Point72 Hong Kong Ltd Acquires 8,656 Shares of Veeva Systems Inc. (NYSE:VEEV)

Point72 Hong Kong Ltd grew its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 63.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,322 shares of the technology company's stock after buying an additional 8,656 shares during the period. Point72 Hong Kong Ltd's holdings in Veeva Systems were worth $4,693,000 as of its most recent filing with the Securities and Exchange Commission.

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

Insider Activity

In related news, insider Thomas D. Schwenger sold 1,200 shares of Veeva Systems 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 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 filing with the SEC, which is accessible through the SEC website. Also, Director Timothy S. Cabral sold 3,882 shares of the company's stock in a transaction dated 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 trade represents a 41.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,869 shares of company stock valued at $1,284,917 in the last quarter. Company insiders own 10.30% of the company's stock.

Analyst Upgrades and Downgrades

VEEV has been the topic of several recent analyst reports. Needham & Company LLC reiterated a "buy" rating and set a $270.00 target price on shares of Veeva Systems in a report on Thursday, March 6th. Robert W. Baird lifted their price objective on Veeva Systems from $283.00 to $285.00 and gave the company an "outperform" rating in a report on Thursday, March 6th. JPMorgan Chase & Co. increased their target price on Veeva Systems from $218.00 to $249.00 and gave the stock a "neutral" rating in a research note on Thursday, March 20th. StockNews.com raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a research note on Monday, February 17th. Finally, Truist Financial upped their price target on shares of Veeva Systems from $210.00 to $217.00 and gave the company a "hold" rating in a report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $254.92.

Veeva Systems Stock Performance

VEEV traded up $0.88 during trading on Friday, reaching $242.48. 1,743,658 shares of the stock were exchanged, compared to its average volume of 1,102,501. The stock's 50 day moving average price is $228.63 and its two-hundred day moving average price is $226.29. Veeva Systems Inc. has a twelve month low of $170.25 and a twelve month high of $258.93. The stock has a market cap of $39.45 billion, a P/E ratio of 59.87, a price-to-earnings-growth ratio of 1.89 and a beta of 0.96.

Veeva Systems 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.