Massachusetts Financial Services Co. MA Boosts Stake in Veeva Systems Inc. (NYSE:VEEV)

Massachusetts Financial Services Co. MA raised its position in Veeva Systems Inc. (NYSE:VEEV) by 64.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,545,451 shares of the technology company’s stock after purchasing an additional 1,392,256 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Veeva Systems were worth $744,084,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of VEEV. Principal Financial Group Inc. boosted its position in shares of Veeva Systems by 138.9% in the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after buying an additional 1,267,061 shares during the period. Van ECK Associates Corp boosted its holdings in Veeva Systems by 3.7% in the 3rd quarter. Van ECK Associates Corp now owns 1,995,006 shares of the technology company’s stock worth $434,372,000 after acquiring an additional 71,525 shares during the period. Swedbank AB boosted its position in Veeva Systems by 4.9% in the 2nd quarter. Swedbank AB now owns 1,031,064 shares of the technology company’s stock valued at $188,695,000 after buying an additional 48,402 shares during the last quarter. Federated Hermes Inc. grew its stake in Veeva Systems by 4.4% during the 2nd quarter. Federated Hermes Inc. now owns 592,187 shares of the technology company’s stock valued at $108,376,000 after purchasing an additional 24,689 shares in the last quarter. Finally, Epoch Investment Partners Inc. increased its stake in shares of Veeva Systems by 20.7% in the first quarter. Epoch Investment Partners Inc. now owns 537,329 shares of the technology company’s stock worth $124,494,000 after buying an additional 92,282 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on VEEV shares. BNP Paribas assumed coverage on Veeva Systems in a research note on Tuesday, October 8th. They set an “outperform” rating and a $286.00 price objective on the stock. Citigroup increased their target price on shares of Veeva Systems from $256.00 to $273.00 and gave the stock a “buy” rating in a report on Tuesday, August 27th. TD Cowen boosted their price objective on shares of Veeva Systems from $180.00 to $192.00 and gave the company a “hold” rating in a research report on Thursday, August 29th. Barclays raised their target price on shares of Veeva Systems from $240.00 to $260.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Finally, Truist Financial upped their target price on Veeva Systems from $197.00 to $207.00 and gave the company a “hold” rating in a report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, Veeva Systems presently has a consensus rating of “Moderate Buy” and an average price target of $236.92.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction on Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the completion of the sale, the insider now owns 27,013 shares of the company’s stock, valued at $6,483,390.13. This trade represents a 4.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 10.50% of the company’s stock.

Veeva Systems Stock Performance

Shares of NYSE:VEEV opened at $214.22 on Friday. Veeva Systems Inc. has a 52 week low of $165.12 and a 52 week high of $240.68. The company has a market cap of $34.69 billion, a PE ratio of 57.13, a price-to-earnings-growth ratio of 2.03 and a beta of 0.81. The firm has a 50 day simple moving average of $214.57 and a 200 day simple moving average of $201.09.

Veeva Systems (NYSE:VEEV) last issued its earnings results on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, topping the consensus estimate of $1.04 by $0.03. The business had revenue of $676.18 million during the quarter, compared to analysts’ expectations of $667.21 million. Veeva Systems had a return on equity of 13.30% and a net margin of 23.91%. On average, equities analysts predict that Veeva Systems Inc. will post 4.21 earnings per share for the current year.

Veeva Systems 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.