Bryce Point Capital LLC Makes New Investment in Veeva Systems Inc. (NYSE:VEEV)

Bryce Point Capital LLC bought a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 2,355 shares of the technology company's stock, valued at approximately $495,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in VEEV. State Street Corp increased its position in shares of Veeva Systems by 1.5% during the 3rd quarter. State Street Corp now owns 3,293,141 shares of the technology company's stock valued at $691,132,000 after purchasing an additional 47,872 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Veeva Systems by 17.5% during the fourth quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company's stock valued at $631,935,000 after buying an additional 447,041 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Veeva Systems by 36.0% during the 4th quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company's stock worth $623,186,000 after acquiring an additional 784,741 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Veeva Systems by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 2,803,344 shares of the technology company's stock valued at $589,208,000 after acquiring an additional 38,108 shares during the period. Finally, Van ECK Associates Corp increased its stake in shares of Veeva Systems by 6.8% in the 4th quarter. Van ECK Associates Corp now owns 2,130,498 shares of the technology company's stock worth $447,937,000 after purchasing an additional 135,492 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

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Veeva Systems Stock Performance

Veeva Systems stock traded up $6.94 during trading on Wednesday, reaching $216.33. The company had a trading volume of 3,159,529 shares, compared to its average volume of 1,060,529. The firm has a market capitalization of $35.20 billion, a price-to-earnings ratio of 53.41, a PEG ratio of 1.89 and a beta of 1.05. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93. The stock's 50 day moving average price is $229.83 and its two-hundred day moving average price is $222.97.

Insider Activity

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

Wall Street Analyst Weigh In

Several research firms have recently commented on VEEV. Truist Financial raised their price objective on Veeva Systems from $210.00 to $217.00 and gave the stock a "hold" rating in a research note on Thursday, March 6th. StockNews.com upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a research report on Monday, February 17th. JPMorgan Chase & Co. lifted their target price on shares of Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research note on Thursday, March 20th. Morgan Stanley boosted their price objective on Veeva Systems from $195.00 to $201.00 and gave the company an "underweight" rating in a research report on Thursday, March 6th. Finally, Robert W. Baird raised their target price on shares of 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 given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average 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.