Counterpoint Mutual Funds LLC Makes New Investment in Veeva Systems Inc. (NYSE:VEEV)

Counterpoint Mutual Funds LLC bought a new position in shares of Veeva Systems Inc. (NYSE:VEEV) during the fourth quarter, HoldingsChannel reports. The fund bought 1,572 shares of the technology company’s stock, valued at approximately $331,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Massachusetts Financial Services Co. MA grew its stake in shares of Veeva Systems by 64.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock worth $744,084,000 after purchasing an additional 1,392,256 shares during the last quarter. State Street Corp grew its stake in shares of Veeva Systems by 1.5% in the third quarter. State Street Corp now owns 3,293,141 shares of the technology company’s stock worth $691,132,000 after purchasing an additional 47,872 shares during the last quarter. FMR LLC grew its stake in shares of Veeva Systems by 25.7% in the third quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock worth $625,674,000 after purchasing an additional 610,021 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Veeva Systems by 36.0% in the fourth quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company’s stock worth $623,186,000 after purchasing an additional 784,741 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Veeva Systems by 5.7% in the third quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company’s stock worth $579,630,000 after purchasing an additional 149,807 shares during the last quarter. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Price Performance

VEEV opened at $236.93 on Tuesday. Veeva Systems Inc. has a fifty-two week low of $170.25 and a fifty-two week high of $258.93. The firm has a market capitalization of $38.47 billion, a PE ratio of 58.50, a P/E/G ratio of 1.89 and a beta of 0.88. The company’s 50-day moving average is $227.61 and its 200 day moving average is $221.69.

Wall Street Analysts Forecast Growth

A number of analysts have commented on VEEV shares. Barclays upped their price target on shares of Veeva Systems from $260.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. The Goldman Sachs Group cut shares of Veeva Systems from a “buy” rating to a “sell” rating and cut their price target for the company from $261.00 to $200.00 in a research report on Thursday, January 23rd. Stephens reaffirmed an “overweight” rating and set a $280.00 price target on shares of Veeva Systems in a research report on Thursday, March 6th. Mizuho started coverage on shares of Veeva Systems in a research report on Wednesday, December 4th. They set an “outperform” rating and a $275.00 price target on the stock. Finally, Truist Financial upped their price target on shares of Veeva Systems from $210.00 to $217.00 and gave the company a “hold” rating in a research report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, Veeva Systems has a consensus rating of “Moderate Buy” and a consensus price target of $255.28.

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.