Empower Advisory Group LLC Takes Position in Veeva Systems Inc. (NYSE:VEEV)

Empower Advisory Group LLC bought a new stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 226,988 shares of the technology company's stock, valued at approximately $47,724,000. Empower Advisory Group LLC owned approximately 0.14% of Veeva Systems as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Patriot Financial Group Insurance Agency LLC boosted its stake in shares of Veeva Systems by 0.7% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 6,924 shares of the technology company's stock valued at $1,453,000 after purchasing an additional 48 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its holdings in Veeva Systems by 1.2% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,307 shares of the technology company's stock worth $904,000 after buying an additional 50 shares during the period. MassMutual Private Wealth & Trust FSB boosted its position in Veeva Systems by 72.5% during the 4th 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 in the last quarter. CHICAGO TRUST Co NA increased its holdings in shares of Veeva Systems by 2.9% in the 4th quarter. CHICAGO TRUST Co NA now owns 1,880 shares of the technology company's stock valued at $395,000 after acquiring an additional 53 shares during the period. Finally, Old North State Wealth Management LLC increased its holdings in shares of Veeva Systems by 0.4% in the 4th quarter. Old North State Wealth Management LLC now owns 15,351 shares of the technology company's stock valued at $3,228,000 after acquiring an additional 55 shares during the period. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on VEEV. Wells Fargo & Company raised their price objective on Veeva Systems from $275.00 to $285.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. Canaccord Genuity Group lifted their price objective on shares of Veeva Systems from $210.00 to $270.00 and gave the stock a "hold" rating in a research report on Friday, December 6th. Barclays increased their target price on shares of Veeva Systems from $260.00 to $275.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. Robert W. Baird lifted their price target on shares of Veeva Systems from $275.00 to $283.00 and gave the stock an "outperform" rating in a report on Friday, December 6th. Finally, Truist Financial decreased their price objective on Veeva Systems from $261.00 to $210.00 and set a "hold" rating for the company in a report on Monday, January 13th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and eighteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $253.96.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 1,694 shares of the business's stock in a transaction on 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 directly owns 8,061 shares in the company, valued at $1,856,448.30. The trade was a 17.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 10.50% of the stock is owned by corporate insiders.

Veeva Systems Price Performance

NYSE:VEEV traded down $2.64 during mid-day trading on Friday, hitting $226.10. The company's stock had a trading volume of 940,179 shares, compared to its average volume of 980,873. The business's fifty day moving average is $223.81 and its two-hundred day moving average is $217.11. The stock has a market cap of $36.71 billion, a price-to-earnings ratio of 55.83, a PEG ratio of 1.89 and a beta of 0.85. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93.

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.