Geode Capital Management LLC Boosts Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Geode Capital Management LLC increased its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 1.4% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,803,344 shares of the technology company's stock after buying an additional 38,108 shares during the period. Geode Capital Management LLC owned 1.73% of Veeva Systems worth $589,208,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Toronto Dominion Bank raised its holdings in Veeva Systems by 39.1% in the third quarter. Toronto Dominion Bank now owns 20,180 shares of the technology company's stock worth $4,235,000 after buying an additional 5,673 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Veeva Systems by 138.9% during the third 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. Smith Group Asset Management LLC raised its holdings in Veeva Systems by 2.2% in the 4th quarter. Smith Group Asset Management LLC now owns 82,567 shares of the technology company's stock worth $17,360,000 after acquiring an additional 1,749 shares during the last quarter. Everence Capital Management Inc. bought a new position in Veeva Systems in the 4th quarter valued at approximately $816,000. Finally, Venturi Wealth Management LLC boosted its stake in Veeva Systems by 2,716.7% during the 4th quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock valued at $36,000 after purchasing an additional 163 shares during the last quarter. Institutional investors own 88.20% of the company's stock.

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Veeva Systems Stock Performance

Shares of VEEV traded up $6.94 during mid-day trading on Wednesday, reaching $216.33. The stock had a trading volume of 3,159,529 shares, compared to its average volume of 1,060,529. The business has a fifty day moving average of $229.83 and a 200 day moving average of $222.97. The firm has a market cap of $35.20 billion, a price-to-earnings ratio of 53.41, a PEG ratio of 1.89 and a beta of 1.05. Veeva Systems Inc. has a 12 month low of $170.25 and a 12 month high of $258.93.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on VEEV. KeyCorp decreased their price target 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. Stephens reissued an "overweight" rating and issued a $280.00 target price on shares of Veeva Systems in a research report on Thursday, March 6th. The Goldman Sachs Group downgraded shares of Veeva Systems from a "buy" rating to a "sell" rating and dropped their price target for the company from $261.00 to $200.00 in a report on Thursday, January 23rd. Morgan Stanley lifted their price target on shares of Veeva Systems from $195.00 to $201.00 and gave the stock an "underweight" rating in a research note on Thursday, March 6th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research report on Thursday, March 20th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $256.52.

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 787 shares of the company's stock in a transaction that occurred on Wednesday, April 2nd. The stock was 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 of the company's stock, valued at approximately $1,960,701.60. This represents a 8.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 transaction of $841,734.06. Following the completion of the transaction, the director now 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. 10.50% of the stock is currently owned by corporate 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.