Veeva Systems Inc. (NYSE:VEEV) Shares Acquired by Russell Investments Group Ltd.

Russell Investments Group Ltd. increased its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 32.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 201,252 shares of the technology company's stock after buying an additional 48,915 shares during the quarter. Russell Investments Group Ltd. owned 0.12% of Veeva Systems worth $42,358,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of VEEV. Norges Bank purchased a new stake in Veeva Systems in the 4th quarter worth $294,785,000. Principal Financial Group Inc. increased its position in Veeva Systems by 138.9% during 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 acquiring an additional 1,267,061 shares during the last quarter. JPMorgan Chase & Co. raised its position in Veeva Systems by 73.2% in 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 during the period. Wealthfront Advisers LLC lifted its stake in shares of Veeva Systems by 29,760.5% during the 4th quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company's stock worth $220,489,000 after acquiring an additional 1,045,188 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Veeva Systems during the fourth quarter valued at $95,710,000. Institutional investors own 88.20% of the company's stock.

Veeva Systems Stock Performance

Shares of NYSE VEEV traded up $7.56 during mid-day trading on Friday, reaching $218.20. 1,582,004 shares of the company's stock were exchanged, compared to its average volume of 1,068,331. The firm has a market capitalization of $35.50 billion, a price-to-earnings ratio of 53.88, a PEG ratio of 1.89 and a beta of 1.05. Veeva Systems Inc. has a 52-week low of $170.25 and a 52-week high of $258.93. The company's 50-day moving average is $229.08 and its 200-day moving average is $223.18.

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Insider Buying and Selling at Veeva Systems

In other news, SVP Jonathan Faddis sold 787 shares of the firm's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total transaction of $178,019.40. Following the completion of the transaction, the senior vice president now directly owns 8,668 shares in the company, valued at $1,960,701.60. This trade represents a 8.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Timothy S. Cabral sold 3,882 shares of the business's stock in a transaction on Friday, April 4th. The shares were sold at an average price of $216.83, for a total value of $841,734.06. Following the completion of the sale, the director now owns 5,500 shares in the company, valued at $1,192,565. This represents a 41.38 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 10.50% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on VEEV shares. JPMorgan Chase & Co. boosted their price target on Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a report on Thursday, March 20th. Needham & Company LLC reaffirmed a "buy" rating and set a $270.00 target price on shares of Veeva Systems in a research report on Thursday, March 6th. The Goldman Sachs Group lowered shares of Veeva Systems from a "buy" rating to a "sell" rating and cut their price target for the company from $261.00 to $200.00 in a research note on Thursday, January 23rd. KeyCorp reduced their price objective on Veeva Systems from $285.00 to $255.00 and set an "overweight" rating for the company in a research note on Wednesday, January 8th. Finally, Stephens restated an "overweight" rating and set a $280.00 target price on shares of Veeva Systems in a research report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price 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.