Veeva Systems Inc. (NYSE:VEEV) Shares Acquired by State Street Corp

State Street Corp lifted its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 1.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,293,141 shares of the technology company's stock after buying an additional 47,872 shares during the quarter. State Street Corp owned approximately 2.03% of Veeva Systems worth $691,132,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Mowery & Schoenfeld Wealth Management LLC acquired a new position in Veeva Systems in the 3rd quarter worth about $26,000. True Wealth Design LLC raised its holdings in Veeva Systems by 3,375.0% in the 3rd quarter. True Wealth Design LLC now owns 139 shares of the technology company's stock worth $29,000 after purchasing an additional 135 shares during the period. Blue Trust Inc. raised its holdings in Veeva Systems by 3,460.0% in the 2nd quarter. Blue Trust Inc. now owns 178 shares of the technology company's stock worth $33,000 after purchasing an additional 173 shares during the period. DT Investment Partners LLC acquired a new position in Veeva Systems in the 2nd quarter worth about $35,000. Finally, Harvest Fund Management Co. Ltd acquired a new position in Veeva Systems in the 3rd quarter worth about $49,000. Hedge funds and other institutional investors own 88.20% of the company's stock.

Wall Street Analysts Forecast Growth

VEEV has been the subject of a number of research analyst reports. Needham & Company LLC increased their target price on Veeva Systems from $260.00 to $270.00 and gave the company a "buy" rating in a report on Friday. Evercore ISI increased their target price on Veeva Systems from $220.00 to $245.00 and gave the company an "in-line" rating in a report on Friday. Piper Sandler increased their target price on Veeva Systems from $280.00 to $290.00 and gave the company an "overweight" rating in a report on Friday. Guggenheim increased their target price on Veeva Systems from $233.00 to $249.00 and gave the company a "buy" rating in a report on Tuesday, October 1st. Finally, Stifel Nicolaus increased their target price on Veeva Systems from $240.00 to $272.00 and gave the company a "buy" rating in a report on Friday. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eighteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $255.35.

Veeva Systems Stock Performance

Shares of VEEV traded down $4.46 during midday trading on Monday, hitting $245.99. 1,842,736 shares of the stock were exchanged, compared to its average volume of 976,950. Veeva Systems Inc. has a 52-week low of $169.98 and a 52-week high of $258.93. The stock has a fifty day simple moving average of $218.29 and a 200 day simple moving average of $202.83. The firm has a market cap of $39.83 billion, a P/E ratio of 61.74, a P/E/G ratio of 2.43 and a beta of 0.82.

Insider Transactions at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,126 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the sale, the insider now directly owns 27,013 shares in the company, valued at approximately $6,483,390.13. This trade represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jonathan Faddis sold 1,694 shares of the stock in a transaction on Wednesday, December 4th. The shares were 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 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 disclosure for this sale can be found here. Company insiders own 10.50% of the company's stock.

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.