Arrow Capital Pty Ltd Purchases New Stake in Veeva Systems Inc. (NYSE:VEEV)

Arrow Capital Pty Ltd purchased a new stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 10,000 shares of the technology company's stock, valued at approximately $2,102,000. Veeva Systems accounts for approximately 1.9% of Arrow Capital Pty Ltd's portfolio, making the stock its 27th largest holding.

A number of other institutional investors have also made changes to their positions in VEEV. MassMutual Private Wealth & Trust FSB grew its stake in Veeva Systems by 72.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company's stock worth $25,000 after buying an additional 50 shares during the last quarter. Centricity Wealth Management LLC bought a new stake in shares of Veeva Systems during the 4th quarter valued at $25,000. Smithfield Trust Co boosted its holdings in Veeva Systems by 145.5% during the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock worth $27,000 after buying an additional 80 shares during the last quarter. Avion Wealth grew its holdings in Veeva Systems by 635.0% during the fourth 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 period. Finally, Retirement Wealth Solutions LLC acquired a new stake in Veeva Systems during the 4th quarter worth $31,000. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Stock Performance

Shares of NYSE:VEEV traded up $4.31 during midday trading on Tuesday, hitting $214.39. 362,051 shares of the stock were exchanged, compared to its average volume of 1,065,840. 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 $34.88 billion, a price-to-earnings ratio of 52.92, a P/E/G ratio of 1.89 and a beta of 1.05. The business's 50-day moving average price is $226.85 and its 200 day moving average price is $223.63.

Wall Street Analysts Forecast Growth

VEEV has been the subject of several research analyst reports. KeyCorp decreased their price objective on Veeva Systems from $260.00 to $250.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. boosted their price objective on shares of Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research report on Thursday, March 20th. Truist Financial lifted their price target on Veeva Systems from $210.00 to $217.00 and gave the company a "hold" rating in a research note on Thursday, March 6th. Needham & Company LLC reiterated a "buy" rating and set a $270.00 price objective on shares of Veeva Systems in a report on Thursday, March 6th. Finally, Robert W. Baird boosted their target price on Veeva Systems from $283.00 to $285.00 and gave the company an "outperform" rating in a research note on Thursday, March 6th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $256.32.

Insider Transactions at Veeva Systems

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,200 shares of the firm's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $220.97, for a total value of $265,164.00. Following the completion of the sale, the insider now directly owns 25,889 shares in the company, valued at approximately $5,720,692.33. This trade represents a 4.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Timothy S. Cabral sold 3,882 shares of the business's stock in a transaction on Friday, April 4th. The shares were sold at an average price of $216.83, for a total transaction of $841,734.06. Following the sale, the director now owns 5,500 shares of the company's stock, valued at $1,192,565. This trade represents a 41.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,869 shares of company stock worth $1,284,917 over the last ninety days. 10.50% of the stock is owned by insiders.

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.