Renaissance Technologies LLC increased its holdings in Veeva Systems Inc (NYSE:VEEV) by 80.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 635,200 shares of the technology company’s stock after buying an additional 283,688 shares during the period. Renaissance Technologies LLC owned about 0.45% of Veeva Systems worth $35,114,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also modified their holdings of the stock. Cerebellum GP LLC acquired a new position in shares of Veeva Systems during the fourth quarter worth $129,000. American International Group Inc. acquired a new position in shares of Veeva Systems during the fourth quarter worth $142,000. Northwestern Mutual Wealth Management Co. increased its position in shares of Veeva Systems by 154.3% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,176 shares of the technology company’s stock worth $176,000 after purchasing an additional 1,927 shares in the last quarter. Van Hulzen Asset Management LLC acquired a new position in shares of Veeva Systems during the third quarter worth $204,000. Finally, HL Financial Services LLC acquired a new position in shares of Veeva Systems during the fourth quarter worth $210,000. 73.13% of the stock is owned by institutional investors.
A number of brokerages have recently issued reports on VEEV. Canaccord Genuity upped their price target on Veeva Systems from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Stifel Nicolaus boosted their price objective on shares of Veeva Systems from $67.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, February 28th. Morgan Stanley boosted their price objective on shares of Veeva Systems from $72.00 to $76.00 and gave the company an “overweight” rating in a report on Thursday, March 1st. DA Davidson started coverage on shares of Veeva Systems in a report on Friday, February 2nd. They set a “buy” rating and a $75.00 price objective on the stock. Finally, Vetr raised shares of Veeva Systems from a “buy” rating to a “strong-buy” rating and set a $61.05 price objective on the stock in a report on Thursday, February 8th. Four investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $71.47.
In other Veeva Systems news, insider Eleni Nitsa Zuppas sold 49,793 shares of the company’s stock in a transaction dated Wednesday, March 7th. The shares were sold at an average price of $77.28, for a total value of $3,848,003.04. Following the completion of the transaction, the insider now owns 12,398 shares in the company, valued at $958,117.44. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Timothy S. Cabral sold 40,000 shares of the company’s stock in a transaction dated Wednesday, March 7th. The stock was sold at an average price of $77.01, for a total transaction of $3,080,400.00. Following the completion of the transaction, the chief financial officer now owns 30,000 shares of the company’s stock, valued at approximately $2,310,300. The disclosure for this sale can be found here. In the last quarter, insiders sold 241,723 shares of company stock valued at $16,692,453. Insiders own 19.17% of the company’s stock.
Shares of Veeva Systems stock opened at $76.39 on Monday. Veeva Systems Inc has a 1-year low of $47.58 and a 1-year high of $78.28. The company has a market cap of $10,797.19, a price-to-earnings ratio of 82.14, a price-to-earnings-growth ratio of 4.59 and a beta of 1.46.
Veeva Systems Company Profile
Veeva Systems Inc (Veeva) is a provider of cloud-based software solutions for the global life sciences industry. The Company offers solutions for a range of requirements within life sciences companies, including multichannel customer relationship management, regulated content and information management, master data management and customer data.
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