1,402,070 Shares in Veeva Systems Inc. (NYSE:VEEV) Acquired by Norges Bank

Norges Bank purchased a new stake in shares of Veeva Systems Inc. (NYSE:VEEV) in the 4th quarter, Holdings Channel reports. The fund purchased 1,402,070 shares of the technology company’s stock, valued at approximately $294,785,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. MassMutual Private Wealth & Trust FSB raised its position in shares of Veeva Systems by 72.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock valued at $25,000 after purchasing an additional 50 shares during the period. Centricity Wealth Management LLC acquired a new position in Veeva Systems in the 4th quarter valued at about $25,000. Smithfield Trust Co raised its holdings in Veeva Systems by 145.5% in the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock valued at $27,000 after acquiring an additional 80 shares during the period. True Wealth Design LLC lifted its position in Veeva Systems by 3,375.0% during the third quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock worth $29,000 after acquiring an additional 135 shares during the last quarter. Finally, Retirement Wealth Solutions LLC acquired a new stake in Veeva Systems during the fourth quarter worth approximately $31,000. 88.20% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Needham & Company LLC reiterated a “buy” rating and set a $270.00 target price on shares of Veeva Systems in a research note on Thursday, March 6th. Royal Bank of Canada increased their price objective on Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. KeyCorp decreased their price target on shares of Veeva Systems from $285.00 to $255.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Robert W. Baird lifted their price objective on shares of Veeva Systems from $283.00 to $285.00 and gave the stock an “outperform” rating in a research note on Thursday, March 6th. Finally, Mizuho assumed coverage on shares of Veeva Systems in a report on Wednesday, December 4th. They issued an “outperform” rating and a $275.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $256.52.

Veeva Systems Trading Down 1.4 %

VEEV opened at $234.10 on Friday. The company’s 50 day moving average is $231.62 and its 200-day moving average is $222.87. The company has a market cap of $38.01 billion, a P/E ratio of 57.80, a PEG ratio of 1.89 and a beta of 0.88. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year 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.