Edgestream Partners L.P. Invests $477,000 in Veeva Systems Inc. (NYSE:VEEV)

Edgestream Partners L.P. acquired a new stake in shares of Veeva Systems Inc. (NYSE:VEEV) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 2,275 shares of the technology company’s stock, valued at approximately $477,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Veeva Systems in the 3rd quarter worth $26,000. Blue Trust Inc. grew its position in shares of Veeva Systems by 3,460.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock worth $33,000 after purchasing an additional 173 shares in the last quarter. DT Investment Partners LLC bought a new stake in Veeva Systems during the 2nd quarter valued at approximately $35,000. Mather Group LLC. lifted its holdings in Veeva Systems by 166.3% in the 2nd quarter. Mather Group LLC. now owns 253 shares of the technology company’s stock worth $46,000 after purchasing an additional 158 shares in the last quarter. Finally, Fairscale Capital LLC bought a new position in Veeva Systems in the 2nd quarter worth approximately $46,000. 88.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $260.00 price target on shares of Veeva Systems in a report on Friday, November 8th. Citigroup lifted their target price on Veeva Systems from $256.00 to $273.00 and gave the stock a “buy” rating in a report on Tuesday, August 27th. StockNews.com raised Veeva Systems from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. Barclays lifted their price objective on Veeva Systems from $240.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Finally, Mizuho began coverage on Veeva Systems in a research report on Wednesday. They set an “outperform” rating and a $275.00 target price for the company. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, Veeva Systems has an average rating of “Moderate Buy” and an average price target of $238.44.

Insider Activity

In other news, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 10.50% of the company’s stock.

Veeva Systems Stock Down 2.6 %

Shares of Veeva Systems stock opened at $231.66 on Friday. The stock’s fifty day moving average is $217.50 and its two-hundred day moving average is $202.61. Veeva Systems Inc. has a 52 week low of $165.12 and a 52 week high of $240.68. The company has a market capitalization of $37.51 billion, a PE ratio of 61.78, a price-to-earnings-growth ratio of 2.20 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.