Renaissance Technologies LLC Buys 122,000 Shares of Veeva Systems Inc. (NYSE:VEEV)

Renaissance Technologies LLC lifted its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 154.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 201,200 shares of the technology company's stock after acquiring an additional 122,000 shares during the period. Renaissance Technologies LLC owned approximately 0.12% of Veeva Systems worth $42,302,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in VEEV. Norges Bank acquired a new stake in shares of Veeva Systems in the 4th quarter valued at approximately $294,785,000. Principal Financial Group Inc. boosted its position in Veeva Systems by 138.9% in 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 buying an additional 1,267,061 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Veeva Systems by 73.2% during the third quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company's stock worth $536,972,000 after buying an additional 1,081,501 shares during the last quarter. Wealthfront Advisers LLC increased its holdings in shares of Veeva Systems by 29,760.5% during the fourth quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company's stock worth $220,489,000 after buying an additional 1,045,188 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Veeva Systems in the 4th quarter valued at $95,710,000. Institutional investors and hedge funds own 88.20% of the company's stock.

Remove Ads

Analysts Set New Price Targets

A number of brokerages have issued reports on VEEV. Truist Financial upped their target price on Veeva Systems from $210.00 to $217.00 and gave the stock a "hold" rating in a report on Thursday, March 6th. The Goldman Sachs Group downgraded Veeva Systems from a "buy" rating to a "sell" rating and lowered their price objective for the company from $261.00 to $200.00 in a research note on Thursday, January 23rd. KeyCorp cut their target price on shares of Veeva Systems from $285.00 to $255.00 and set an "overweight" rating on the stock in a research report on Wednesday, January 8th. Robert W. Baird upped 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. Finally, Scotiabank lifted their price target on shares of Veeva Systems from $240.00 to $245.00 and gave the stock a "sector perform" rating in a report on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $256.52.

Veeva Systems Trading Down 0.6 %

NYSE VEEV traded down $1.36 on Tuesday, hitting $222.30. 696,855 shares of the company were exchanged, compared to its average volume of 1,067,301. The company has a market cap of $36.17 billion, a PE ratio of 54.89, a PEG ratio of 1.89 and a beta of 1.05. The stock has a fifty day moving average of $228.78 and a 200-day moving average of $223.27. Veeva Systems Inc. has a 12 month low of $170.25 and a 12 month high of $258.93.

Insider Activity

In other Veeva Systems news, SVP Jonathan Faddis sold 787 shares of the business's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total transaction of $178,019.40. Following the completion of the sale, the senior vice president now owns 8,668 shares in the company, valued at approximately $1,960,701.60. The trade was a 8.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Timothy S. Cabral sold 3,882 shares of Veeva Systems stock in a transaction dated Friday, April 4th. The shares were 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 $1,192,565. This represents a 41.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 10.50% of the company's stock.

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.