13,666 Shares in Veeva Systems Inc. (NYSE:VEEV) Bought by Point72 Hong Kong Ltd

Point72 Hong Kong Ltd acquired a new position in Veeva Systems Inc. (NYSE:VEEV) during the third quarter, Holdings Channel.com reports. The firm acquired 13,666 shares of the technology company’s stock, valued at approximately $2,868,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. True Wealth Design LLC lifted its stake in shares of Veeva Systems by 3,375.0% in the third quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock worth $29,000 after acquiring an additional 135 shares in the last quarter. Edgestream Partners L.P. acquired a new position in shares of Veeva Systems in the 3rd quarter valued at approximately $477,000. PFM Health Sciences LP purchased a new position in shares of Veeva Systems during the 3rd quarter valued at approximately $4,042,000. Caisse DE Depot ET Placement DU Quebec grew its position in shares of Veeva Systems by 761.7% during the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 297,771 shares of the technology company’s stock worth $62,493,000 after buying an additional 263,214 shares in the last quarter. Finally, Circle Wealth Management LLC increased its stake in shares of Veeva Systems by 131.5% in the third quarter. Circle Wealth Management LLC now owns 7,613 shares of the technology company’s stock worth $1,598,000 after buying an additional 4,325 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Stock Performance

Shares of VEEV stock opened at $227.85 on Monday. Veeva Systems Inc. has a 1 year low of $165.12 and a 1 year high of $240.68. The firm has a market capitalization of $36.90 billion, a PE ratio of 60.76, a price-to-earnings-growth ratio of 2.21 and a beta of 0.81. The stock has a fifty day moving average of $215.71 and a two-hundred day moving average of $201.92.

Analyst Ratings Changes

A number of research firms have commented on VEEV. Raymond James increased their price objective on shares of Veeva Systems from $230.00 to $235.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. BNP Paribas began coverage on Veeva Systems in a research note on Tuesday, October 8th. They issued an “outperform” rating and a $286.00 price target for the company. TD Cowen increased their target price on Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a report on Thursday, August 29th. UBS Group boosted their price target on Veeva Systems from $185.00 to $215.00 and gave the company a “neutral” rating in a report on Monday, August 26th. Finally, JPMorgan Chase & Co. upped their price target on Veeva Systems from $203.00 to $208.00 and gave the company a “neutral” rating in a research report on Monday, September 9th. One research analyst has 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. Based on data from MarketBeat, Veeva Systems has a consensus rating of “Moderate Buy” and a consensus target price of $236.92.

Insider Activity at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,126 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now owns 27,013 shares in the company, valued at $6,483,390.13. This trade represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 10.50% of the company’s stock.

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.