Teachers Retirement System of The State of Kentucky Takes $5.63 Million Position in Veeva Systems Inc. (NYSE:VEEV)

Teachers Retirement System of The State of Kentucky acquired a new position in shares of Veeva Systems Inc. (NYSE:VEEV) in the third quarter, Holdings Channel reports. The fund acquired 26,820 shares of the technology company’s stock, valued at approximately $5,629,000.

Several other hedge funds also recently made changes to their positions in VEEV. Wealth Enhancement Advisory Services LLC grew its holdings in Veeva Systems by 30.4% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 12,363 shares of the technology company’s stock valued at $2,263,000 after purchasing an additional 2,884 shares in the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Veeva Systems by 44.9% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 29,782 shares of the technology company’s stock valued at $5,450,000 after purchasing an additional 9,232 shares during the period. Triad Wealth Partners LLC bought a new stake in shares of Veeva Systems during the 2nd quarter worth about $115,000. Blue Trust Inc. raised its holdings in Veeva Systems by 3,460.0% during the second quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock worth $33,000 after purchasing an additional 173 shares in the last quarter. Finally, Rovin Capital UT ADV raised its stake in shares of Veeva Systems by 29.0% in the 2nd quarter. Rovin Capital UT ADV now owns 3,669 shares of the technology company’s stock worth $671,000 after buying an additional 825 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on VEEV. Needham & Company LLC increased their price objective on Veeva Systems from $260.00 to $270.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Raymond James raised their price objective on shares of Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a research report on Thursday, August 29th. Scotiabank boosted their target price on Veeva Systems from $235.00 to $240.00 and gave the stock a “sector perform” rating in a report on Friday, December 6th. TD Cowen raised their target price on Veeva Systems from $180.00 to $192.00 and gave the company a “hold” rating in a report on Thursday, August 29th. Finally, StockNews.com upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Veeva Systems presently has an average rating of “Moderate Buy” and a consensus price target of $255.35.

Insider Transactions at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of the firm’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total value of $390,128.20. Following the completion of the transaction, the senior vice president now owns 8,061 shares of the company’s stock, 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 the SEC website. Also, insider Thomas D. Schwenger sold 1,126 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the sale, the insider now directly owns 27,013 shares in the company, valued at $6,483,390.13. This represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 10.50% of the company’s stock.

Veeva Systems Stock Performance

NYSE VEEV opened at $232.48 on Friday. The company has a market capitalization of $37.65 billion, a PE ratio of 57.40, a price-to-earnings-growth ratio of 2.07 and a beta of 0.82. The business’s fifty day moving average is $220.31 and its 200 day moving average is $203.63. Veeva Systems Inc. has a fifty-two week low of $170.25 and a fifty-two 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.