Assetmark Inc. Acquires 37,251 Shares of Veeva Systems Inc. (NYSE:VEEV)

Assetmark Inc. raised its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 77.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 85,456 shares of the technology company’s stock after acquiring an additional 37,251 shares during the period. Assetmark Inc.’s holdings in Veeva Systems were worth $17,967,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of VEEV. Massachusetts Financial Services Co. MA grew its position in Veeva Systems by 64.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock valued at $744,084,000 after acquiring an additional 1,392,256 shares during the last quarter. Principal Financial Group Inc. grew its position in Veeva Systems by 138.9% during the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock valued at $457,366,000 after acquiring an additional 1,267,061 shares during the last quarter. JPMorgan Chase & Co. grew its position in Veeva Systems by 73.2% during the third quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock valued at $536,972,000 after acquiring an additional 1,081,501 shares during the last quarter. FMR LLC grew its position in Veeva Systems by 25.7% during the third quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock valued at $625,674,000 after acquiring an additional 610,021 shares during the last quarter. Finally, Seilern Investment Management Ltd bought a new position in Veeva Systems during the fourth quarter valued at approximately $94,957,000. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Price Performance

Shares of NYSE:VEEV opened at $236.47 on Friday. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93. The business has a fifty day moving average price of $224.25 and a 200-day moving average price of $219.66. The company has a market capitalization of $38.39 billion, a PE ratio of 58.39, a PEG ratio of 1.89 and a beta of 0.85.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on VEEV shares. Needham & Company LLC reissued a “buy” rating and set a $270.00 price objective on shares of Veeva Systems in a research note on Thursday. Robert W. Baird increased their price objective on Veeva Systems from $283.00 to $285.00 and gave the company an “outperform” rating in a research note on Thursday. Barclays increased their price objective on Veeva Systems from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Wells Fargo & Company increased their price objective on Veeva Systems from $275.00 to $285.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, The Goldman Sachs Group lowered Veeva Systems from a “buy” rating to a “sell” rating and dropped their price objective for the company from $261.00 to $200.00 in a research note on Thursday, January 23rd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen 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 an average price target of $255.28.

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.