Federated Hermes Inc. Buys 51,692 Shares of Veeva Systems Inc. (NYSE:VEEV)

Federated Hermes Inc. raised its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 16.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 366,490 shares of the technology company's stock after purchasing an additional 51,692 shares during the quarter. Federated Hermes Inc. owned 0.23% of Veeva Systems worth $77,055,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in VEEV. MassMutual Private Wealth & Trust FSB grew its stake in shares of Veeva Systems by 72.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company's stock worth $25,000 after purchasing an additional 50 shares during the last quarter. Centricity Wealth Management LLC bought a new stake in shares of Veeva Systems in the 4th quarter worth approximately $25,000. Smithfield Trust Co increased its stake in shares of Veeva Systems by 145.5% during the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock valued at $27,000 after buying an additional 80 shares during the period. Avion Wealth lifted its stake in Veeva Systems by 635.0% in the fourth quarter. Avion Wealth now owns 147 shares of the technology company's stock worth $30,000 after acquiring an additional 127 shares during the period. Finally, Retirement Wealth Solutions LLC bought a new stake in Veeva Systems in the fourth quarter valued at $31,000. Institutional investors own 88.20% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on VEEV. JPMorgan Chase & Co. upped their price objective on shares of Veeva Systems from $218.00 to $249.00 and gave the stock a "neutral" rating in a report on Thursday, March 20th. The Goldman Sachs Group cut 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 research report on Thursday, January 23rd. Needham & Company LLC reissued a "buy" rating and issued a $270.00 target price on shares of Veeva Systems in a research report on Thursday, March 6th. Stephens reaffirmed an "overweight" rating and issued a $280.00 price target on shares of Veeva Systems in a research note on Thursday, March 6th. Finally, Morgan Stanley boosted their target price on shares of Veeva Systems from $195.00 to $201.00 and gave the company an "underweight" rating in a report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $256.52.

Remove Ads

Insiders Place Their Bets

In other news, Director Timothy S. Cabral sold 3,882 shares of Veeva Systems stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $216.83, for a total transaction of $841,734.06. Following the sale, the director now owns 5,500 shares in the company, valued at $1,192,565. This trade represents a 41.38 % 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, SVP Jonathan Faddis sold 787 shares of the business'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 position. The disclosure for this sale can be found here. Company insiders own 10.50% of the company's stock.

Veeva Systems Stock Performance

Shares of NYSE VEEV traded up $7.56 during trading on Friday, hitting $218.20. The company had a trading volume of 1,582,004 shares, compared to its average volume of 1,067,216. Veeva Systems Inc. has a 12 month low of $170.25 and a 12 month high of $258.93. The firm has a market capitalization of $35.50 billion, a P/E ratio of 53.88, a price-to-earnings-growth ratio of 1.89 and a beta of 1.05. The stock has a 50 day simple moving average of $229.08 and a 200 day simple moving average of $223.09.

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.