Canada Pension Plan Investment Board Boosts Holdings in Veeva Systems Inc. (NYSE:VEEV)

Canada Pension Plan Investment Board boosted its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 71.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 211,766 shares of the technology company's stock after acquiring an additional 88,309 shares during the quarter. Canada Pension Plan Investment Board owned 0.13% of Veeva Systems worth $44,524,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in VEEV. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of 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 during the last quarter. Centricity Wealth Management LLC bought a new stake in shares of Veeva Systems during the fourth quarter worth $25,000. Smithfield Trust Co increased its holdings in shares of 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 in the last quarter. Avion Wealth lifted its stake 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 acquiring an additional 127 shares during the last quarter. Finally, Retirement Wealth Solutions LLC acquired a new stake in shares of Veeva Systems during the 4th quarter valued at $31,000. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Piper Sandler lowered their target price on Veeva Systems from $290.00 to $255.00 and set an "overweight" rating for the company in a report on Wednesday. Truist Financial upped their price objective on Veeva Systems from $210.00 to $217.00 and gave the company 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. Robert W. Baird boosted their target price on shares of Veeva Systems from $283.00 to $285.00 and gave the stock an "outperform" rating in a report on Thursday, March 6th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $270.00 price target on shares of Veeva Systems in a research note on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company's stock. According to data from MarketBeat, Veeva Systems has an average rating of "Moderate Buy" and an average target price of $254.92.

Veeva Systems Price Performance

NYSE:VEEV traded up $4.69 on Wednesday, reaching $220.47. 1,110,462 shares of the company's stock were exchanged, compared to its average volume of 1,234,979. The firm has a market cap of $35.87 billion, a price-to-earnings ratio of 54.44, a P/E/G ratio of 1.89 and a beta of 1.05. The stock has a fifty day simple moving average of $226.48 and a 200-day simple moving average of $223.57. Veeva Systems Inc. has a 52 week low of $170.25 and a 52 week high of $258.93.

Insider Buying and Selling

In other news, SVP Jonathan Faddis sold 787 shares of the company's stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total transaction of $178,019.40. Following the sale, the senior vice president now directly owns 8,668 shares in the company, valued at $1,960,701.60. This represents a 8.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Timothy S. Cabral sold 3,882 shares of the stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $216.83, for a total transaction of $841,734.06. Following the completion of the sale, 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 5,869 shares of company stock valued at $1,284,917. 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.