thursday, reaching $231.89. The stock had a trading volume of 796,825 shares, compared to its average volume of 966,675. The business has a 50-day moving average of $220.08 and a 200-day moving average of $202.16. The stock has a market cap of $37.34 billion, a PE ratio of 72.02, a PEG ratio of 2.35 and a beta of 0.74. Veeva Systems Inc. has a one year low of $160.21 and a one year high of $236.90.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its earnings results on Thursday, February 29th. The technology company reported $0.92 EPS for the quarter, topping analysts' consensus estimates of $0.81 by $0.11. Veeva Systems had a return on equity of 11.26% and a net margin of 22.24%. The firm had revenue of $630.62 million for the quarter, compared to analysts' expectations of $620.75 million. Equities research analysts forecast that Veeva Systems Inc. will post 4.11 EPS for the current fiscal year.

Insider Activity at Veeva Systems

In other news, CMO Eleni Nitsa Zuppas sold 4,350 shares of the firm's stock in a transaction dated Tuesday, January 9th. The stock was sold at an average price of $192.61, for a total transaction of $837,853.50. Following the completion of the transaction, the chief marketing officer now owns 19,057 shares in the company, valued at $3,670,568.77. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Timothy S. Cabral sold 15,000 shares of the stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $226.04, for a total value of $3,390,600.00. Following the sale, the director now directly owns 23,391 shares in the company, valued at $5,287,301.64. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CMO Eleni Nitsa Zuppas sold 4,350 shares of the business's stock in a transaction on Tuesday, January 9th. The shares were sold at an average price of $192.61, for a total transaction of $837,853.50. Following the sale, the chief marketing officer now directly owns 19,057 shares of the company's stock, valued at $3,670,568.77. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,498 shares of company stock worth $6,219,253. 10.98% of the stock is owned by company insiders.

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 data 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.