ARK Investment Management LLC Has $13.84 Million Stock Position in Veeva Systems Inc. (NYSE:VEEV)

ARK Investment Management LLC reduced its position in Veeva Systems Inc. (NYSE:VEEV) by 50.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 65,837 shares of the technology company’s stock after selling 67,916 shares during the quarter. ARK Investment Management LLC’s holdings in Veeva Systems were worth $13,842,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. 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 valued at $744,084,000 after purchasing an additional 1,392,256 shares during the last quarter. State Street Corp boosted its stake in shares of Veeva Systems by 1.5% in the 3rd quarter. State Street Corp now owns 3,293,141 shares of the technology company’s stock valued at $691,132,000 after purchasing an additional 47,872 shares during the last quarter. FMR LLC boosted its stake in shares of Veeva Systems by 25.7% in the 3rd 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. Principal Financial Group Inc. boosted its stake in shares of 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 during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Veeva Systems by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company’s stock valued at $579,630,000 after purchasing an additional 149,807 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

Insider Activity

In related news, SVP Jonathan Faddis sold 1,694 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total transaction of $390,128.20. Following the completion of the sale, the senior vice president now owns 8,061 shares in the company, valued at approximately $1,856,448.30. This trade represents a 17.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 10.50% of the stock is currently owned by corporate insiders.

Veeva Systems Price Performance

Shares of VEEV stock opened at $221.53 on Wednesday. The firm has a 50-day moving average of $223.69 and a 200-day moving average of $218.40. The company has a market cap of $35.97 billion, a P/E ratio of 54.70, a P/E/G ratio of 1.89 and a beta of 0.85. Veeva Systems Inc. has a one year low of $170.25 and a one year high of $258.93.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on VEEV. Needham & Company LLC reissued a “buy” rating and set a $270.00 target price on shares of Veeva Systems in a research note on Friday, January 17th. Bank of America increased their target price on shares of Veeva Systems from $280.00 to $290.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Stifel Nicolaus increased their target price on shares of Veeva Systems from $240.00 to $272.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Robert W. Baird increased their target price on shares of Veeva Systems from $275.00 to $283.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Finally, Canaccord Genuity Group increased their target price on shares of Veeva Systems from $210.00 to $270.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $255.08.

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.