First Trust Advisors LP Raises Holdings in Veeva Systems Inc. (NYSE:VEEV)

First Trust Advisors LP lifted its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 10.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 634,840 shares of the technology company's stock after acquiring an additional 59,567 shares during the quarter. First Trust Advisors LP owned approximately 0.39% of Veeva Systems worth $133,475,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in VEEV. Principal Financial Group Inc. increased its stake in shares of Veeva Systems by 138.9% in the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock valued at $457,366,000 after acquiring an additional 1,267,061 shares in the last quarter. Barclays PLC increased its stake in Veeva Systems by 18.2% in the third quarter. Barclays PLC now owns 185,206 shares of the technology company's stock valued at $38,870,000 after purchasing an additional 28,497 shares in the last quarter. Tudor Financial Inc. acquired a new position in shares of Veeva Systems during the third quarter valued at about $265,000. World Investment Advisors LLC bought a new position in shares of Veeva Systems during the 3rd quarter worth about $2,131,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in shares of Veeva Systems in the 3rd quarter valued at about $168,000. 88.20% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

VEEV has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their target price on Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research report on Thursday, March 20th. Piper Sandler reduced their target price on shares of Veeva Systems from $290.00 to $255.00 and set an "overweight" rating for the company in a research note on Wednesday. Needham & Company LLC reissued a "buy" rating and set a $270.00 price target on shares of Veeva Systems in a research report on Thursday, March 6th. Morgan Stanley upped their price objective on shares of Veeva Systems from $195.00 to $201.00 and gave the stock an "underweight" rating in a research report on Thursday, March 6th. Finally, KeyCorp dropped their target price on shares of Veeva Systems from $260.00 to $250.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Two 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. Based on data from MarketBeat.com, Veeva Systems presently has an average rating of "Moderate Buy" and a consensus price target of $254.92.

Veeva Systems Stock Performance

Shares of VEEV stock traded up $4.69 during mid-day trading on Wednesday, reaching $220.47. 1,117,312 shares of the company's stock traded hands, compared to its average volume of 1,070,485. The firm has a 50 day moving average price of $226.48 and a two-hundred day moving average price of $223.57. Veeva Systems Inc. has a 12 month low of $170.25 and a 12 month high of $258.93. The firm has a market capitalization of $35.87 billion, a PE ratio of 54.44, a price-to-earnings-growth ratio of 1.89 and a beta of 1.05.

Insider Transactions at Veeva Systems

In other news, Director Timothy S. Cabral sold 3,882 shares of the company's stock in a transaction dated 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 owns 5,500 shares of the company's stock, valued at $1,192,565. This represents a 41.38 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Jonathan Faddis sold 787 shares of Veeva Systems stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total value 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 trade represents a 8.32 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,869 shares of company stock valued at $1,284,917 over the last quarter. 10.50% of the stock is currently owned by company insiders.

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.