Virtu Financial LLC Makes New $3.32 Million Investment in Veeva Systems Inc. (NYSE:VEEV)

Virtu Financial LLC purchased a new stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 15,808 shares of the technology company's stock, valued at approximately $3,323,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Massachusetts Financial Services Co. MA grew its position in Veeva Systems by 64.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company's stock valued at $744,084,000 after buying an additional 1,392,256 shares during the period. Principal Financial Group Inc. increased its stake 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 valued at $457,366,000 after acquiring an additional 1,267,061 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of 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 raised its stake in shares of Veeva Systems by 29,760.5% during the fourth quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company's stock worth $220,489,000 after acquiring an additional 1,045,188 shares in the last quarter. Finally, FMR LLC grew its stake in shares of Veeva Systems by 25.7% during the third quarter. FMR LLC now owns 2,981,244 shares of the technology company's stock valued at $625,674,000 after buying an additional 610,021 shares during the last quarter. Institutional investors own 88.20% of the company's stock.

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Wall Street Analyst Weigh In

Several analysts recently issued reports on VEEV shares. Scotiabank raised their target price on Veeva Systems from $240.00 to $245.00 and gave the stock a "sector perform" rating in a research note on Thursday, March 6th. StockNews.com upgraded Veeva Systems from a "hold" rating to a "buy" rating in a report on Monday, February 17th. Mizuho began coverage on Veeva Systems in a research report on Wednesday, December 4th. They issued an "outperform" rating and a $275.00 price objective on the stock. Barclays raised their price target on Veeva Systems from $260.00 to $275.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. Finally, Morgan Stanley upped their price objective on Veeva Systems from $195.00 to $201.00 and gave the company an "underweight" rating in a research report on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $256.52.

Veeva Systems Stock Down 2.1 %

Shares of Veeva Systems stock traded down $5.09 during trading on Wednesday, reaching $235.52. The company's stock had a trading volume of 544,437 shares, compared to its average volume of 1,008,327. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93. The company has a 50-day simple moving average of $230.35 and a two-hundred day simple moving average of $222.59. The company has a market cap of $38.24 billion, a price-to-earnings ratio of 58.15, a P/E/G ratio of 1.89 and a beta of 0.88.

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.