Price T Rowe Associates Inc. MD Has $694.39 Million Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Price T Rowe Associates Inc. MD lifted its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 0.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,302,672 shares of the technology company’s stock after purchasing an additional 4,541 shares during the quarter. Price T Rowe Associates Inc. MD owned about 2.03% of Veeva Systems worth $694,388,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in VEEV. Norges Bank bought a new position in shares of Veeva Systems in the fourth quarter valued at $294,785,000. Principal Financial Group Inc. lifted its position in Veeva Systems by 138.9% in 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 acquiring an additional 1,267,061 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Veeva Systems by 73.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock valued at $536,972,000 after purchasing an additional 1,081,501 shares during the last quarter. Wealthfront Advisers LLC increased its holdings in Veeva Systems by 29,760.5% during the 4th quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company’s stock worth $220,489,000 after purchasing an additional 1,045,188 shares in the last quarter. Finally, Marshall Wace LLP raised its stake in shares of Veeva Systems by 413.3% in the fourth quarter. Marshall Wace LLP now owns 638,380 shares of the technology company’s stock worth $134,219,000 after purchasing an additional 514,004 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Veeva Systems

In other news, 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 transaction of $841,734.06. Following the completion of the sale, 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 sale was disclosed in a legal filing with the SEC, which can be accessed 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 value of $178,019.40. Following the transaction, the senior vice president now directly owns 8,668 shares of the company’s stock, valued at $1,960,701.60. The trade was a 8.32 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,869 shares of company stock valued at $1,284,917. Company insiders own 10.50% of the company’s stock.

Veeva Systems Price Performance

Shares of NYSE:VEEV opened at $227.68 on Friday. The company has a market cap of $37.04 billion, a price-to-earnings ratio of 56.22, a PEG ratio of 1.89 and a beta of 1.05. Veeva Systems Inc. has a one year low of $170.25 and a one year high of $258.93. The firm has a fifty day moving average price of $226.08 and a two-hundred day moving average price of $223.73.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on VEEV shares. Robert W. Baird increased their price target on Veeva Systems from $283.00 to $285.00 and gave the company an “outperform” rating in a research report on Thursday, March 6th. Stephens reiterated an “overweight” rating and issued a $280.00 target price on shares of Veeva Systems in a report on Thursday, March 6th. Scotiabank raised their price target on shares of Veeva Systems from $240.00 to $245.00 and gave the company a “sector perform” rating in a research report on Thursday, March 6th. KeyCorp reduced their price objective on shares of Veeva Systems from $260.00 to $250.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Finally, Piper Sandler dropped 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. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $254.92.

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.