T. Rowe Price Investment Management Inc. Has $1.09 Billion Holdings in Veeva Systems Inc. (NYSE:VEEV)

T. Rowe Price Investment Management Inc. raised its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 3.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,169,698 shares of the technology company's stock after buying an additional 177,201 shares during the quarter. T. Rowe Price Investment Management Inc. owned 3.18% of Veeva Systems worth $1,086,930,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in VEEV. Principal Financial Group Inc. increased its stake in Veeva Systems by 138.9% during the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock worth $457,366,000 after purchasing an additional 1,267,061 shares in the last quarter. Barclays PLC increased its position in shares of Veeva Systems by 18.2% during the third quarter. Barclays PLC now owns 185,206 shares of the technology company's stock worth $38,870,000 after acquiring an additional 28,497 shares in the last quarter. Tudor Financial Inc. acquired a new stake in shares of Veeva Systems during the third quarter worth $265,000. World Investment Advisors LLC acquired a new stake in shares of Veeva Systems during the third quarter worth $2,131,000. Finally, Wilmington Savings Fund Society FSB bought a new stake in Veeva Systems in the 3rd quarter valued at $168,000. Institutional investors own 88.20% of the company's stock.

Veeva Systems Trading Up 2.7 %

VEEV opened at $215.85 on Wednesday. The stock's fifty day simple moving average is $226.48 and its 200 day simple moving average is $223.57. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93. The stock has a market cap of $35.12 billion, a PE ratio of 53.30, a price-to-earnings-growth ratio of 1.89 and a beta of 1.05.

Insider Buying and Selling at Veeva Systems

In related news, Director Timothy S. Cabral sold 3,882 shares of the business's stock in a transaction on Friday, April 4th. The stock was 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 directly owns 5,500 shares in the company, valued at $1,192,565. The trade was a 41.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Jonathan Faddis sold 787 shares of the company's stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total value 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 approximately $1,960,701.60. This represents a 8.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,869 shares of company stock worth $1,284,917 over the last ninety days. Insiders own 10.50% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on VEEV. Morgan Stanley lifted their price target on Veeva Systems from $195.00 to $201.00 and gave the company an "underweight" rating in a research note on Thursday, March 6th. The Goldman Sachs Group downgraded Veeva Systems from a "buy" rating to a "sell" rating and decreased their price objective for the stock from $261.00 to $200.00 in a report on Thursday, January 23rd. Scotiabank boosted their target price on Veeva Systems from $240.00 to $245.00 and gave the company a "sector perform" rating in a research note on Thursday, March 6th. Needham & Company LLC reaffirmed a "buy" rating and set a $270.00 price target on shares of Veeva Systems in a research report on Thursday, March 6th. Finally, Robert W. Baird lifted their price objective on shares of Veeva Systems from $283.00 to $285.00 and gave the company an "outperform" rating in a report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $256.32.

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.

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