Forsta AP Fonden Increases Stake in Veeva Systems Inc. (NYSE:VEEV)

Forsta AP Fonden grew its position in Veeva Systems Inc. (NYSE:VEEV) by 0.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,100 shares of the technology company’s stock after acquiring an additional 300 shares during the period. Forsta AP Fonden’s holdings in Veeva Systems were worth $6,749,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in VEEV. Mackenzie Financial Corp increased its position in Veeva Systems by 15.5% during the 2nd quarter. Mackenzie Financial Corp now owns 9,970 shares of the technology company’s stock worth $1,825,000 after purchasing an additional 1,341 shares during the period. Northwestern Mutual Wealth Management Co. grew its holdings in Veeva Systems by 122.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 11,116 shares of the technology company’s stock worth $2,034,000 after acquiring an additional 6,114 shares during the period. Clearbridge Investments LLC raised its position in Veeva Systems by 0.4% in the second quarter. Clearbridge Investments LLC now owns 11,682 shares of the technology company’s stock worth $2,138,000 after acquiring an additional 52 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in Veeva Systems in the second quarter valued at $1,231,000. Finally, Centaurus Financial Inc. boosted its position in shares of Veeva Systems by 69.2% during the 2nd quarter. Centaurus Financial Inc. now owns 1,042 shares of the technology company’s stock worth $191,000 after purchasing an additional 426 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Stock Performance

Veeva Systems stock opened at $233.25 on Friday. The company has a market cap of $37.87 billion, a price-to-earnings ratio of 57.59, a PEG ratio of 2.04 and a beta of 0.84. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93. The firm has a 50 day moving average price of $223.22 and a 200 day moving average price of $212.20.

Insider Activity

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total transaction of $390,128.20. Following the transaction, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at $1,856,448.30. The trade was a 17.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Thomas D. Schwenger sold 1,126 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $240.01, for a total transaction of $270,251.26. Following the completion of the sale, the insider now directly owns 27,013 shares of the company’s stock, valued at $6,483,390.13. The trade was a 4.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 10.50% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on VEEV. Bank of America increased their price target on shares of Veeva Systems from $280.00 to $290.00 and gave the company a “neutral” rating in a report on Friday, December 6th. Morgan Stanley lifted their price target on shares of Veeva Systems from $183.00 to $195.00 and gave the company an “underweight” rating in a research report on Tuesday, December 17th. Stifel Nicolaus upped their price target on Veeva Systems from $240.00 to $272.00 and gave the stock a “buy” rating in a report on Friday, December 6th. The Goldman Sachs Group cut Veeva Systems from a “buy” rating to a “sell” rating and reduced their price objective for the stock from $261.00 to $200.00 in a report on Thursday, January 23rd. Finally, Piper Sandler upped their target price on Veeva Systems from $280.00 to $290.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $253.96.

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.