1,402,070 Shares in Veeva Systems Inc. (NYSE:VEEV) Acquired by Norges Bank

Norges Bank acquired a new stake in Veeva Systems Inc. (NYSE:VEEV) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 1,402,070 shares of the technology company’s stock, valued at approximately $294,785,000. Norges Bank owned about 0.86% of Veeva Systems as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB lifted its holdings in Veeva Systems by 72.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock valued at $25,000 after buying an additional 50 shares during the period. Centricity Wealth Management LLC acquired a new position in shares of Veeva Systems in the 4th quarter valued at $25,000. Smithfield Trust Co boosted its position in shares of Veeva Systems by 145.5% in the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock worth $27,000 after purchasing an additional 80 shares during the last quarter. True Wealth Design LLC grew its stake in shares of Veeva Systems by 3,375.0% during the third quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock worth $29,000 after purchasing an additional 135 shares during the period. Finally, Avion Wealth increased its holdings in Veeva Systems by 635.0% in the fourth quarter. Avion Wealth now owns 147 shares of the technology company’s stock valued at $30,000 after purchasing an additional 127 shares during the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.

Veeva Systems Stock Down 1.4 %

VEEV stock opened at $234.10 on Friday. Veeva Systems Inc. has a twelve month low of $170.25 and a twelve month high of $258.93. The company has a market cap of $38.01 billion, a price-to-earnings ratio of 57.80, a P/E/G ratio of 1.89 and a beta of 0.88. The business has a 50 day moving average price of $231.62 and a two-hundred day moving average price of $222.87.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Royal Bank of Canada boosted their target price on Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Truist Financial boosted their price objective on shares of Veeva Systems from $210.00 to $217.00 and gave the company a “hold” rating in a report on Thursday, March 6th. The Goldman Sachs Group lowered shares of Veeva Systems from a “buy” rating to a “sell” rating and cut their target price for the stock from $261.00 to $200.00 in a report on Thursday, January 23rd. Needham & Company LLC reissued a “buy” rating and issued a $270.00 price target on shares of Veeva Systems in a report on Thursday, March 6th. Finally, Mizuho began coverage on Veeva Systems in a research note on Wednesday, December 4th. They set an “outperform” rating and a $275.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $256.52.

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.