Ethic Inc. Grows Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Ethic Inc. raised its holdings in Veeva Systems Inc. (NYSE:VEEV) by 11.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,829 shares of the technology company’s stock after buying an additional 1,426 shares during the quarter. Ethic Inc.’s holdings in Veeva Systems were worth $2,908,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of Veeva Systems in the 4th quarter valued at about $294,785,000. JPMorgan Chase & Co. lifted its position in Veeva Systems by 73.2% during the third quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock valued at $536,972,000 after buying an additional 1,081,501 shares in the last quarter. Wealthfront Advisers LLC grew its stake in Veeva Systems by 29,760.5% during the fourth quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company’s stock worth $220,489,000 after buying an additional 1,045,188 shares during the period. Principal Financial Group Inc. increased its position in shares of Veeva Systems by 36.0% in the fourth quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company’s stock worth $623,186,000 after acquiring an additional 784,741 shares in the last quarter. Finally, Marshall Wace LLP increased its position in shares of Veeva Systems by 413.3% in the fourth quarter. Marshall Wace LLP now owns 638,380 shares of the technology company’s stock worth $134,219,000 after acquiring an additional 514,004 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Down 1.2%

VEEV stock opened at $236.60 on Monday. The firm has a 50 day moving average of $227.98 and a two-hundred day moving average of $225.39. Veeva Systems Inc. has a 12 month low of $170.25 and a 12 month high of $258.93. The company has a market capitalization of $38.49 billion, a price-to-earnings ratio of 58.42, a P/E/G ratio of 1.89 and a beta of 0.96.

Analysts Set New Price Targets

A number of analysts recently weighed in on VEEV shares. Morgan Stanley upped their price target on shares of Veeva Systems from $195.00 to $201.00 and gave the stock an “underweight” rating in a research report on Thursday, March 6th. Piper Sandler dropped their target price on Veeva Systems from $290.00 to $255.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. JPMorgan Chase & Co. boosted their price target on Veeva Systems from $218.00 to $249.00 and gave the stock a “neutral” rating in a research report on Thursday, March 20th. KeyCorp lowered their price objective on shares of Veeva Systems from $260.00 to $250.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Finally, The Goldman Sachs Group cut shares of Veeva Systems from a “buy” rating to a “sell” rating and reduced their target price for the stock from $261.00 to $200.00 in a research report on Thursday, January 23rd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $254.92.

Insider Activity at Veeva Systems

In other news, Director Timothy S. Cabral sold 3,882 shares of Veeva Systems stock in a transaction that occurred on 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 of the company’s stock, valued at $1,192,565. This trade represents a 41.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Jonathan Faddis sold 787 shares of the business’s stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total transaction of $178,019.40. Following the completion of the sale, the senior vice president now owns 8,668 shares of the company’s stock, valued at $1,960,701.60. The trade was a 8.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,869 shares of company stock valued at $1,284,917. Insiders own 10.50% of the company’s stock.

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.