BankPlus Trust Department Takes Position in Veeva Systems Inc. (NYSE:VEEV)

BankPlus Trust Department acquired a new stake in Veeva Systems Inc. (NYSE:VEEV) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 732 shares of the technology company’s stock, valued at approximately $154,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Massachusetts Financial Services Co. MA grew its position in 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 acquiring an additional 1,392,256 shares during the period. State Street Corp grew its position in Veeva Systems by 1.5% during the third 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 period. FMR LLC grew its position in Veeva Systems by 25.7% during the third quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock valued at $625,674,000 after acquiring an additional 610,021 shares during the period. Principal Financial Group Inc. grew its position 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 acquiring an additional 784,741 shares during the period. Finally, Geode Capital Management LLC grew its position in Veeva Systems by 5.7% during 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 period. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Insider Activity

In other news, SVP Jonathan Faddis sold 1,694 shares of the company’s stock in a transaction that occurred on 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 transaction, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at approximately $1,856,448.30. This represents a 17.37 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 10.50% of the company’s stock.

Wall Street Analyst Weigh In

VEEV has been the subject of a number of research reports. Mizuho initiated coverage on Veeva Systems in a research report on Wednesday, December 4th. They set an “outperform” rating and a $275.00 price target for the company. JPMorgan Chase & Co. boosted their price target on Veeva Systems from $208.00 to $218.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Scotiabank boosted their price target on Veeva Systems from $235.00 to $240.00 and gave the company a “sector perform” rating in a research report on Friday, December 6th. Piper Sandler boosted their price objective on Veeva Systems from $280.00 to $290.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Finally, The Goldman Sachs Group cut Veeva Systems from a “buy” rating to a “sell” rating and reduced their price objective for the stock from $261.00 to $200.00 in a research note on Thursday, January 23rd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $255.08.

Veeva Systems Stock Up 0.2 %

Shares of Veeva Systems stock opened at $226.29 on Tuesday. The firm has a market cap of $36.74 billion, a P/E ratio of 55.87, a P/E/G ratio of 1.89 and a beta of 0.85. The business has a 50-day moving average price of $223.79 and a 200 day moving average price of $218.15. Veeva Systems Inc. has a fifty-two week low of $170.25 and a fifty-two week 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.