Utah Retirement Systems Has $5.15 Million Position in Veeva Systems Inc. (NYSE:VEEV)

Utah Retirement Systems lifted its stake in Veeva Systems Inc. (NYSE:VEEV) by 0.4% in the 4th quarter, Holdings Channel reports. The institutional investor owned 24,513 shares of the technology company’s stock after acquiring an additional 100 shares during the period. Utah Retirement Systems’ holdings in Veeva Systems were worth $5,154,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the company. T. Rowe Price Investment Management Inc. lifted its holdings in shares of Veeva Systems by 3.5% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,169,698 shares of the technology company’s stock worth $1,086,930,000 after acquiring an additional 177,201 shares during the period. FMR LLC raised its position in Veeva Systems by 7.8% in the fourth quarter. FMR LLC now owns 3,213,360 shares of the technology company’s stock worth $675,609,000 after purchasing an additional 232,116 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Veeva Systems by 17.5% during the fourth quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company’s stock worth $631,935,000 after purchasing an additional 447,041 shares during the period. Principal Financial Group Inc. boosted its holdings in Veeva Systems by 36.0% during the fourth quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company’s stock valued at $623,186,000 after purchasing an additional 784,741 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Veeva Systems by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 2,803,344 shares of the technology company’s stock worth $589,208,000 after buying an additional 38,108 shares in the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 787 shares of the stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total value of $178,019.40. Following the completion of the sale, the senior vice president now directly owns 8,668 shares in the company, valued at $1,960,701.60. This represents a 8.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Timothy S. Cabral sold 3,882 shares of Veeva Systems stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $216.83, for a total value of $841,734.06. Following the transaction, the director now owns 5,500 shares in the company, valued at $1,192,565. This trade represents a 41.38 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,869 shares of company stock valued at $1,284,917. Corporate insiders own 10.50% of the company’s stock.

Veeva Systems Price Performance

Shares of VEEV stock opened at $232.21 on Friday. The stock has a market cap of $37.78 billion, a PE ratio of 57.34, a price-to-earnings-growth ratio of 1.89 and a beta of 1.05. The stock has a 50-day moving average of $226.23 and a 200-day moving average of $224.47. Veeva Systems Inc. has a one year low of $170.25 and a one year high of $258.93.

Wall Street Analysts Forecast Growth

VEEV has been the topic of several recent analyst reports. Truist Financial boosted their price target on Veeva Systems from $210.00 to $217.00 and gave the company a “hold” rating in a research note on Thursday, March 6th. Morgan Stanley upped their target price on shares of Veeva Systems from $195.00 to $201.00 and gave the stock an “underweight” rating in a report on Thursday, March 6th. The Goldman Sachs Group downgraded shares of Veeva Systems from a “buy” rating to a “sell” rating and cut their price target for the company from $261.00 to $200.00 in a report on Thursday, January 23rd. KeyCorp decreased their price objective 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, April 16th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Veeva Systems from $218.00 to $249.00 and gave the company a “neutral” rating in a research note on Thursday, March 20th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $254.92.

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.