Gallagher Capital Advisors LLC acquired a new stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 5,986 shares of the technology company's stock, valued at approximately $1,259,000. Veeva Systems makes up about 0.9% of Gallagher Capital Advisors LLC's investment portfolio, making the stock its 27th largest position.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA lifted its holdings in Veeva Systems by 64.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company's stock valued at $744,084,000 after purchasing an additional 1,392,256 shares in the last quarter. State Street Corp lifted its holdings in Veeva Systems by 1.5% in 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 in the last quarter. FMR LLC lifted its holdings in Veeva Systems by 25.7% in the 3rd quarter. FMR LLC now owns 2,981,244 shares of the technology company's stock valued at $625,674,000 after purchasing an additional 610,021 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Veeva Systems by 36.0% in the 4th quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company's stock valued at $623,186,000 after purchasing an additional 784,741 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Veeva Systems by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company's stock valued at $579,630,000 after purchasing an additional 149,807 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.
Veeva Systems Stock Performance
Shares of VEEV traded down $7.42 during midday trading on Monday, hitting $239.38. The company had a trading volume of 2,104,861 shares, compared to its average volume of 1,181,926. The company's 50-day simple moving average is $225.47 and its 200-day simple moving average is $220.64. The firm has a market capitalization of $38.86 billion, a P/E ratio of 59.11, a P/E/G ratio of 1.89 and a beta of 0.88. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on VEEV. Morgan Stanley raised their price objective on Veeva Systems from $195.00 to $201.00 and gave the company an "underweight" rating in a report on Thursday. Piper Sandler raised their target price on Veeva Systems from $280.00 to $290.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. KeyCorp cut their target price on Veeva Systems from $285.00 to $255.00 and set an "overweight" rating for the company in a research note on Wednesday, January 8th. JPMorgan Chase & Co. raised their target price on Veeva Systems from $208.00 to $218.00 and gave the stock a "neutral" rating in a research note on Monday, December 16th. Finally, Robert W. Baird raised their target price on Veeva Systems from $283.00 to $285.00 and gave the stock an "outperform" rating in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Veeva Systems presently has a consensus rating of "Moderate Buy" and an average target price of $255.28.
Check Out Our Latest Research Report on VEEV
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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