Avanza Fonder AB Acquires Shares of 10,935 Veeva Systems Inc. (NYSE:VEEV)

Avanza Fonder AB bought a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 10,935 shares of the technology company's stock, valued at approximately $2,299,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Mowery & Schoenfeld Wealth Management LLC acquired a new position in shares of Veeva Systems during the third quarter worth approximately $26,000. True Wealth Design LLC boosted its holdings in Veeva Systems by 3,375.0% in the 3rd quarter. True Wealth Design LLC now owns 139 shares of the technology company's stock valued at $29,000 after purchasing an additional 135 shares during the period. Harvest Fund Management Co. Ltd acquired a new stake in Veeva Systems in the 3rd quarter worth $49,000. Fairscale Capital LLC bought a new position in shares of Veeva Systems during the 2nd quarter worth about $46,000. Finally, Quent Capital LLC raised its position in shares of Veeva Systems by 794.1% during the third quarter. Quent Capital LLC now owns 304 shares of the technology company's stock valued at $64,000 after buying an additional 270 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Price Performance

VEEV stock traded up $1.92 during trading hours on Friday, reaching $216.67. 715,069 shares of the stock were exchanged, compared to its average volume of 940,345. The firm's 50-day moving average is $222.31 and its 200-day moving average is $209.66. Veeva Systems Inc. has a 12 month low of $170.25 and a 12 month high of $258.93. The company has a market cap of $35.18 billion, a price-to-earnings ratio of 53.50, a PEG ratio of 1.91 and a beta of 0.84.

Insider Activity at Veeva Systems

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of the business's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the sale, the insider now directly owns 27,013 shares of the company's stock, valued at $6,483,390.13. The trade was a 4.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Jonathan Faddis sold 1,694 shares of the firm's stock in a transaction dated 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 transaction, the senior vice president now owns 8,061 shares of the company's stock, valued at $1,856,448.30. The trade was a 17.37 % decrease in their position. The disclosure for this sale can be found here. 10.50% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Scotiabank boosted their price target on Veeva Systems from $235.00 to $240.00 and gave the company a "sector perform" rating in a research note on Friday, December 6th. Robert W. Baird raised their target price on Veeva Systems from $275.00 to $283.00 and gave the stock an "outperform" rating in a research report on Friday, December 6th. Needham & Company LLC restated a "buy" rating and issued a $270.00 price objective on shares of Veeva Systems in a research note on Friday. Piper Sandler lifted their target price on shares of Veeva Systems from $280.00 to $290.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. Finally, Wells Fargo & Company upped their target price on shares of Veeva Systems from $275.00 to $285.00 and gave the company an "overweight" rating in a research note on Friday, December 6th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $255.74.

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.