Arrowstreet Capital Limited Partnership Takes Position in Veeva Systems Inc. (NYSE:VEEV)

Arrowstreet Capital Limited Partnership bought a new position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 99,945 shares of the technology company's stock, valued at approximately $21,013,000. Arrowstreet Capital Limited Partnership owned approximately 0.06% of Veeva Systems at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the business. MassMutual Private Wealth & Trust FSB raised its position in Veeva Systems by 72.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company's stock worth $25,000 after acquiring an additional 50 shares in the last quarter. Centricity Wealth Management LLC purchased a new position in shares of Veeva Systems in the 4th quarter valued at about $25,000. Smithfield Trust Co lifted its stake in shares of Veeva Systems by 145.5% in the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock valued at $27,000 after purchasing an additional 80 shares during the period. Avion Wealth lifted its stake in shares of Veeva Systems by 635.0% in 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 purchased a new stake in Veeva Systems during the fourth quarter worth about $31,000. 88.20% of the stock is owned by institutional investors and hedge funds.

Veeva Systems Stock Down 2.5 %

Shares of Veeva Systems stock traded down $5.40 during trading hours on Tuesday, hitting $209.34. The company's stock had a trading volume of 1,378,795 shares, compared to its average volume of 1,055,069. The company has a market capitalization of $34.06 billion, a PE ratio of 51.69, a P/E/G ratio of 1.89 and a beta of 1.05. The business has a fifty day moving average of $230.59 and a 200 day moving average of $222.98. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93.

Insider Activity at Veeva Systems

In other news, SVP Jonathan Faddis sold 787 shares of Veeva Systems stock in a transaction that occurred 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 sale, the senior vice president now owns 8,668 shares in the company, valued at $1,960,701.60. This trade represents a 8.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Timothy S. Cabral sold 3,882 shares of the company'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 completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. 10.50% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

VEEV has been the subject of a number of research reports. KeyCorp reduced their price target on shares of Veeva Systems from $285.00 to $255.00 and set an "overweight" rating for the company in a research report on Wednesday, January 8th. Citigroup lifted their price objective on Veeva Systems from $281.00 to $307.00 and gave the stock a "buy" rating in a report on Monday, December 9th. Robert W. Baird upped their target price on Veeva Systems from $283.00 to $285.00 and gave the company an "outperform" rating in a report on Thursday, March 6th. The Goldman Sachs Group cut Veeva Systems from a "buy" rating to a "sell" rating and dropped their price target for the company from $261.00 to $200.00 in a research report on Thursday, January 23rd. Finally, StockNews.com upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a research report on Monday, February 17th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $256.52.

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.