JPMorgan Chase & Co. Purchases 1,081,501 Shares of Veeva Systems Inc. (NYSE:VEEV)

JPMorgan Chase & Co. boosted its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 73.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,558,592 shares of the technology company's stock after purchasing an additional 1,081,501 shares during the period. JPMorgan Chase & Co. owned about 1.58% of Veeva Systems worth $536,972,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Massachusetts Financial Services Co. MA raised its holdings in Veeva Systems by 64.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company's stock worth $744,084,000 after purchasing an additional 1,392,256 shares in the last quarter. State Street Corp grew its stake in shares of Veeva Systems by 1.5% in the third quarter. State Street Corp now owns 3,293,141 shares of the technology company's stock worth $691,132,000 after acquiring an additional 47,872 shares during the last quarter. FMR LLC raised its position 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 worth $625,674,000 after purchasing an additional 610,021 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Veeva Systems by 5.7% in the third quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company's stock worth $579,630,000 after buying an additional 149,807 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Veeva Systems by 138.9% during the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock valued at $457,366,000 after buying an additional 1,267,061 shares during the last quarter. Institutional investors own 88.20% of the company's stock.

Insiders Place Their Bets

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the senior vice president now owns 8,061 shares in the company, valued at $1,856,448.30. The trade was a 17.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Thomas D. Schwenger sold 1,126 shares of the company's stock in a transaction that occurred 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 transaction, the insider now directly owns 27,013 shares in the company, valued at approximately $6,483,390.13. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. 10.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on VEEV. Bank of America upped their target price on shares of Veeva Systems from $280.00 to $290.00 and gave the company a "neutral" rating in a research note on Friday, December 6th. Canaccord Genuity Group lifted their target price on shares of Veeva Systems from $210.00 to $270.00 and gave the stock a "hold" rating in a research report on Friday, December 6th. Evercore ISI increased their price target on Veeva Systems from $220.00 to $245.00 and gave the company an "in-line" rating in a report on Friday, December 6th. Stephens initiated coverage on Veeva Systems in a research note on Friday, December 20th. They issued an "overweight" rating and a $280.00 price target on the stock. Finally, Stifel Nicolaus upped their price objective on Veeva Systems from $240.00 to $272.00 and gave the company a "buy" rating in a research report on Friday, December 6th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nineteen have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $257.44.

Veeva Systems Price Performance

Shares of Veeva Systems stock traded down $0.85 during trading hours on Friday, reaching $214.01. The company's stock had a trading volume of 670,833 shares, compared to its average volume of 993,620. Veeva Systems Inc. has a one year low of $170.25 and a one year high of $258.93. The firm has a 50 day moving average price of $223.24 and a 200-day moving average price of $206.67. The stock has a market cap of $34.74 billion, a P/E ratio of 52.84, a P/E/G ratio of 2.03 and a beta of 0.82.

Veeva Systems 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.