Russell Investments Group Ltd. Acquires 48,915 Shares of Veeva Systems Inc. (NYSE:VEEV)

Russell Investments Group Ltd. boosted its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 32.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 201,252 shares of the technology company’s stock after purchasing an additional 48,915 shares during the period. Russell Investments Group Ltd. owned about 0.12% of Veeva Systems worth $42,358,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Veeva Systems during the 4th quarter worth approximately $294,785,000. Principal Financial Group Inc. boosted its stake in shares of 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 valued at $457,366,000 after purchasing an additional 1,267,061 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Veeva Systems by 73.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock worth $536,972,000 after purchasing an additional 1,081,501 shares during the last quarter. Wealthfront Advisers LLC increased its position in shares of Veeva Systems by 29,760.5% during the 4th quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company’s stock worth $220,489,000 after purchasing an additional 1,045,188 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Veeva Systems during the 4th quarter valued at about $95,710,000. 88.20% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Veeva Systems

In related news, SVP Jonathan Faddis sold 787 shares of the company’s stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total value of $178,019.40. Following the completion of the sale, the senior vice president now owns 8,668 shares in the company, valued at $1,960,701.60. This represents a 8.32 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 10.50% of the company’s stock.

Veeva Systems Price Performance

Veeva Systems stock opened at $214.71 on Tuesday. Veeva Systems Inc. has a fifty-two week low of $170.25 and a fifty-two week high of $258.93. The firm has a market capitalization of $34.93 billion, a price-to-earnings ratio of 53.01, a PEG ratio of 1.89 and a beta of 1.05. The company’s 50 day simple moving average is $231.52 and its 200 day simple moving average is $223.12.

Analysts Set New Price Targets

VEEV has been the topic of several research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and set a $270.00 price objective on shares of Veeva Systems in a research note on Thursday, March 6th. Truist Financial raised their price target on Veeva Systems from $210.00 to $217.00 and gave the company a “hold” rating in a report on Thursday, March 6th. Scotiabank lifted their price objective on Veeva Systems from $240.00 to $245.00 and gave the company a “sector perform” rating in a research report on Thursday, March 6th. Stephens restated an “overweight” rating and set a $280.00 target price on shares of Veeva Systems in a report on Thursday, March 6th. Finally, StockNews.com raised Veeva Systems from a “hold” rating to a “buy” rating in a report on Monday, February 17th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Veeva Systems has a consensus rating of “Moderate Buy” and a consensus price target of $256.52.

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.