KLP Kapitalforvaltning AS Acquires Shares of 53,800 Veeva Systems Inc. (NYSE:VEEV)

KLP Kapitalforvaltning AS purchased a new stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 53,800 shares of the technology company's stock, valued at approximately $11,311,000.

Several other hedge funds and other institutional investors have also made changes to their positions in VEEV. Principal Financial Group Inc. grew its holdings in 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 valued at $457,366,000 after buying an additional 1,267,061 shares during the last quarter. JPMorgan Chase & Co. increased its position in Veeva Systems by 73.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company's stock worth $536,972,000 after purchasing an additional 1,081,501 shares in the last quarter. Wealthfront Advisers LLC raised its stake in Veeva Systems by 29,760.5% in the 4th quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company's stock valued at $220,489,000 after purchasing an additional 1,045,188 shares during 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. Finally, Raymond James Financial Inc. acquired a new stake in shares of Veeva Systems during the 4th quarter worth about $95,710,000. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Stock Up 0.6 %

Shares of Veeva Systems stock traded up $1.37 during trading hours on Tuesday, hitting $240.41. 1,056,406 shares of the company's stock traded hands, compared to its average volume of 1,010,891. Veeva Systems Inc. has a twelve month low of $170.25 and a twelve month high of $258.93. The company has a market cap of $39.03 billion, a PE ratio of 59.36, a PEG ratio of 1.89 and a beta of 0.88. The stock has a 50 day simple moving average of $229.76 and a 200-day simple moving average of $222.42.

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Analysts Set New Price Targets

A number of research firms have recently weighed in on VEEV. Barclays boosted their price objective on shares of Veeva Systems from $260.00 to $275.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. Stifel Nicolaus lifted their price objective on Veeva Systems from $240.00 to $272.00 and gave the company a "buy" rating in a research report on Friday, December 6th. Truist Financial lifted their price target on Veeva Systems from $210.00 to $217.00 and gave the company a "hold" rating in a report on Thursday, March 6th. Canaccord Genuity Group raised their target price on shares of Veeva Systems from $210.00 to $270.00 and gave the stock a "hold" rating in a research report on Friday, December 6th. Finally, Robert W. Baird upped their price target on shares of Veeva Systems from $283.00 to $285.00 and gave the stock an "outperform" rating in a research report on Thursday, March 6th. 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. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $256.52.

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.