Leigh Baldwin & CO. LLC Buys Shares of 3,259,716 Veeva Systems Inc. (NYSE:VEEV)

Leigh Baldwin & CO. LLC bought a new stake in Veeva Systems Inc. (NYSE:VEEV) during the fourth quarter, HoldingsChannel.com reports. The fund bought 3,259,716 shares of the technology company’s stock, valued at approximately $685,355,000. Veeva Systems accounts for approximately 3.6% of Leigh Baldwin & CO. LLC’s holdings, making the stock its 7th largest holding.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in VEEV. Norges Bank purchased a new position in Veeva Systems in the 4th quarter valued at about $294,785,000. JPMorgan Chase & Co. lifted its holdings in Veeva Systems by 73.2% in the 3rd 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 in the last quarter. Wealthfront Advisers LLC lifted its holdings in 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. Principal Financial Group Inc. lifted its holdings in Veeva Systems by 36.0% in the 4th quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company’s stock valued at $623,186,000 after purchasing an additional 784,741 shares in the last quarter. Finally, Marshall Wace LLP lifted its holdings in Veeva Systems by 413.3% in the 4th quarter. Marshall Wace LLP now owns 638,380 shares of the technology company’s stock valued at $134,219,000 after purchasing an additional 514,004 shares in the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Timothy S. Cabral sold 3,882 shares of the stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $216.83, for a total transaction of $841,734.06. Following the completion of the transaction, the director now directly owns 5,500 shares in the company, valued at approximately $1,192,565. This represents a 41.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Jonathan Faddis sold 787 shares of the stock in a transaction that occurred on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total value of $178,019.40. Following the transaction, the senior vice president now owns 8,668 shares of the company’s stock, valued at approximately $1,960,701.60. This trade represents a 8.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 5,869 shares of company stock worth $1,284,917. 10.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

VEEV has been the subject of a number of research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $270.00 price objective on shares of Veeva Systems in a research note on Thursday, March 6th. KeyCorp dropped their price objective 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, April 16th. The Goldman Sachs Group downgraded shares of Veeva Systems from a “buy” rating to a “sell” rating and dropped their target price for the stock from $261.00 to $200.00 in a research report on Thursday, January 23rd. Truist Financial increased their target price on shares of Veeva Systems from $210.00 to $217.00 and gave the stock a “hold” rating in a research report on Thursday, March 6th. Finally, Scotiabank increased their target price on shares of Veeva Systems from $240.00 to $245.00 and gave the stock a “sector perform” rating in a research report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $254.92.

Veeva Systems Trading Down 1.2%

Veeva Systems stock opened at $236.60 on Monday. The stock has a market cap of $38.49 billion, a P/E ratio of 58.42, a price-to-earnings-growth ratio of 1.89 and a beta of 0.96. The stock has a 50 day moving average of $227.98 and a 200-day moving average of $225.39. Veeva Systems Inc. has a 52 week low of $170.25 and a 52 week 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.