Invesco Ltd. Acquires 2,377 Shares of Veeva Systems Inc. (NYSE:VEEV)

Invesco Ltd. grew its holdings in Veeva Systems Inc. (NYSE:VEEV) by 1.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 169,065 shares of the technology company’s stock after purchasing an additional 2,377 shares during the period. Invesco Ltd.’s holdings in Veeva Systems were worth $35,546,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in Veeva Systems during the 4th quarter valued at $294,785,000. Principal Financial Group Inc. grew its position 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 valued at $457,366,000 after purchasing an additional 1,267,061 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Veeva Systems by 73.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock valued at $536,972,000 after purchasing an additional 1,081,501 shares during the period. Wealthfront Advisers LLC lifted its holdings in Veeva Systems by 29,760.5% during the 4th quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company’s stock worth $220,489,000 after purchasing an additional 1,045,188 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Veeva Systems in the 4th quarter worth about $95,710,000. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on VEEV. Morgan Stanley upped their price target on Veeva Systems from $195.00 to $201.00 and gave the company an “underweight” rating in a research report on Thursday, March 6th. Robert W. Baird upped their target price on shares of Veeva Systems from $283.00 to $285.00 and gave the stock an “outperform” rating in a report on Thursday, March 6th. KeyCorp lowered their target price on shares of Veeva Systems from $260.00 to $250.00 and set an “overweight” rating on the stock in a research note on Wednesday. The Goldman Sachs Group lowered shares of Veeva Systems from a “buy” rating to a “sell” rating and reduced their price target for the company from $261.00 to $200.00 in a research report on Thursday, January 23rd. Finally, Scotiabank increased their price objective on Veeva Systems from $240.00 to $245.00 and gave the stock a “sector perform” rating in a research report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, Veeva Systems presently has a consensus rating of “Moderate Buy” and an average price target of $256.32.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 787 shares of the business’s stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total transaction of $178,019.40. Following the transaction, the senior vice president now owns 8,668 shares in the company, valued at $1,960,701.60. The trade was a 8.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Thomas D. Schwenger sold 1,200 shares of Veeva Systems stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $220.97, for a total value of $265,164.00. Following the completion of the sale, the insider now owns 25,889 shares in the company, valued at approximately $5,720,692.33. This represents a 4.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,869 shares of company stock worth $1,284,917 in the last ninety days. 10.50% of the stock is owned by insiders.

Veeva Systems Trading Down 0.8 %

Shares of NYSE:VEEV opened at $221.01 on Thursday. The stock has a market capitalization of $35.96 billion, a P/E ratio of 54.57, a price-to-earnings-growth ratio of 1.89 and a beta of 1.05. The stock’s 50-day moving average price is $228.12 and its 200-day moving average price is $223.25. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93.

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.