Quarry LP Boosts Holdings in Veeva Systems Inc. (NYSE:VEEV)

Quarry LP lifted its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 316.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,857 shares of the technology company's stock after purchasing an additional 1,411 shares during the quarter. Quarry LP's holdings in Veeva Systems were worth $390,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in VEEV. Norges Bank acquired a new stake in shares of Veeva Systems in the 4th quarter valued at $294,785,000. Principal Financial Group Inc. lifted 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 worth $457,366,000 after buying an additional 1,267,061 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Veeva Systems by 73.2% in the third quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company's stock valued at $536,972,000 after buying an additional 1,081,501 shares in the last quarter. Wealthfront Advisers LLC boosted its stake in Veeva Systems by 29,760.5% in the fourth quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company's stock valued at $220,489,000 after buying an additional 1,045,188 shares in the last quarter. Finally, Marshall Wace LLP grew its position in Veeva Systems by 413.3% in the fourth quarter. Marshall Wace LLP now owns 638,380 shares of the technology company's stock valued at $134,219,000 after acquiring an additional 514,004 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Veeva Systems news, SVP Jonathan Faddis sold 787 shares of the business's stock in a transaction on 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 in the company, valued at $1,960,701.60. The trade was a 8.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Timothy S. Cabral sold 3,882 shares of Veeva Systems stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $216.83, for a total value of $841,734.06. Following the completion of the sale, the director now directly owns 5,500 shares of the company's stock, 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. Over the last quarter, insiders have sold 5,869 shares of company stock valued at $1,284,917. Insiders own 10.50% of the company's stock.

Veeva Systems Stock Performance

Shares of Veeva Systems stock traded up $2.17 during mid-day trading on Wednesday, hitting $233.81. 1,240,301 shares of the stock were exchanged, compared to its average volume of 1,077,211. The company has a market capitalization of $38.04 billion, a P/E ratio of 57.73, a P/E/G ratio of 1.89 and a beta of 1.05. The company has a 50-day simple moving average of $225.96 and a 200 day simple moving average of $224.26. Veeva Systems Inc. has a 12 month low of $170.25 and a 12 month high of $258.93.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Stephens reaffirmed an "overweight" rating and set a $280.00 price target on shares of Veeva Systems in a report on Thursday, March 6th. The Goldman Sachs Group downgraded shares of Veeva Systems from a "buy" rating to a "sell" rating and lowered their price target for the stock from $261.00 to $200.00 in a report on Thursday, January 23rd. Robert W. Baird raised 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. Piper Sandler dropped their target price on Veeva Systems from $290.00 to $255.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. boosted their price target on Veeva Systems from $218.00 to $249.00 and gave the stock a "neutral" rating in a report on Thursday, March 20th. 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, the company presently has an average rating of "Moderate Buy" and a consensus target price of $254.92.

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 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.