Van ECK Associates Corp Raises Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Van ECK Associates Corp increased its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 6.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,130,498 shares of the technology company’s stock after purchasing an additional 135,492 shares during the quarter. Van ECK Associates Corp owned 1.31% of Veeva Systems worth $447,937,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA increased its stake in Veeva Systems by 64.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock worth $744,084,000 after buying an additional 1,392,256 shares during the period. State Street Corp increased its holdings in shares of Veeva Systems by 1.5% in the 3rd quarter. State Street Corp now owns 3,293,141 shares of the technology company’s stock valued at $691,132,000 after acquiring an additional 47,872 shares during the last quarter. FMR LLC raised its holdings in Veeva Systems by 25.7% during the third quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock worth $625,674,000 after purchasing an additional 610,021 shares in the last quarter. Geode Capital Management LLC lifted its position in Veeva Systems by 5.7% in the third quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company’s stock valued at $579,630,000 after acquiring an additional 149,807 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of Veeva Systems by 73.2% in 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. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Stock Down 0.5 %

Shares of Veeva Systems stock opened at $233.26 on Thursday. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93. The firm has a market capitalization of $37.87 billion, a PE ratio of 57.60, a price-to-earnings-growth ratio of 1.97 and a beta of 0.85. The stock’s fifty day moving average is $224.84 and its 200-day moving average is $215.41.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on VEEV shares. Piper Sandler boosted their price target on Veeva Systems from $280.00 to $290.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Morgan Stanley lifted their price target on Veeva Systems from $183.00 to $195.00 and gave the stock an “underweight” rating in a research note on Tuesday, December 17th. Wells Fargo & Company increased their target price on Veeva Systems from $275.00 to $285.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Evercore ISI raised their target price on shares of Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a research report on Friday, December 6th. Finally, Truist Financial lowered their price target on Veeva Systems from $261.00 to $210.00 and set a “hold” rating for the company in a report on Monday, January 13th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, Veeva Systems has a consensus rating of “Moderate Buy” and a consensus price target of $253.96.

Insiders Place Their Bets

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total transaction of $390,128.20. Following the completion of the sale, the senior vice president now directly owns 8,061 shares in the company, valued at approximately $1,856,448.30. This trade represents a 17.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate 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.