Wells Fargo & Company MN Boosts Holdings in Veeva Systems Inc. (NYSE:VEEV)

Wells Fargo & Company MN increased its holdings in Veeva Systems Inc. (NYSE:VEEV) by 0.7% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 257,421 shares of the technology company’s stock after acquiring an additional 1,817 shares during the quarter. Wells Fargo & Company MN’s holdings in Veeva Systems were worth $54,123,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in VEEV. JPMorgan Chase & Co. increased its position in Veeva Systems by 17.5% in the fourth quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company’s stock worth $631,935,000 after purchasing an additional 447,041 shares during the last quarter. Principal Financial Group Inc. increased its position in Veeva Systems by 36.0% during the fourth quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company’s stock valued at $623,186,000 after acquiring an additional 784,741 shares during the last quarter. Geode Capital Management LLC increased its stake in Veeva Systems by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 2,803,344 shares of the technology company’s stock worth $589,208,000 after buying an additional 38,108 shares during the period. Van ECK Associates Corp raised its stake in shares of Veeva Systems by 6.8% during the fourth quarter. Van ECK Associates Corp now owns 2,130,498 shares of the technology company’s stock valued at $447,937,000 after acquiring an additional 135,492 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in Veeva Systems by 14.9% during the 4th quarter. Franklin Resources Inc. now owns 1,745,705 shares of the technology company’s stock valued at $367,034,000 after purchasing an additional 226,167 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Analysts Set New Price Targets

VEEV has been the subject of several recent research reports. Robert W. Baird boosted their price target on shares of Veeva Systems from $283.00 to $285.00 and gave the company an “outperform” rating in a report on Thursday, March 6th. Scotiabank upped their price target on shares of Veeva Systems from $240.00 to $245.00 and gave the company a “sector perform” rating in a research note on Thursday, March 6th. Needham & Company LLC restated a “buy” rating and set a $270.00 price target on shares of Veeva Systems in a research note on Thursday, March 6th. The Goldman Sachs Group downgraded shares of 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 report on Thursday, January 23rd. Finally, Morgan Stanley upped their price objective on shares of Veeva Systems from $195.00 to $201.00 and gave the company an “underweight” rating in a report on Thursday, March 6th. Two investment 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’s stock. According to MarketBeat.com, Veeva Systems presently has an average rating of “Moderate Buy” and an average price target of $256.52.

Insider Activity at Veeva Systems

In related news, SVP Jonathan Faddis sold 787 shares of Veeva Systems stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total value of $178,019.40. Following the transaction, the senior vice president now owns 8,668 shares of the company’s stock, valued at approximately $1,960,701.60. This trade represents a 8.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Timothy S. Cabral sold 3,882 shares of Veeva Systems stock in a transaction dated Friday, April 4th. The stock was sold at an average price of $216.83, for a total value of $841,734.06. Following the completion of the transaction, the director now directly owns 5,500 shares in the company, valued at $1,192,565. This represents a 41.38 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 10.50% of the company’s stock.

Veeva Systems Stock Performance

VEEV stock opened at $216.33 on Thursday. The stock has a market capitalization of $35.20 billion, a price-to-earnings ratio of 53.41, a PEG ratio of 1.89 and a beta of 1.05. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93. The stock’s fifty day moving average is $229.83 and its two-hundred day moving average is $222.97.

Veeva Systems Company 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.