Rockland Trust Co. Buys 5,322 Shares of Veeva Systems Inc. (NYSE:VEEV)

Rockland Trust Co. grew its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 5.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 112,764 shares of the technology company's stock after purchasing an additional 5,322 shares during the period. Veeva Systems comprises approximately 1.2% of Rockland Trust Co.'s investment portfolio, making the stock its 29th largest position. Rockland Trust Co. owned 0.07% of Veeva Systems worth $23,709,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Patriot Financial Group Insurance Agency LLC raised 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 acquiring an additional 48 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. raised its position in Veeva Systems by 1.2% during the 3rd 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 last quarter. Clearbridge Investments LLC raised its position in Veeva Systems by 0.4% during the 2nd quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company's stock worth $2,138,000 after purchasing an additional 52 shares during the last quarter. CHICAGO TRUST Co NA lifted its holdings in Veeva Systems by 2.9% during the 4th quarter. CHICAGO TRUST Co NA now owns 1,880 shares of the technology company's stock worth $395,000 after buying an additional 53 shares during the period. Finally, Park Place Capital Corp grew its position in shares of Veeva Systems by 11.5% in the 3rd quarter. Park Place Capital Corp now owns 574 shares of the technology company's stock valued at $120,000 after buying an additional 59 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on VEEV shares. Evercore ISI lifted their price objective on Veeva Systems from $220.00 to $245.00 and gave the stock an "in-line" rating in a research note on Friday, December 6th. Stephens began coverage on shares of Veeva Systems in a research report on Friday, December 20th. They issued an "overweight" rating and a $280.00 price target on the stock. Truist Financial decreased their price objective on shares of Veeva Systems from $261.00 to $210.00 and set a "hold" rating for the company in a research report on Monday. StockNews.com upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a report on Saturday, November 9th. Finally, Barclays increased their price target on Veeva Systems from $260.00 to $275.00 and gave the stock an "overweight" rating in a report on Friday, December 6th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $255.74.

Veeva Systems Price Performance

Shares of NYSE VEEV traded up $1.17 during trading on Wednesday, hitting $212.03. The stock had a trading volume of 960,160 shares, compared to its average volume of 1,046,207. The firm has a fifty day moving average of $222.94 and a two-hundred day moving average of $209.17. The company has a market capitalization of $34.42 billion, a PE ratio of 52.35, a PEG ratio of 2.03 and a beta of 0.84. Veeva Systems Inc. has a 12 month low of $170.25 and a 12 month high of $258.93.

Insiders Place Their Bets

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $240.01, for a total transaction of $270,251.26. Following the completion of the transaction, the insider now directly owns 27,013 shares of the company's stock, valued at approximately $6,483,390.13. This represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Jonathan Faddis sold 1,694 shares of the business's stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total value 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. The trade was a 17.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.50% of the stock is currently owned by 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.