Empower Advisory Group LLC Takes $47.72 Million Position in Veeva Systems Inc. (NYSE:VEEV)

Empower Advisory Group LLC acquired a new position in shares of Veeva Systems Inc. (NYSE:VEEV) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 226,988 shares of the technology company’s stock, valued at approximately $47,724,000. Empower Advisory Group LLC owned about 0.14% of Veeva Systems at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Veeva Systems by 72.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock worth $25,000 after acquiring an additional 50 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC acquired a new position in Veeva Systems in the 3rd quarter valued at about $26,000. True Wealth Design LLC lifted its holdings in Veeva Systems by 3,375.0% in the 3rd quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock valued at $29,000 after purchasing an additional 135 shares in the last quarter. Retirement Wealth Solutions LLC purchased a new position in Veeva Systems in the 4th quarter valued at about $31,000. Finally, Avion Wealth boosted its stake in shares of Veeva Systems by 635.0% during the 4th quarter. Avion Wealth now owns 147 shares of the technology company’s stock worth $30,000 after purchasing an additional 127 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Insider Activity

In other news, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total transaction of $390,128.20. Following the sale, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at approximately $1,856,448.30. The trade was 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. Insiders own 10.50% of the company’s stock.

Veeva Systems Stock Performance

Shares of NYSE:VEEV opened at $234.09 on Tuesday. The business’s 50-day simple moving average is $224.48 and its 200 day simple moving average is $216.29. The company has a market cap of $38.00 billion, a P/E ratio of 57.80, a PEG ratio of 1.97 and a beta of 0.85. Veeva Systems Inc. has a one year low of $170.25 and a one year high of $258.93.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Citigroup boosted their price objective on shares of Veeva Systems from $281.00 to $307.00 and gave the company a “buy” rating in a research report on Monday, December 9th. JPMorgan Chase & Co. boosted their price target on Veeva Systems from $208.00 to $218.00 and gave the company a “neutral” rating in a report on Monday, December 16th. Robert W. Baird raised their price objective on Veeva Systems from $275.00 to $283.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Canaccord Genuity Group upped their target price on Veeva Systems from $210.00 to $270.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Finally, Barclays increased their target price on Veeva Systems from $260.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Two investment analysts have 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 data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $253.96.

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.