Envestnet Portfolio Solutions Inc. Raises Stake in Veeva Systems Inc. (NYSE:VEEV)

Envestnet Portfolio Solutions Inc. boosted its position in Veeva Systems Inc. (NYSE:VEEV) by 28.2% in the 4th quarter, Holdings Channel reports. The institutional investor owned 37,641 shares of the technology company’s stock after purchasing an additional 8,280 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Veeva Systems were worth $7,914,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in VEEV. Massachusetts Financial Services Co. MA boosted its stake in shares of Veeva Systems by 64.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock valued at $744,084,000 after purchasing an additional 1,392,256 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Veeva Systems by 138.9% during 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 during the period. JPMorgan Chase & Co. boosted its stake in shares of 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 purchasing an additional 1,081,501 shares during the period. Wealthfront Advisers LLC boosted its stake in shares of 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 valued at $220,489,000 after purchasing an additional 1,045,188 shares during the period. Finally, FMR LLC lifted its stake in Veeva Systems by 25.7% in the third quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock worth $625,674,000 after acquiring an additional 610,021 shares during the period. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Wall Street Analyst Weigh In

VEEV has been the subject of a number of research analyst reports. Piper Sandler raised their price target on Veeva Systems from $280.00 to $290.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Mizuho initiated coverage on Veeva Systems in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $275.00 price target for the company. Stephens reaffirmed an “overweight” rating and issued a $280.00 price target on shares of Veeva Systems in a research note on Thursday, March 6th. Canaccord Genuity Group raised their price target on Veeva Systems from $210.00 to $270.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. Finally, Wells Fargo & Company increased their price objective on Veeva Systems from $275.00 to $285.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $255.28.

Veeva Systems Trading Up 1.2 %

Shares of NYSE:VEEV opened at $236.93 on Tuesday. The stock has a 50 day moving average of $227.61 and a 200 day moving average of $221.69. The company has a market cap of $38.47 billion, a PE ratio of 58.50, a price-to-earnings-growth ratio of 1.89 and a beta of 0.88. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93.

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.