Veeva Systems Inc. (NYSE:VEEV) Shares Acquired by Rafferty Asset Management LLC

Rafferty Asset Management LLC increased its position in Veeva Systems Inc. (NYSE:VEEV) by 21.1% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,348 shares of the technology company’s stock after purchasing an additional 1,627 shares during the period. Rafferty Asset Management LLC’s holdings in Veeva Systems were worth $1,965,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Raiffeisen Bank International AG acquired a new position in Veeva Systems in the fourth quarter worth about $206,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Veeva Systems in the fourth quarter worth about $209,000. Point72 Hong Kong Ltd grew its stake in Veeva Systems by 63.3% in the fourth quarter. Point72 Hong Kong Ltd now owns 22,322 shares of the technology company’s stock worth $4,693,000 after purchasing an additional 8,656 shares in the last quarter. Quantinno Capital Management LP grew its stake in Veeva Systems by 56.1% in the fourth quarter. Quantinno Capital Management LP now owns 8,356 shares of the technology company’s stock worth $1,757,000 after purchasing an additional 3,004 shares in the last quarter. Finally, Man Group plc grew its stake in Veeva Systems by 89.9% in the fourth quarter. Man Group plc now owns 485,951 shares of the technology company’s stock worth $102,171,000 after purchasing an additional 230,015 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. The Goldman Sachs Group cut shares of Veeva Systems from a “buy” rating to a “sell” rating and cut their target price for the stock from $261.00 to $200.00 in a report on Thursday, January 23rd. Truist Financial raised their target price on shares of Veeva Systems from $210.00 to $217.00 and gave the stock a “hold” rating in a report on Thursday, March 6th. Needham & Company LLC reissued a “buy” rating and issued a $270.00 target price on shares of Veeva Systems in a report on Thursday, March 6th. Stephens reissued an “overweight” rating and issued a $280.00 target price on shares of Veeva Systems in a report on Thursday, March 6th. Finally, Robert W. Baird raised their target price on shares of Veeva Systems from $283.00 to $285.00 and gave the stock an “outperform” rating in a report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $254.92.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 787 shares of the business’s stock in a transaction that occurred on Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total transaction of $178,019.40. Following the sale, the senior vice president now owns 8,668 shares of the company’s stock, valued at $1,960,701.60. The trade was a 8.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Timothy S. Cabral sold 3,882 shares of the business’s stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $216.83, for a total value of $841,734.06. Following the sale, 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 disclosure for this sale can be found here. Insiders have sold a total of 5,869 shares of company stock valued at $1,284,917 over the last quarter. Corporate insiders own 10.30% of the company’s stock.

Veeva Systems Price Performance

Shares of NYSE:VEEV opened at $240.80 on Wednesday. Veeva Systems Inc. has a 12 month low of $170.25 and a 12 month high of $258.93. The stock has a market cap of $39.18 billion, a price-to-earnings ratio of 59.46, a PEG ratio of 1.89 and a beta of 0.96. The stock’s 50 day moving average price is $229.01 and its 200 day moving average price is $226.69.

Veeva Systems 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.