ARK Investment Management LLC Has $43.66 Million Position in Veeva Systems Inc. (NYSE:VEEV)

ARK Investment Management LLC raised its stake in Veeva Systems Inc. (NYSE:VEEV) by 13.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 226,786 shares of the technology company’s stock after purchasing an additional 26,958 shares during the period. ARK Investment Management LLC owned 0.14% of Veeva Systems worth $43,661,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of VEEV. Vanguard Group Inc. lifted its position in Veeva Systems by 1.0% during the first quarter. Vanguard Group Inc. now owns 12,888,204 shares of the technology company’s stock worth $2,738,229,000 after purchasing an additional 132,560 shares during the period. Alliancebernstein L.P. lifted its position in Veeva Systems by 4.3% during the second quarter. Alliancebernstein L.P. now owns 7,779,200 shares of the technology company’s stock worth $1,538,181,000 after purchasing an additional 323,959 shares during the period. T. Rowe Price Investment Management Inc. lifted its position in Veeva Systems by 7.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 4,061,137 shares of the technology company’s stock worth $655,387,000 after purchasing an additional 279,628 shares during the period. Wellington Management Group LLP lifted its position in Veeva Systems by 9.6% during the third quarter. Wellington Management Group LLP now owns 3,315,304 shares of the technology company’s stock worth $674,499,000 after purchasing an additional 289,133 shares during the period. Finally, State Street Corp lifted its position in Veeva Systems by 1.6% during the second quarter. State Street Corp now owns 2,977,448 shares of the technology company’s stock worth $588,731,000 after purchasing an additional 47,469 shares during the period. Institutional investors own 88.20% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on VEEV. Canaccord Genuity Group cut their price objective on shares of Veeva Systems from $210.00 to $185.00 and set a “hold” rating for the company in a research report on Thursday, December 7th. Piper Sandler increased their target price on shares of Veeva Systems from $220.00 to $245.00 and gave the stock an “overweight” rating in a report on Friday, March 1st. UBS Group increased their target price on shares of Veeva Systems from $185.00 to $235.00 and gave the stock a “neutral” rating in a report on Monday, February 26th. Truist Financial increased their target price on shares of Veeva Systems from $187.00 to $203.00 and gave the stock a “hold” rating in a report on Friday, March 1st. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $250.00 target price on shares of Veeva Systems in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $234.90.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, Director Timothy S. Cabral sold 15,000 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $226.04, for a total transaction of $3,390,600.00. Following the completion of the sale, the director now owns 23,391 shares of the company’s stock, valued at approximately $5,287,301.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Timothy S. Cabral sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $226.04, for a total transaction of $3,390,600.00. Following the completion of the sale, the director now owns 23,391 shares of the company’s stock, valued at approximately $5,287,301.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Alan Mateo sold 910 shares of the firm’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $204.72, for a total transaction of $186,295.20. Following the sale, the executive vice president now directly owns 21,983 shares of the company’s stock, valued at approximately $4,500,359.76. The disclosure for this sale can be found here. In the last 90 days, insiders sold 29,498 shares of company stock valued at $6,219,253. 10.98% of the stock is currently owned by company insiders.

Veeva Systems Stock Performance

NYSE:VEEV opened at $233.53 on Thursday. The company has a market capitalization of $37.60 billion, a PE ratio of 72.52, a P/E/G ratio of 2.35 and a beta of 0.74. The company has a 50 day simple moving average of $219.45 and a two-hundred day simple moving average of $201.94. Veeva Systems Inc. has a fifty-two week low of $160.21 and a fifty-two week high of $236.90.

Veeva Systems (NYSE:VEEV) last released its earnings results on Thursday, February 29th. The technology company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.11. The business had revenue of $630.62 million during the quarter, compared to the consensus estimate of $620.75 million. Veeva Systems had a net margin of 22.24% and a return on equity of 11.26%. Research analysts predict that Veeva Systems Inc. will post 4.11 EPS for the current year.

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 data 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.