Metis Global Partners LLC Increases Position in Veeva Systems Inc. (NYSE:VEEV)

Metis Global Partners LLC lifted its holdings in Veeva Systems Inc. (NYSE:VEEV) by 4.7% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,297 shares of the technology company’s stock after buying an additional 240 shares during the period. Metis Global Partners LLC’s holdings in Veeva Systems were worth $1,114,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of VEEV. Massachusetts Financial Services Co. MA boosted its stake in shares of Veeva Systems by 64.7% in 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 last quarter. Principal Financial Group Inc. lifted its stake in Veeva Systems by 138.9% in 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 last quarter. JPMorgan Chase & Co. lifted its stake in Veeva Systems by 73.2% in 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 last quarter. 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 valued at $625,674,000 after purchasing an additional 610,021 shares during the last quarter. Finally, Seilern Investment Management Ltd purchased a new position in Veeva Systems in the fourth quarter valued at approximately $94,957,000. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Performance

Shares of NYSE:VEEV opened at $219.28 on Tuesday. Veeva Systems Inc. has a 52-week low of $170.25 and a 52-week high of $258.93. The firm has a fifty day moving average of $223.74 and a 200 day moving average of $219.35. The firm has a market capitalization of $35.60 billion, a PE ratio of 54.14, a price-to-earnings-growth ratio of 1.89 and a beta of 0.85.

Insider Buying and Selling

In related 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 value 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. The trade was a 17.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 10.50% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently commented on VEEV shares. Needham & Company LLC reiterated a “buy” rating and issued a $270.00 price objective on shares of Veeva Systems in a research note on Friday, January 17th. Mizuho started coverage on Veeva Systems in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $275.00 price objective on the stock. The Goldman Sachs Group downgraded Veeva Systems from a “buy” rating to a “sell” rating and dropped their price objective for the company from $261.00 to $200.00 in a research note on Thursday, January 23rd. Bank of America boosted their target price on shares of Veeva Systems from $280.00 to $290.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Finally, Wells Fargo & Company boosted their target price on shares of Veeva Systems from $275.00 to $285.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Two 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 MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $255.08.

Veeva Systems Company 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.