Smith Group Asset Management LLC Boosts Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

Smith Group Asset Management LLC raised its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 2.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,567 shares of the technology company's stock after purchasing an additional 1,749 shares during the period. Smith Group Asset Management LLC owned approximately 0.05% of Veeva Systems worth $17,360,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in VEEV. Robeco Institutional Asset Management B.V. boosted its stake in shares of Veeva Systems by 117.9% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 335,397 shares of the technology company's stock valued at $70,517,000 after purchasing an additional 181,493 shares in the last quarter. R Squared Ltd acquired a new stake in Veeva Systems in the fourth quarter valued at approximately $119,000. Patriot Financial Group Insurance Agency LLC grew its stake in shares of Veeva Systems by 0.7% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 6,975 shares of the technology company's stock worth $1,467,000 after buying an additional 51 shares during the last quarter. Foundations Investment Advisors LLC increased its holdings in shares of Veeva Systems by 17.5% during the fourth quarter. Foundations Investment Advisors LLC now owns 2,947 shares of the technology company's stock worth $620,000 after buying an additional 439 shares in the last quarter. Finally, Pacer Advisors Inc. lifted its stake in shares of Veeva Systems by 442.6% in the 4th quarter. Pacer Advisors Inc. now owns 25,902 shares of the technology company's stock valued at $5,446,000 after acquiring an additional 21,128 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Bank of America boosted their price objective on Veeva Systems from $280.00 to $290.00 and gave the stock a "neutral" rating in a research report on Friday, December 6th. Piper Sandler boosted their price target on Veeva Systems from $280.00 to $290.00 and gave the stock an "overweight" rating in a report on Friday, December 6th. The Goldman Sachs Group lowered shares of Veeva Systems from a "buy" rating to a "sell" rating and dropped their price objective for the company from $261.00 to $200.00 in a report on Thursday, January 23rd. Morgan Stanley boosted their target price on shares of Veeva Systems from $183.00 to $195.00 and gave the stock an "underweight" rating in a report on Tuesday, December 17th. Finally, Evercore ISI raised their price target on shares of Veeva Systems from $220.00 to $245.00 and gave the company an "in-line" rating in a research note on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seventeen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $253.96.

Veeva Systems Price Performance

Shares of NYSE VEEV traded up $0.41 during mid-day trading on Wednesday, reaching $232.65. 812,408 shares of the company's stock traded hands, compared to its average volume of 1,067,856. The business has a 50-day simple moving average of $222.31 and a 200 day simple moving average of $211.88. The stock has a market cap of $37.77 billion, a P/E ratio of 57.44, a PEG ratio of 2.01 and a beta of 0.84. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93.

Insider Activity at Veeva Systems

In related news, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total transaction of $390,128.20. Following the sale, the senior vice president now directly 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Thomas D. Schwenger sold 1,126 shares of the company's stock in a transaction on Friday, November 8th. The shares were sold at an average price of $240.01, for a total value of $270,251.26. Following the completion of the transaction, the insider now owns 27,013 shares of the company's stock, valued at $6,483,390.13. This trade represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. 10.50% of the stock is 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.