Wellington Management Group LLP Has $373.64 Million Position in Veeva Systems Inc. (NYSE:VEEV)

Wellington Management Group LLP raised its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 1.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,780,315 shares of the technology company's stock after acquiring an additional 26,553 shares during the quarter. Wellington Management Group LLP owned approximately 1.10% of Veeva Systems worth $373,635,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Mowery & Schoenfeld Wealth Management LLC purchased a new position in Veeva Systems in the third quarter valued at about $26,000. True Wealth Design LLC lifted its holdings in shares of Veeva Systems by 3,375.0% during the 3rd quarter. True Wealth Design LLC now owns 139 shares of the technology company's stock valued at $29,000 after buying an additional 135 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Veeva Systems by 3,460.0% in the 2nd quarter. Blue Trust Inc. now owns 178 shares of the technology company's stock valued at $33,000 after buying an additional 173 shares in the last quarter. DT Investment Partners LLC bought a new stake in shares of Veeva Systems in the 2nd quarter valued at approximately $35,000. Finally, Harvest Fund Management Co. Ltd acquired a new position in Veeva Systems in the third quarter worth approximately $49,000. Institutional investors and hedge funds own 88.20% of the company's stock.

Wall Street Analysts Forecast Growth

VEEV has been the subject of several recent research reports. Guggenheim boosted their target price on shares of Veeva Systems from $233.00 to $249.00 and gave the stock a "buy" rating in a research report on Tuesday, October 1st. Barclays upped their price objective on shares of Veeva Systems from $260.00 to $275.00 and gave the stock an "overweight" rating in a report on Friday. Stifel Nicolaus raised their target price on Veeva Systems from $240.00 to $272.00 and gave the company a "buy" rating in a report on Friday. JPMorgan Chase & Co. boosted their price target on Veeva Systems from $203.00 to $208.00 and gave the stock a "neutral" rating in a research report on Monday, September 9th. Finally, Mizuho began coverage on Veeva Systems in a report on Wednesday. They set an "outperform" rating and a $275.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eighteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $254.04.

Insiders Place Their Bets

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of the company's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the sale, the insider now directly owns 27,013 shares of the company's stock, valued at approximately $6,483,390.13. This represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems 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 transaction, the senior vice president now owns 8,061 shares of the company's stock, valued at approximately $1,856,448.30. The trade was a 17.37 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 10.50% of the company's stock.

Veeva Systems Stock Performance

Shares of NYSE:VEEV traded up $18.79 during trading on Friday, hitting $250.45. 2,898,945 shares of the stock were exchanged, compared to its average volume of 1,225,099. The company has a market capitalization of $40.56 billion, a price-to-earnings ratio of 61.84, a price-to-earnings-growth ratio of 2.43 and a beta of 0.82. Veeva Systems Inc. has a 1-year low of $165.12 and a 1-year high of $258.93. The company's fifty day simple moving average is $218.29 and its 200-day simple moving average is $202.85.

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.