Portfolio Design Labs LLC Purchases New Shares in Veeva Systems Inc. (NYSE:VEEV)

Portfolio Design Labs LLC purchased a new position in Veeva Systems Inc. (NYSE:VEEV - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,272 shares of the technology company's stock, valued at approximately $267,000.

Other hedge funds have also recently made changes to their positions in the company. Patriot Financial Group Insurance Agency LLC increased its holdings in Veeva Systems by 0.7% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 6,924 shares of the technology company's stock worth $1,453,000 after purchasing an additional 48 shares during the period. Tokio Marine Asset Management Co. Ltd. lifted its stake in Veeva Systems by 1.2% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,307 shares of the technology company's stock worth $904,000 after acquiring an additional 50 shares during the period. MassMutual Private Wealth & Trust FSB lifted its stake in Veeva Systems by 72.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company's stock worth $25,000 after acquiring an additional 50 shares during the period. CHICAGO TRUST Co NA lifted its stake in Veeva Systems by 2.9% in the fourth quarter. CHICAGO TRUST Co NA now owns 1,880 shares of the technology company's stock worth $395,000 after acquiring an additional 53 shares during the period. Finally, Old North State Wealth Management LLC lifted its stake in Veeva Systems by 0.4% in the fourth quarter. Old North State Wealth Management LLC now owns 15,351 shares of the technology company's stock worth $3,228,000 after acquiring an additional 55 shares during the period. 88.20% of the stock is currently owned by institutional investors.

Insider Transactions at Veeva Systems

In other news, SVP Jonathan Faddis sold 1,694 shares of the company's stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total value of $390,128.20. Following the sale, the senior vice president now owns 8,061 shares in the company, valued at $1,856,448.30. This represents a 17.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 10.50% of the company's stock.

Analyst Ratings Changes

VEEV has been the subject of several recent research reports. Stifel Nicolaus boosted their price target on shares of Veeva Systems from $240.00 to $272.00 and gave the company a "buy" rating in a report on Friday, December 6th. Truist Financial cut their price objective on shares of Veeva Systems from $261.00 to $210.00 and set a "hold" rating on the stock in a report on Monday, January 13th. Robert W. Baird increased their target price on Veeva Systems from $275.00 to $283.00 and gave the company an "outperform" rating in a research report on Friday, December 6th. Mizuho initiated coverage on Veeva Systems in a research note on Wednesday, December 4th. They set an "outperform" rating and a $275.00 price objective for the company. Finally, Citigroup upped their price objective on Veeva Systems from $281.00 to $307.00 and gave the stock a "buy" rating in a research note on Monday, December 9th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $253.96.

Veeva Systems Stock Down 0.0 %

Shares of Veeva Systems stock traded down $0.06 on Friday, reaching $234.09. 853,426 shares of the stock were exchanged, compared to its average volume of 1,002,875. Veeva Systems Inc. has a twelve month low of $170.25 and a twelve month high of $258.93. The firm has a market capitalization of $38.00 billion, a price-to-earnings ratio of 57.80, a PEG ratio of 1.97 and a beta of 0.85. The business has a 50 day moving average price of $224.48 and a two-hundred day moving average price of $216.12.

About Veeva Systems

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.