Los Angeles Capital Management LLC Buys 2,474 Shares of Veeva Systems Inc. (NYSE:VEEV)

Los Angeles Capital Management LLC lifted its stake in Veeva Systems Inc. (NYSE:VEEV) by 60.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 6,552 shares of the technology company’s stock after buying an additional 2,474 shares during the period. Los Angeles Capital Management LLC’s holdings in Veeva Systems were worth $1,378,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in VEEV. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Veeva Systems by 15.2% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 14,240 shares of the technology company’s stock valued at $2,989,000 after buying an additional 1,877 shares during the period. J.W. Cole Advisors Inc. lifted its stake in shares of Veeva Systems by 55.8% in the third quarter. J.W. Cole Advisors Inc. now owns 1,882 shares of the technology company’s stock valued at $395,000 after buying an additional 674 shares during the period. abrdn plc lifted its stake in shares of Veeva Systems by 86.1% in the third quarter. abrdn plc now owns 30,060 shares of the technology company’s stock valued at $6,309,000 after buying an additional 13,910 shares during the period. First Trust Direct Indexing L.P. lifted its stake in shares of Veeva Systems by 63.5% in the third quarter. First Trust Direct Indexing L.P. now owns 2,424 shares of the technology company’s stock valued at $509,000 after buying an additional 941 shares during the period. Finally, US Bancorp DE lifted its stake in shares of Veeva Systems by 25.5% in the third quarter. US Bancorp DE now owns 112,156 shares of the technology company’s stock valued at $23,538,000 after buying an additional 22,755 shares during the period. Institutional investors own 88.20% of the company’s stock.

Wall Street Analysts Forecast Growth

VEEV has been the subject of a number of analyst reports. Evercore ISI raised their price target on shares of Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a research note on Friday, December 6th. Wells Fargo & Company raised their price target on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Canaccord Genuity Group raised their price target on shares of Veeva Systems from $210.00 to $270.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. Morgan Stanley raised their price target on shares of Veeva Systems from $183.00 to $195.00 and gave the stock an “underweight” rating in a research note on Tuesday, December 17th. Finally, Citigroup raised their price target on shares of Veeva Systems from $281.00 to $307.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Veeva Systems has an average rating of “Moderate Buy” and an average target price of $255.08.

Insider Activity at Veeva Systems

In related news, SVP Jonathan Faddis sold 1,694 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The shares were 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 of the company’s stock, valued at $1,856,448.30. This trade represents a 17.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 10.50% of the stock is currently owned by company insiders.

Veeva Systems Price Performance

Shares of Veeva Systems stock opened at $224.33 on Friday. The firm has a market cap of $36.42 billion, a P/E ratio of 55.39, a P/E/G ratio of 1.89 and a beta of 0.85. The firm has a 50 day simple moving average of $223.85 and a 200 day simple moving average of $218.75. Veeva Systems Inc. has a fifty-two week low of $170.25 and a fifty-two week high of $258.93.

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.