Alhambra Investment Management LLC Takes Position in Veeva Systems Inc. (NYSE:VEEV)

Alhambra Investment Management LLC purchased a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,234 shares of the technology company's stock, valued at approximately $259,000.

Several other institutional investors have also recently added to or reduced their stakes in VEEV. Massachusetts Financial Services Co. MA lifted its holdings in Veeva Systems by 64.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company's stock worth $744,084,000 after buying an additional 1,392,256 shares during the last quarter. State Street Corp lifted its position in shares of Veeva Systems by 1.5% in the 3rd quarter. State Street Corp now owns 3,293,141 shares of the technology company's stock worth $691,132,000 after buying an additional 47,872 shares during the last quarter. FMR LLC grew its position in shares of Veeva Systems by 25.7% during the 3rd 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. Geode Capital Management LLC raised its position in shares of Veeva Systems by 5.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company's stock worth $579,630,000 after purchasing an additional 149,807 shares during the period. Finally, JPMorgan Chase & Co. increased its position 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 worth $536,972,000 after buying an additional 1,081,501 shares during the period. 88.20% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

VEEV has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. increased their price objective on Veeva Systems from $208.00 to $218.00 and gave the stock a "neutral" rating in a report on Monday, December 16th. Guggenheim lifted their target price on Veeva Systems from $233.00 to $249.00 and gave the stock a "buy" rating in a report on Tuesday, October 1st. StockNews.com raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a report on Saturday, November 9th. Truist Financial lowered their price objective on shares of Veeva Systems from $261.00 to $210.00 and set a "hold" rating on the stock in a research note on Monday, January 13th. Finally, Barclays increased their target price on shares of Veeva Systems from $260.00 to $275.00 and gave the company an "overweight" rating in a research note on Friday, December 6th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat.com, Veeva Systems currently has a consensus rating of "Moderate Buy" and an average target price of $255.74.

Insiders Place Their Bets

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of the company's stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total value of $390,128.20. Following the completion of the sale, the senior vice president now owns 8,061 shares of the company's stock, valued at approximately $1,856,448.30. This represents a 17.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas D. Schwenger sold 1,126 shares of the firm's stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the sale, the insider now directly owns 27,013 shares in the company, valued at approximately $6,483,390.13. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 10.50% of the company's stock.

Veeva Systems Stock Performance

VEEV traded up $1.92 during mid-day trading on Friday, reaching $216.67. The stock had a trading volume of 715,069 shares, compared to its average volume of 940,345. The firm's fifty day simple moving average is $222.31 and its two-hundred day simple moving average is $209.66. The stock has a market capitalization of $35.18 billion, a P/E ratio of 53.50, a P/E/G ratio of 1.91 and a beta of 0.84. Veeva Systems Inc. has a 52 week low of $170.25 and a 52 week high of $258.93.

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.