Van ECK Associates Corp Acquires 135,492 Shares of Veeva Systems Inc. (NYSE:VEEV)

Van ECK Associates Corp grew its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 6.8% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,130,498 shares of the technology company's stock after purchasing an additional 135,492 shares during the period. Van ECK Associates Corp owned about 1.31% of Veeva Systems worth $447,937,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA lifted its position in Veeva Systems by 64.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company's stock valued at $744,084,000 after purchasing an additional 1,392,256 shares during the period. State Street Corp increased its stake in shares of Veeva Systems by 1.5% in the 3rd quarter. State Street Corp now owns 3,293,141 shares of the technology company's stock valued at $691,132,000 after acquiring an additional 47,872 shares during the last quarter. FMR LLC increased its stake in shares of Veeva Systems by 25.7% in the 3rd quarter. FMR LLC now owns 2,981,244 shares of the technology company's stock valued at $625,674,000 after acquiring an additional 610,021 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Veeva Systems by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company's stock valued at $579,630,000 after acquiring an additional 149,807 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of Veeva Systems by 73.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company's stock valued at $536,972,000 after acquiring an additional 1,081,501 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Barclays increased their target price on Veeva Systems from $260.00 to $275.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. Royal Bank of Canada increased their target price on Veeva Systems from $275.00 to $285.00 and gave the stock an "outperform" rating in a research note on Friday, December 6th. Canaccord Genuity Group upped their price target on Veeva Systems from $210.00 to $270.00 and gave the stock a "hold" rating in a research report on Friday, December 6th. Stifel Nicolaus upped their price target on Veeva Systems from $240.00 to $272.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Finally, The Goldman Sachs Group downgraded Veeva Systems from a "buy" rating to a "sell" rating and cut their price objective for the company from $261.00 to $200.00 in a report on Thursday, January 23rd. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and seventeen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $253.96.

Insider Activity

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction that occurred on Wednesday, December 4th. The stock was 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 directly 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 10.50% of the company's stock.

Veeva Systems Trading Down 0.0 %

Veeva Systems stock traded down $0.06 during midday trading on Friday, reaching $234.09. The company's stock had a trading volume of 853,426 shares, compared to its average volume of 1,002,875. The business has a 50-day moving average price of $224.48 and a 200-day moving average price of $216.12. Veeva Systems Inc. has a 52 week low of $170.25 and a 52 week high of $258.93. The stock has a market cap of $38.00 billion, a PE ratio of 57.80, a price-to-earnings-growth ratio of 1.97 and a beta of 0.85.

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.