Pinebridge Investments L.P. Increases Stake in Veeva Systems Inc. (NYSE:VEEV)

Pinebridge Investments L.P. increased its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 2.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 44,721 shares of the technology company's stock after purchasing an additional 1,107 shares during the quarter. Pinebridge Investments L.P.'s holdings in Veeva Systems were worth $9,403,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in VEEV. Principal Financial Group Inc. grew its position in Veeva Systems by 138.9% during the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock valued at $457,366,000 after buying an additional 1,267,061 shares during the period. Smith Group Asset Management LLC boosted its stake in Veeva Systems by 2.2% in the fourth quarter. Smith Group Asset Management LLC now owns 82,567 shares of the technology company's stock valued at $17,360,000 after acquiring an additional 1,749 shares during the last quarter. Everence Capital Management Inc. purchased a new position in Veeva Systems in the fourth quarter valued at about $816,000. Venturi Wealth Management LLC grew its position in shares of 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 acquiring an additional 163 shares during the period. Finally, Nordea Investment Management AB increased its stake in shares of Veeva Systems by 21.6% during the 4th 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 owned by institutional investors.

Insider Transactions at Veeva Systems

In related news, SVP Jonathan Faddis sold 787 shares of the firm's stock in a transaction dated 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 directly 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 Securities & Exchange Commission, which is available through this link. Also, Director Timothy S. Cabral sold 3,882 shares of the business's stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $216.83, for a total value of $841,734.06. Following the transaction, the director now 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 worth $1,284,917. Insiders own 10.50% of the company's stock.

Analyst Ratings Changes

VEEV has been the subject of a number of recent research reports. Stephens reissued an "overweight" rating and issued a $280.00 target price on shares of Veeva Systems in a research report on Thursday, March 6th. KeyCorp lowered their price objective on Veeva Systems from $260.00 to $250.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. 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 research report on Thursday, March 6th. StockNews.com raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a research report on Monday, February 17th. Finally, Morgan Stanley raised their price objective on shares of Veeva Systems from $195.00 to $201.00 and gave the stock an "underweight" rating in a report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, Veeva Systems has an average rating of "Moderate Buy" and an average target price of $254.92.

Veeva Systems Stock Performance

VEEV traded down $1.90 on Wednesday, hitting $229.74. 239,561 shares of the company were exchanged, compared to its average volume of 1,071,167. Veeva Systems Inc. has a 12 month low of $170.25 and a 12 month high of $258.93. The firm has a fifty day simple moving average of $225.96 and a two-hundred day simple moving average of $224.26. The stock has a market capitalization of $37.38 billion, a PE ratio of 56.63, a price-to-earnings-growth ratio of 1.89 and a beta of 1.05.

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.