Principal Financial Group Inc. Buys 784,741 Shares of Veeva Systems Inc. (NYSE:VEEV)

Principal Financial Group Inc. raised its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 36.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 2,964,025 shares of the technology company's stock after purchasing an additional 784,741 shares during the quarter. Principal Financial Group Inc. owned 1.83% of Veeva Systems worth $623,186,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Patriot Financial Group Insurance Agency LLC increased its stake in shares of Veeva Systems by 0.7% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 6,924 shares of the technology company's stock valued at $1,453,000 after buying an additional 48 shares during the period. Tokio Marine Asset Management Co. Ltd. grew 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 purchasing an additional 50 shares during the period. MassMutual Private Wealth & Trust FSB grew 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 purchasing an additional 50 shares during the period. CHICAGO TRUST Co NA grew its stake in shares of 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 last quarter. Finally, Old North State Wealth Management LLC grew its stake in shares of 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 last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Piper Sandler increased 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. StockNews.com raised Veeva Systems from a "hold" rating to a "buy" rating in a research note on Monday. Wells Fargo & Company increased their target price on Veeva Systems from $275.00 to $285.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. Mizuho assumed coverage on Veeva Systems in a research note on Wednesday, December 4th. They issued an "outperform" rating and a $275.00 target price on the stock. Finally, Truist Financial cut their target price on Veeva Systems from $261.00 to $210.00 and set a "hold" rating on the stock in a research note on Monday, January 13th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and eighteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $253.96.

Veeva Systems Stock Down 0.2 %

VEEV traded down $0.46 during midday trading on Thursday, reaching $228.73. The company had a trading volume of 884,440 shares, compared to its average volume of 982,107. The business has a 50-day moving average of $223.89 and a two-hundred day moving average of $217.03. The company has a market cap of $37.13 billion, a P/E ratio of 56.48, a P/E/G ratio of 1.92 and a beta of 0.85. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 1,694 shares of the stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total transaction of $390,128.20. Following the completion of the sale, the senior vice president now owns 8,061 shares in the company, valued at approximately $1,856,448.30. This trade represents a 17.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 10.50% of the stock is currently owned by company insiders.

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.