Orion Portfolio Solutions LLC Buys 527 Shares of Veeva Systems Inc. (NYSE:VEEV)

Orion Portfolio Solutions LLC lifted its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 6.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,195 shares of the technology company’s stock after acquiring an additional 527 shares during the quarter. Orion Portfolio Solutions LLC’s holdings in Veeva Systems were worth $1,720,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in VEEV. Massachusetts Financial Services Co. MA grew its stake in shares of Veeva Systems by 64.7% during the 3rd 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 period. Principal Financial Group Inc. boosted its stake in Veeva Systems by 138.9% in the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after purchasing an additional 1,267,061 shares during the period. FMR LLC boosted its stake in Veeva Systems by 25.7% in the 3rd 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 period. Caisse DE Depot ET Placement DU Quebec boosted its stake in Veeva Systems by 761.7% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 297,771 shares of the technology company’s stock worth $62,493,000 after purchasing an additional 263,214 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in Veeva Systems in the 3rd quarter worth approximately $50,584,000. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Stock Performance

Shares of NYSE VEEV opened at $232.48 on Friday. Veeva Systems Inc. has a fifty-two week low of $170.25 and a fifty-two week high of $258.93. The company has a market cap of $37.65 billion, a PE ratio of 57.40, a P/E/G ratio of 2.07 and a beta of 0.82. The business has a 50-day simple moving average of $220.31 and a two-hundred day simple moving average of $203.63.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Guggenheim increased their target price on Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Mizuho initiated coverage on Veeva Systems in a report on Wednesday, December 4th. They set an “outperform” rating and a $275.00 price target on the stock. BNP Paribas initiated coverage on Veeva Systems in a research note on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 target price on the stock. Scotiabank increased their price target on Veeva Systems from $235.00 to $240.00 and gave the stock a “sector perform” rating in a research report on Friday, December 6th. Finally, Royal Bank of Canada increased their price target on Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $255.35.

Insider Transactions at Veeva Systems

In related news, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total transaction of $390,128.20. Following the completion of the transaction, the senior vice president now directly owns 8,061 shares in the company, valued at approximately $1,856,448.30. This trade represents a 17.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $240.01, for a total value of $270,251.26. Following the transaction, the insider now owns 27,013 shares of the company’s stock, valued at approximately $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 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.