Veeva Systems Inc. (NYSE:VEEV) Stock Position Boosted by Utah Retirement Systems

Utah Retirement Systems raised its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 0.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 24,513 shares of the technology company’s stock after buying an additional 100 shares during the period. Utah Retirement Systems’ holdings in Veeva Systems were worth $5,154,000 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 the stock. Principal Financial Group Inc. lifted its position in Veeva Systems by 138.9% in the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after purchasing an additional 1,267,061 shares during the period. Barclays PLC boosted its stake in Veeva Systems by 18.2% during the third quarter. Barclays PLC now owns 185,206 shares of the technology company’s stock valued at $38,870,000 after buying an additional 28,497 shares in the last quarter. World Investment Advisors LLC bought a new position in Veeva Systems during the third quarter valued at about $2,131,000. Wilmington Savings Fund Society FSB bought a new stake in Veeva Systems in the third quarter worth about $168,000. Finally, Tidal Investments LLC lifted its holdings in Veeva Systems by 77.1% in the 3rd quarter. Tidal Investments LLC now owns 22,330 shares of the technology company’s stock valued at $4,686,000 after acquiring an additional 9,724 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider Thomas D. Schwenger sold 1,200 shares of Veeva Systems stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $220.97, for a total value of $265,164.00. Following the transaction, the insider now directly owns 25,889 shares in the company, valued at approximately $5,720,692.33. The trade was a 4.43 % 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 shares were sold at an average price of $216.83, for a total value of $841,734.06. Following the sale, the director now owns 5,500 shares of the company’s stock, valued at approximately $1,192,565. The trade was a 41.38 % decrease in their position. The disclosure for this sale can be found here. In 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 Price Performance

Veeva Systems stock opened at $232.21 on Friday. Veeva Systems Inc. has a one year low of $170.25 and a one year high of $258.93. The company’s fifty day moving average price is $226.23 and its two-hundred day moving average price is $224.47. The company has a market capitalization of $37.78 billion, a price-to-earnings ratio of 57.34, a PEG ratio of 1.89 and a beta of 1.05.

Analyst Ratings Changes

Several brokerages have recently issued reports on VEEV. Scotiabank lifted their price objective on shares of Veeva Systems from $240.00 to $245.00 and gave the stock a “sector perform” rating in a research note on Thursday, March 6th. KeyCorp dropped their price target on Veeva Systems from $260.00 to $250.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. StockNews.com raised Veeva Systems from a “hold” rating to a “buy” rating in a research note on Monday, February 17th. JPMorgan Chase & Co. boosted their target price on Veeva Systems from $218.00 to $249.00 and gave the stock a “neutral” rating in a research report on Thursday, March 20th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $270.00 price target on shares of Veeva Systems in a research report on Thursday, March 6th. 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. According to MarketBeat.com, Veeva Systems currently has a consensus rating of “Moderate Buy” and an average price target 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.