World Investment Advisors LLC Makes New $2.13 Million Investment in Veeva Systems Inc. (NYSE:VEEV)

World Investment Advisors LLC purchased a new stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 10,155 shares of the technology company's stock, valued at approximately $2,131,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA raised its position in shares of Veeva Systems by 64.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company's stock valued at $744,084,000 after buying an additional 1,392,256 shares during the last quarter. State Street Corp boosted its stake in Veeva Systems by 1.5% during the third quarter. State Street Corp now owns 3,293,141 shares of the technology company's stock worth $691,132,000 after buying an additional 47,872 shares during the period. FMR LLC raised its position in 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 period. Geode Capital Management LLC boosted its holdings in Veeva Systems by 5.7% during 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 period. Finally, Principal Financial Group Inc. grew its holdings in shares of Veeva Systems by 138.9% in the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock worth $457,366,000 after purchasing an additional 1,267,061 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Scotiabank upped their target price on Veeva Systems from $235.00 to $240.00 and gave the stock a "sector perform" rating in a report on Friday, December 6th. Truist Financial reiterated a "hold" rating and issued a $261.00 target price (up from $207.00) on shares of Veeva Systems in a research note on Friday, December 6th. Piper Sandler upped their target price on Veeva Systems from $280.00 to $290.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. Royal Bank of Canada upped 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. Finally, Robert W. Baird increased their target price on shares of Veeva Systems from $275.00 to $283.00 and gave the company an "outperform" rating in a research report on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Veeva Systems presently has a consensus rating of "Moderate Buy" and a consensus price target of $255.35.

Veeva Systems Stock Performance

Shares of NYSE:VEEV traded down $3.70 during trading hours on Friday, reaching $228.78. The stock had a trading volume of 814,087 shares, compared to its average volume of 1,380,784. The firm's 50 day moving average is $221.36 and its 200-day moving average is $204.01. The stock has a market capitalization of $37.14 billion, a price-to-earnings ratio of 56.49, a P/E/G ratio of 2.03 and a beta of 0.82. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93.

Insider Transactions at Veeva Systems

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction that occurred 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 owns 27,013 shares of the company's stock, valued at approximately $6,483,390.13. The trade was a 4.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jonathan Faddis sold 1,694 shares of the stock in a transaction dated Wednesday, December 4th. The shares were 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 directly owns 8,061 shares of the company's stock, valued at approximately $1,856,448.30. This trade represents a 17.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 10.50% of the company's stock.

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.