10,000 Shares in Veeva Systems Inc. (NYSE:VEEV) Bought by Arrow Capital Pty Ltd

Arrow Capital Pty Ltd acquired a new position in shares of Veeva Systems Inc. (NYSE:VEEV) during the fourth quarter, HoldingsChannel.com reports. The fund acquired 10,000 shares of the technology company’s stock, valued at approximately $2,102,000. Veeva Systems accounts for approximately 1.9% of Arrow Capital Pty Ltd’s holdings, making the stock its 27th largest position.

Several other institutional investors and hedge funds also recently modified their holdings of VEEV. Norges Bank purchased a new position in Veeva Systems in the 4th quarter valued at about $294,785,000. Principal Financial Group Inc. increased its holdings in Veeva Systems by 138.9% during the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after purchasing an additional 1,267,061 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Veeva Systems by 73.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock worth $536,972,000 after purchasing an additional 1,081,501 shares during the last quarter. Wealthfront Advisers LLC raised its position in shares of Veeva Systems by 29,760.5% in the 4th quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company’s stock valued at $220,489,000 after purchasing an additional 1,045,188 shares in the last quarter. Finally, Marshall Wace LLP boosted its stake in shares of Veeva Systems by 413.3% during the 4th quarter. Marshall Wace LLP now owns 638,380 shares of the technology company’s stock valued at $134,219,000 after buying an additional 514,004 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Performance

Veeva Systems stock opened at $221.01 on Thursday. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93. The firm’s 50 day moving average price is $228.12 and its two-hundred day moving average price is $223.25. The firm has a market cap of $35.96 billion, a price-to-earnings ratio of 54.57, a price-to-earnings-growth ratio of 1.89 and a beta of 1.05.

Insider Buying and Selling

In other Veeva Systems news, Director Timothy S. Cabral sold 3,882 shares of Veeva Systems stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $216.83, for a total transaction of $841,734.06. Following the transaction, the director now directly owns 5,500 shares in the company, valued at approximately $1,192,565. The trade was a 41.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Thomas D. Schwenger sold 1,200 shares of the company’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $220.97, for a total value of $265,164.00. Following the completion of the transaction, the insider now owns 25,889 shares in the company, valued at $5,720,692.33. This represents a 4.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,869 shares of company stock worth $1,284,917 in the last three months. 10.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on VEEV shares. KeyCorp dropped their price target on shares of Veeva Systems from $260.00 to $250.00 and set an “overweight” rating for the company in a research note on Wednesday. Robert W. Baird increased their target price on Veeva Systems from $283.00 to $285.00 and gave the stock an “outperform” rating in a report on Thursday, March 6th. StockNews.com raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a report on Monday, February 17th. Stephens restated an “overweight” rating and issued a $280.00 price target on shares of Veeva Systems in a research report on Thursday, March 6th. Finally, The Goldman Sachs Group downgraded shares of Veeva Systems from a “buy” rating to a “sell” rating and lowered their price objective for the company from $261.00 to $200.00 in a research report on Thursday, January 23rd. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Veeva Systems currently has an average rating of “Moderate Buy” and an average price target of $256.32.

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.