SageView Advisory Group LLC Acquires New Position in Veeva Systems Inc. (NYSE:VEEV)

SageView Advisory Group LLC bought a new position in Veeva Systems Inc. (NYSE:VEEV) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 1,517 shares of the technology company’s stock, valued at approximately $320,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank purchased a new stake in shares of Veeva Systems in the 4th quarter valued at $305,543,000. Linonia Partnership LP purchased a new stake in Veeva Systems during the fourth quarter valued at about $157,043,000. Invesco Ltd. grew its stake in shares of Veeva Systems by 239.7% during the third quarter. Invesco Ltd. now owns 956,355 shares of the technology company’s stock valued at $194,570,000 after buying an additional 674,785 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Veeva Systems by 22.6% in the fourth quarter. Van ECK Associates Corp now owns 1,775,065 shares of the technology company’s stock worth $341,736,000 after buying an additional 327,662 shares during the period. Finally, Wellington Management Group LLP lifted its stake in shares of Veeva Systems by 9.6% in the 3rd quarter. Wellington Management Group LLP now owns 3,315,304 shares of the technology company’s stock valued at $674,499,000 after acquiring an additional 289,133 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Analyst Ratings Changes

VEEV has been the topic of a number of analyst reports. The Goldman Sachs Group lifted their price target on Veeva Systems from $219.00 to $248.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. Truist Financial lowered their price target on shares of Veeva Systems from $203.00 to $197.00 and set a “hold” rating for the company in a report on Friday, June 14th. Citigroup cut their price target on shares of Veeva Systems from $274.00 to $256.00 and set a “buy” rating on the stock in a report on Monday, June 3rd. Canaccord Genuity Group lowered their price objective on shares of Veeva Systems from $220.00 to $210.00 and set a “hold” rating for the company in a research note on Friday, May 31st. Finally, JPMorgan Chase & Co. raised their target price on Veeva Systems from $183.00 to $222.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 13th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Veeva Systems presently has an average rating of “Moderate Buy” and a consensus target price of $227.95.

Insider Activity

In related news, SVP Jonathan Faddis sold 3,598 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $207.42, for a total transaction of $746,297.16. Following the sale, the senior vice president now directly owns 10,668 shares of the company’s stock, valued at approximately $2,212,756.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Veeva Systems news, EVP Alan Mateo sold 3,391 shares of the business’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $200.86, for a total value of $681,116.26. Following the completion of the transaction, the executive vice president now owns 21,983 shares of the company’s stock, valued at approximately $4,415,505.38. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Jonathan Faddis sold 3,598 shares of the firm’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $207.42, for a total transaction of $746,297.16. Following the sale, the senior vice president now directly owns 10,668 shares in the company, valued at approximately $2,212,756.56. The disclosure for this sale can be found here. Insiders sold 21,989 shares of company stock worth $4,192,363 over the last three months. 10.50% of the stock is currently owned by corporate insiders.

Veeva Systems Trading Down 0.6 %

Shares of NYSE:VEEV opened at $178.74 on Thursday. The stock has a fifty day simple moving average of $197.15 and a two-hundred day simple moving average of $204.64. Veeva Systems Inc. has a 12-month low of $162.72 and a 12-month high of $236.90. The stock has a market capitalization of $28.89 billion, a price-to-earnings ratio of 52.73, a PEG ratio of 1.76 and a beta of 0.80.

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.