Franklin Resources Inc. increased its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 14.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,745,705 shares of the technology company's stock after purchasing an additional 226,167 shares during the quarter. Franklin Resources Inc. owned approximately 1.08% of Veeva Systems worth $367,034,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. B. Metzler seel. Sohn & Co. AG lifted its position in Veeva Systems by 17.0% during the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 7,006 shares of the technology company's stock valued at $1,473,000 after buying an additional 1,019 shares during the period. Summit Financial LLC lifted its position in Veeva Systems by 64.0% during the 4th quarter. Summit Financial LLC now owns 2,537 shares of the technology company's stock valued at $533,000 after acquiring an additional 990 shares during the period. O Shaughnessy Asset Management LLC lifted its position in Veeva Systems by 23.5% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 8,079 shares of the technology company's stock valued at $1,699,000 after acquiring an additional 1,537 shares during the period. Martin Currie Ltd. boosted its stake in Veeva Systems by 0.4% during the fourth quarter. Martin Currie Ltd. now owns 246,528 shares of the technology company's stock worth $51,833,000 after acquiring an additional 1,029 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in Veeva Systems in the fourth quarter worth about $21,013,000. 88.20% of the stock is currently owned by institutional investors.
Insider Activity at Veeva Systems
In related news, SVP Jonathan Faddis sold 787 shares of Veeva Systems stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total transaction of $178,019.40. Following the transaction, the senior vice president now owns 8,668 shares in the company, valued at approximately $1,960,701.60. The trade was a 8.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 10.50% of the stock is currently owned by corporate insiders.
Analyst Upgrades and Downgrades
Several research firms have recently issued reports on VEEV. KeyCorp lowered their target price on shares of Veeva Systems from $285.00 to $255.00 and set an "overweight" rating for the company in a report on Wednesday, January 8th. StockNews.com raised Veeva Systems from a "hold" rating to a "buy" rating in a report on Monday, February 17th. Stephens reissued an "overweight" rating and issued a $280.00 target price on shares of Veeva Systems in a research note on Thursday, March 6th. Needham & Company LLC reaffirmed a "buy" rating and issued a $270.00 price target on shares of Veeva Systems in a research report on Thursday, March 6th. Finally, Piper Sandler increased their price objective on shares of Veeva Systems from $280.00 to $290.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the company's stock. According to MarketBeat.com, Veeva Systems presently has a consensus rating of "Moderate Buy" and a consensus target price of $256.52.
View Our Latest Research Report on VEEV
Veeva Systems Price Performance
Shares of NYSE:VEEV traded down $7.90 during midday trading on Friday, hitting $213.59. The company had a trading volume of 1,939,659 shares, compared to its average volume of 1,050,037. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93. The company has a fifty day moving average of $231.73 and a two-hundred day moving average of $223.06. The company has a market cap of $34.75 billion, a price-to-earnings ratio of 52.74, a PEG ratio of 1.89 and a beta of 0.88.
About Veeva Systems
(
Free Report)
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.
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