Jensen Investment Management Inc. Makes New $3.89 Million Investment in Veeva Systems Inc. (NYSE:VEEV)

Jensen Investment Management Inc. bought a new position in shares of Veeva Systems Inc. (NYSE:VEEV) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 21,230 shares of the technology company’s stock, valued at approximately $3,885,000.

A number of other large investors have also modified their holdings of VEEV. Norges Bank purchased a new position in shares of Veeva Systems during the 4th quarter worth approximately $305,543,000. Vanguard Group Inc. increased its stake in Veeva Systems by 7.5% in the 1st quarter. Vanguard Group Inc. now owns 14,150,070 shares of the technology company’s stock valued at $3,278,430,000 after purchasing an additional 991,208 shares in the last quarter. Swedbank AB purchased a new position in Veeva Systems in the 1st quarter valued at approximately $227,673,000. Principal Financial Group Inc. increased its stake in Veeva Systems by 1,122.3% in the 2nd quarter. Principal Financial Group Inc. now owns 912,223 shares of the technology company’s stock valued at $166,946,000 after purchasing an additional 837,593 shares in the last quarter. Finally, Matrix Capital Management Company LP increased its stake in Veeva Systems by 635.4% in the 1st quarter. Matrix Capital Management Company LP now owns 498,821 shares of the technology company’s stock valued at $115,572,000 after purchasing an additional 430,989 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Veeva Systems

In related news, SVP Jonathan Faddis sold 2,353 shares of Veeva Systems stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total value of $470,600.00. Following the transaction, the senior vice president now owns 9,035 shares in the company, valued at $1,807,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 10.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on VEEV. Truist Financial raised their price objective on Veeva Systems from $197.00 to $207.00 and gave the company a “hold” rating in a research note on Tuesday. Morgan Stanley dropped their price objective on Veeva Systems from $210.00 to $173.00 and set an “underweight” rating for the company in a research note on Friday, May 31st. Needham & Company LLC reaffirmed a “buy” rating and issued a $260.00 price objective on shares of Veeva Systems in a research note on Thursday, August 29th. Bank of America raised their price objective on Veeva Systems from $204.00 to $240.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Finally, Stifel Nicolaus dropped their price target on Veeva Systems from $250.00 to $210.00 and set a “buy” rating for the company in a research report on Friday, May 31st. One analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $230.57.

Veeva Systems Stock Up 0.2 %

Shares of VEEV stock traded up $0.42 during mid-day trading on Friday, hitting $215.73. 41,581 shares of the company’s stock were exchanged, compared to its average volume of 961,135. Veeva Systems Inc. has a fifty-two week low of $162.72 and a fifty-two week high of $236.90. The stock has a 50-day simple moving average of $191.56 and a two-hundred day simple moving average of $202.03. The stock has a market cap of $34.87 billion, a price-to-earnings ratio of 63.55, a PEG ratio of 2.11 and a beta of 0.81.

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.