Aviva PLC Acquires 78,927 Shares of Veeva Systems Inc. (NYSE:VEEV)

Aviva PLC boosted its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 485.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 95,190 shares of the technology company's stock after acquiring an additional 78,927 shares during the period. Aviva PLC owned 0.06% of Veeva Systems worth $20,014,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. MassMutual Private Wealth & Trust FSB boosted its holdings 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 valued at $25,000 after acquiring an additional 50 shares during the period. Centricity Wealth Management LLC acquired a new position in Veeva Systems in the fourth quarter valued at about $25,000. Smithfield Trust Co raised its holdings 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 last quarter. Avion Wealth raised its holdings in shares of Veeva Systems by 635.0% in the 4th 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 position in Veeva Systems in the 4th quarter valued at $31,000. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Stock Up 3.6 %

Shares of NYSE:VEEV traded up $7.56 during trading on Friday, hitting $218.20. 1,582,004 shares of the company were exchanged, compared to its average volume of 1,068,331. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93. The business's 50 day moving average is $229.08 and its 200-day moving average is $223.18. The company has a market capitalization of $35.50 billion, a P/E ratio of 53.88, a price-to-earnings-growth ratio of 1.89 and a beta of 1.05.

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Analysts Set New Price Targets

Several analysts recently weighed in on VEEV shares. KeyCorp reduced their price objective on shares of Veeva Systems from $285.00 to $255.00 and set an "overweight" rating on the stock in a research note on Wednesday, January 8th. Scotiabank raised their price target on shares of Veeva Systems from $240.00 to $245.00 and gave the company a "sector perform" rating in a report on Thursday, March 6th. JPMorgan Chase & Co. increased their target price on Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a report on Thursday, March 20th. StockNews.com upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a report on Monday, February 17th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $270.00 target price on shares of Veeva Systems in a research note on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, Veeva Systems has a consensus rating of "Moderate Buy" and an average price target of $256.52.

Insiders Place Their Bets

In other news, Director Timothy S. Cabral sold 3,882 shares of Veeva Systems stock in a transaction on Friday, April 4th. The stock was sold at an average price of $216.83, for a total value of $841,734.06. Following the completion of the transaction, the director now directly owns 5,500 shares in the company, valued at approximately $1,192,565. The trade was a 41.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jonathan Faddis sold 787 shares of the business's stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total transaction of $178,019.40. Following the completion of the transaction, the senior vice president now directly owns 8,668 shares of the company's stock, valued at approximately $1,960,701.60. This represents a 8.32 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 10.50% of the company's stock.

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.