Guggenheim Capital LLC Grows Position in Veeva Systems Inc. (NYSE:VEEV)

Guggenheim Capital LLC boosted its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 9.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 27,633 shares of the technology company's stock after acquiring an additional 2,465 shares during the period. Guggenheim Capital LLC's holdings in Veeva Systems were worth $5,810,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its holdings in shares of Veeva Systems by 138.9% during the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock worth $457,366,000 after purchasing an additional 1,267,061 shares during the period. Smith Group Asset Management LLC boosted its stake in Veeva Systems by 2.2% during the fourth quarter. Smith Group Asset Management LLC now owns 82,567 shares of the technology company's stock worth $17,360,000 after buying an additional 1,749 shares during the period. Everence Capital Management Inc. acquired a new stake in shares of Veeva Systems during the fourth quarter valued at about $816,000. Venturi Wealth Management LLC raised its stake in shares of Veeva Systems by 2,716.7% in the 4th quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock valued at $36,000 after acquiring an additional 163 shares during the period. Finally, Nordea Investment Management AB raised its stake in shares of Veeva Systems by 21.6% in the 4th quarter. Nordea Investment Management AB now owns 261,131 shares of the technology company's stock valued at $55,073,000 after acquiring an additional 46,440 shares during the period. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Stock Performance

NYSE VEEV traded up $6.08 during trading on Wednesday, reaching $221.86. The company's stock had a trading volume of 281,871 shares, compared to its average volume of 1,228,699. The business's fifty day moving average price is $226.48 and its 200-day moving average price is $223.57. Veeva Systems Inc. has a twelve month low of $170.25 and a twelve month high of $258.93. The firm has a market cap of $36.10 billion, a price-to-earnings ratio of 54.78, a P/E/G ratio of 1.89 and a beta of 1.05.

Insider Buying and Selling

In related news, insider Thomas D. Schwenger sold 1,200 shares of Veeva Systems stock in a transaction on Monday, April 14th. The shares were sold at an average price of $220.97, for a total value of $265,164.00. Following the transaction, the insider now directly owns 25,889 shares in the company, valued at $5,720,692.33. This trade represents a 4.43 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Timothy S. Cabral sold 3,882 shares of the company's stock in a transaction on Friday, April 4th. The stock was sold at an average price of $216.83, for a total transaction of $841,734.06. Following the transaction, the director now owns 5,500 shares of the company's stock, valued at approximately $1,192,565. The trade was a 41.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,869 shares of company stock valued at $1,284,917 over the last quarter. 10.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Needham & Company LLC reiterated a "buy" rating and issued a $270.00 target price on shares of Veeva Systems in a report on Thursday, March 6th. KeyCorp dropped their price objective on Veeva Systems from $260.00 to $250.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Scotiabank increased their target price on Veeva Systems from $240.00 to $245.00 and gave the stock a "sector perform" rating in a research note on Thursday, March 6th. 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. Finally, Robert W. Baird raised their price target on shares of Veeva Systems from $283.00 to $285.00 and gave the company an "outperform" rating in a research report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $256.32.

Veeva Systems Company 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.