Archford Capital Strategies LLC Raises Stake in Veeva Systems Inc. (NYSE:VEEV)

Archford Capital Strategies LLC increased its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 8.1% during the fourth quarter, HoldingsChannel.com reports. The firm owned 5,410 shares of the technology company’s stock after buying an additional 404 shares during the period. Archford Capital Strategies LLC’s holdings in Veeva Systems were worth $1,137,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA increased its stake in Veeva Systems by 64.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock worth $744,084,000 after acquiring an additional 1,392,256 shares during the last quarter. State Street Corp grew its position in Veeva Systems by 1.5% during the 3rd quarter. State Street Corp now owns 3,293,141 shares of the technology company’s stock worth $691,132,000 after acquiring an additional 47,872 shares during the last quarter. FMR LLC grew its position in Veeva Systems by 25.7% during the 3rd quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock worth $625,674,000 after acquiring an additional 610,021 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Veeva Systems by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company’s stock worth $579,630,000 after buying an additional 149,807 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in 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 buying an additional 1,081,501 shares during the period. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Up 0.2 %

Shares of Veeva Systems stock opened at $223.37 on Friday. The stock’s 50-day simple moving average is $221.63 and its 200-day simple moving average is $210.89. Veeva Systems Inc. has a 52 week low of $170.25 and a 52 week high of $258.93. The company has a market capitalization of $36.26 billion, a price-to-earnings ratio of 55.15, a PEG ratio of 2.01 and a beta of 0.84.

Insider Activity

In related news, insider Thomas D. Schwenger sold 1,126 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the sale, the insider now directly owns 27,013 shares in the company, valued at approximately $6,483,390.13. The trade was a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Jonathan Faddis sold 1,694 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total value of $390,128.20. Following the completion of the sale, the senior vice president now owns 8,061 shares in the company, valued at $1,856,448.30. This represents a 17.37 % 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.

Analyst Ratings Changes

Several research firms have weighed in on VEEV. KeyCorp dropped their price objective on Veeva Systems from $285.00 to $255.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. The Goldman Sachs Group cut Veeva Systems from a “buy” rating to a “sell” rating and lowered their target price for the company from $261.00 to $200.00 in a research note on Thursday. Royal Bank of Canada raised their target price on Veeva Systems from $275.00 to $285.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Truist Financial reduced their price objective on Veeva Systems from $261.00 to $210.00 and set a “hold” rating for the company in a research report on Monday, January 13th. Finally, StockNews.com lowered Veeva Systems from a “buy” rating to a “hold” rating in a research report on Thursday. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $253.96.

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.