Norges Bank Buys Shares of 1,402,070 Veeva Systems Inc. (NYSE:VEEV)

Norges Bank bought a new stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 1,402,070 shares of the technology company's stock, valued at approximately $294,785,000. Norges Bank owned 0.86% of Veeva Systems as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. MassMutual Private Wealth & Trust FSB raised its holdings in Veeva Systems by 72.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company's stock valued at $25,000 after buying an additional 50 shares during the period. Centricity Wealth Management LLC purchased a new stake in shares of Veeva Systems in the 4th quarter valued at approximately $25,000. Smithfield Trust Co lifted its holdings in shares of Veeva Systems by 145.5% in the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock worth $27,000 after acquiring an additional 80 shares during the last quarter. True Wealth Design LLC boosted its position in shares of Veeva Systems by 3,375.0% during the 3rd quarter. True Wealth Design LLC now owns 139 shares of the technology company's stock worth $29,000 after purchasing an additional 135 shares during the period. Finally, Avion Wealth increased its holdings in Veeva Systems by 635.0% in the 4th quarter. Avion Wealth now owns 147 shares of the technology company's stock valued at $30,000 after purchasing an additional 127 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Insiders Place Their Bets

In related news, SVP Jonathan Faddis sold 787 shares of the stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total transaction of $178,019.40. Following the completion of the sale, the senior vice president now owns 8,668 shares in the company, valued at $1,960,701.60. This represents a 8.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 10.50% of the company's stock.

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Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. lifted their price objective on Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research note on Thursday, March 20th. Needham & Company LLC reaffirmed a "buy" rating and issued a $270.00 target price on shares of Veeva Systems in a research report on Thursday, March 6th. Citigroup boosted their price target on shares of Veeva Systems from $281.00 to $307.00 and gave the stock a "buy" rating in a research note on Monday, December 9th. Evercore ISI raised their price objective on shares of Veeva Systems from $220.00 to $245.00 and gave the company an "in-line" rating in a research note on Friday, December 6th. Finally, Stifel Nicolaus lifted their price objective on shares of Veeva Systems from $240.00 to $272.00 and gave the company a "buy" rating in a report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $256.52.

Veeva Systems Price Performance

Shares of NYSE:VEEV traded down $9.73 during trading on Thursday, hitting $216.81. 520,298 shares of the company were exchanged, compared to its average volume of 1,041,821. The firm's 50 day moving average price is $231.96 and its 200-day moving average price is $223.04. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93. The stock has a market capitalization of $35.27 billion, a P/E ratio of 53.53, a PEG ratio of 1.89 and a beta of 0.88.

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.