Sherbrooke Park Advisers LLC Makes New Investment in Veeva Systems Inc. (NYSE:VEEV)

Sherbrooke Park Advisers LLC bought a new stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 4,378 shares of the technology company's stock, valued at approximately $920,000.

A number of other institutional investors and hedge funds have also made changes to their positions in VEEV. T. Rowe Price Investment Management Inc. raised its holdings in Veeva Systems by 3.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,169,698 shares of the technology company's stock worth $1,086,930,000 after purchasing an additional 177,201 shares in the last quarter. Leigh Baldwin & CO. LLC purchased a new position in Veeva Systems during the fourth quarter worth about $685,355,000. FMR LLC raised its holdings in Veeva Systems by 7.8% during the fourth quarter. FMR LLC now owns 3,213,360 shares of the technology company's stock worth $675,609,000 after purchasing an additional 232,116 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in Veeva Systems by 17.5% during the fourth quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company's stock worth $631,935,000 after purchasing an additional 447,041 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Veeva Systems by 36.0% during the fourth quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company's stock worth $623,186,000 after purchasing an additional 784,741 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Stock Down 1.3%

Shares of VEEV traded down $3.16 on Monday, hitting $239.62. 1,928,246 shares of the stock traded hands, compared to its average volume of 1,105,809. The firm has a market capitalization of $38.99 billion, a P/E ratio of 59.17, a P/E/G ratio of 1.89 and a beta of 0.96. The stock's 50 day moving average is $228.63 and its two-hundred day moving average is $226.41. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on VEEV shares. Piper Sandler lowered their target price on shares of Veeva Systems from $290.00 to $255.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Truist Financial upped their target price on shares of Veeva Systems from $210.00 to $217.00 and gave the stock a "hold" rating in a research report on Thursday, March 6th. Needham & Company LLC restated a "buy" rating and set a $270.00 target price on shares of Veeva Systems in a research report on Thursday, March 6th. Scotiabank upped their target price on shares of Veeva Systems from $240.00 to $245.00 and gave the stock a "sector perform" rating in a research report on Thursday, March 6th. Finally, JPMorgan Chase & Co. upped their target price on shares of Veeva Systems from $218.00 to $249.00 and gave the stock a "neutral" rating in a research report on Thursday, March 20th. 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $254.92.

Insider Activity at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 787 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total transaction of $178,019.40. Following the transaction, the senior vice president now owns 8,668 shares of the company's stock, valued at $1,960,701.60. This trade represents a 8.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Timothy S. Cabral sold 3,882 shares of the stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $216.83, for a total transaction of $841,734.06. Following the transaction, the director now directly owns 5,500 shares in the company, valued at approximately $1,192,565. This represents a 41.38% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,869 shares of company stock valued at $1,284,917. Company insiders own 10.30% of the company's stock.

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.