Avanza Fonder AB Acquires New Shares in Veeva Systems Inc. (NYSE:VEEV)

Avanza Fonder AB bought a new position in shares of Veeva Systems Inc. (NYSE:VEEV) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 10,935 shares of the technology company’s stock, valued at approximately $2,299,000.

Other institutional investors have also added to or reduced their stakes in the company. Procyon Advisors LLC increased its holdings in Veeva Systems by 11.9% during the fourth quarter. Procyon Advisors LLC now owns 3,796 shares of the technology company’s stock valued at $798,000 after buying an additional 405 shares during the period. Hennion & Walsh Asset Management Inc. lifted its stake in shares of Veeva Systems by 71.5% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 2,507 shares of the technology company’s stock worth $527,000 after purchasing an additional 1,045 shares during the last quarter. Park Avenue Securities LLC boosted its position in Veeva Systems by 1.9% during the fourth quarter. Park Avenue Securities LLC now owns 12,228 shares of the technology company’s stock valued at $2,571,000 after purchasing an additional 233 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Veeva Systems by 182.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 60,072 shares of the technology company’s stock valued at $12,630,000 after purchasing an additional 38,793 shares during the last quarter. Finally, Rockland Trust Co. raised its holdings in Veeva Systems by 5.0% in the fourth quarter. Rockland Trust Co. now owns 112,764 shares of the technology company’s stock worth $23,709,000 after purchasing an additional 5,322 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Price Performance

VEEV opened at $216.67 on Friday. The firm has a fifty day moving average price of $222.31 and a 200 day moving average price of $209.47. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93. The stock has a market cap of $35.18 billion, a P/E ratio of 53.50, a P/E/G ratio of 1.91 and a beta of 0.84.

Insiders Place Their Bets

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were 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 in the company, 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 legal filing with the SEC, which is accessible through this hyperlink. Also, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the completion of the sale, the insider now owns 27,013 shares in the company, valued at approximately $6,483,390.13. This trade represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 10.50% of the company’s stock.

Wall Street Analyst Weigh In

VEEV has been the topic of a number of analyst reports. Evercore ISI lifted their price objective 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. Robert W. Baird lifted their price target on shares of Veeva Systems from $275.00 to $283.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. BNP Paribas assumed coverage on Veeva Systems in a report on Tuesday, October 8th. They set an “outperform” rating and a $286.00 price objective for the company. Bank of America boosted their target price on Veeva Systems from $280.00 to $290.00 and gave the stock a “neutral” rating in a research note 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. One analyst has rated the stock with a sell rating, eight have given a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $255.74.

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.