Pinebridge Investments L.P. Acquires 25,726 Shares of Veeva Systems Inc. (NYSE:VEEV)

Pinebridge Investments L.P. boosted its holdings in shares of Veeva Systems Inc. (NYSE:VEEVFree Report) by 71.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 61,500 shares of the technology company’s stock after acquiring an additional 25,726 shares during the quarter. Pinebridge Investments L.P.’s holdings in Veeva Systems were worth $11,840,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Wellington Management Group LLP raised 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 valued at $674,499,000 after acquiring an additional 289,133 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Veeva Systems by 6.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,167,960 shares of the technology company’s stock valued at $417,376,000 after purchasing an additional 122,546 shares during the period. FMR LLC raised its position in shares of Veeva Systems by 15.4% in the third quarter. FMR LLC now owns 1,833,135 shares of the technology company’s stock valued at $372,951,000 after purchasing an additional 244,599 shares during the period. Van ECK Associates Corp raised its position in shares of Veeva Systems by 22.6% in the fourth quarter. Van ECK Associates Corp now owns 1,775,065 shares of the technology company’s stock valued at $341,736,000 after purchasing an additional 327,662 shares during the period. Finally, Norges Bank bought a new position in shares of Veeva Systems in the fourth quarter valued at approximately $305,543,000. Institutional investors own 88.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Bank of America dropped their price target on shares of Veeva Systems from $240.00 to $204.00 and set a “neutral” rating on the stock in a research report on Friday, May 31st. Truist Financial lifted their price target on shares of Veeva Systems from $187.00 to $203.00 and gave the company a “hold” rating in a research report on Friday, March 1st. Robert W. Baird upped their target price on shares of Veeva Systems from $251.00 to $255.00 and gave the company an “outperform” rating in a research note on Wednesday, May 29th. Royal Bank of Canada reiterated an “outperform” rating and set a $250.00 target price on shares of Veeva Systems in a research note on Wednesday, March 27th. Finally, Oppenheimer reissued an “outperform” rating and issued a $225.00 price target on shares of Veeva Systems in a report on Thursday, February 22nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $228.25.

Get Our Latest Report on Veeva Systems

Veeva Systems Trading Up 1.8 %

NYSE VEEV traded up $3.32 on Thursday, hitting $185.01. 1,885,757 shares of the company were exchanged, compared to its average volume of 995,143. The firm has a 50 day moving average of $203.43 and a two-hundred day moving average of $203.95. The company has a market cap of $29.85 billion, a P/E ratio of 54.58, a P/E/G ratio of 1.77 and a beta of 0.80. Veeva Systems Inc. has a 1-year low of $162.72 and a 1-year high of $236.90.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 3,598 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $207.42, for a total transaction of $746,297.16. Following the transaction, the senior vice president now directly owns 10,668 shares in the company, valued at approximately $2,212,756.56. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Veeva Systems news, EVP Alan Mateo sold 3,391 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $200.86, for a total transaction of $681,116.26. Following the transaction, the executive vice president now directly owns 21,983 shares in the company, valued at approximately $4,415,505.38. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Jonathan Faddis sold 3,598 shares of the stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $207.42, for a total transaction of $746,297.16. Following the completion of the sale, the senior vice president now owns 10,668 shares in the company, valued at $2,212,756.56. The disclosure for this sale can be found here. Corporate insiders own 10.50% of the company’s stock.

Veeva Systems Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Veeva Systems (NYSE:VEEV)

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