T. Rowe Price Investment Management Inc. Raises Holdings in Veeva Systems Inc. (NYSE:VEEV)

T. Rowe Price Investment Management Inc. boosted its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 3.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,169,698 shares of the technology company's stock after buying an additional 177,201 shares during the quarter. T. Rowe Price Investment Management Inc. owned approximately 3.18% of Veeva Systems worth $1,086,930,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Principal Financial Group Inc. raised its position in shares of Veeva Systems by 138.9% during the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock valued at $457,366,000 after purchasing an additional 1,267,061 shares during the period. Smith Group Asset Management LLC boosted its position in shares of Veeva Systems by 2.2% during the fourth quarter. Smith Group Asset Management LLC now owns 82,567 shares of the technology company's stock worth $17,360,000 after acquiring an additional 1,749 shares during the last quarter. Everence Capital Management Inc. bought a new position in shares of Veeva Systems during the 4th quarter valued at about $816,000. 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. Finally, Nordea Investment Management AB increased its position in Veeva Systems by 21.6% in the fourth quarter. Nordea Investment Management AB now owns 261,131 shares of the technology company's stock worth $55,073,000 after purchasing an additional 46,440 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Timothy S. Cabral sold 3,882 shares of the firm's stock in a transaction dated Friday, April 4th. The stock was 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 directly owns 5,500 shares in the company, valued at $1,192,565. This trade represents a 41.38 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Jonathan Faddis sold 787 shares of the business's stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total transaction of $178,019.40. Following the sale, the senior vice president now owns 8,668 shares in the company, valued at $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. Insiders have sold a total of 5,869 shares of company stock valued at $1,284,917 in the last quarter. Insiders own 10.50% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on VEEV shares. Robert W. Baird raised their price objective on shares of Veeva Systems from $283.00 to $285.00 and gave the stock an "outperform" rating in a research note on Thursday, March 6th. KeyCorp decreased their target price on Veeva Systems from $260.00 to $250.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. The Goldman Sachs Group lowered Veeva Systems from a "buy" rating to a "sell" rating and cut their price target for the company from $261.00 to $200.00 in a research note on Thursday, January 23rd. Truist Financial increased their target price on shares of Veeva Systems from $210.00 to $217.00 and gave the stock a "hold" rating in a report on Thursday, March 6th. Finally, Morgan Stanley lifted their price objective on shares of Veeva Systems from $195.00 to $201.00 and gave the company an "underweight" rating in a 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 stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $254.92.

Veeva Systems Stock Down 1.1 %

Shares of Veeva Systems stock traded down $2.52 on Monday, hitting $225.02. 195,645 shares of the company were exchanged, compared to its average volume of 1,069,945. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93. The company has a 50-day moving average price of $225.97 and a 200 day moving average price of $224.10. The stock has a market capitalization of $36.61 billion, a price-to-earnings ratio of 55.61, a price-to-earnings-growth ratio of 1.89 and a beta of 1.05.

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.