Kestra Investment Management LLC Acquires New Shares in Veeva Systems Inc. (NYSE:VEEV)

Kestra Investment Management LLC acquired a new stake in shares of Veeva Systems Inc. (NYSE:VEEV) during the third quarter, according to its most recent filing with the SEC. The fund acquired 2,312 shares of the technology company’s stock, valued at approximately $485,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Point72 Hong Kong Ltd bought a new stake in shares of Veeva Systems during the 3rd quarter valued at $2,868,000. True Wealth Design LLC raised its stake in shares of Veeva Systems by 3,375.0% during 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 during the period. Edgestream Partners L.P. bought a new stake in shares of Veeva Systems during the 3rd quarter valued at $477,000. PFM Health Sciences LP bought a new stake in shares of Veeva Systems during the 3rd quarter valued at $4,042,000. Finally, Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Veeva Systems by 761.7% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 297,771 shares of the technology company’s stock valued at $62,493,000 after purchasing an additional 263,214 shares during the period. 88.20% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

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

Veeva Systems Price Performance

Shares of VEEV stock opened at $227.85 on Monday. The stock has a market capitalization of $36.90 billion, a PE ratio of 60.76, a P/E/G ratio of 2.21 and a beta of 0.81. Veeva Systems Inc. has a 1-year low of $165.12 and a 1-year high of $240.68. The business has a 50-day moving average of $215.71 and a 200 day moving average of $201.92.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Guggenheim boosted their price objective on Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a research note on Tuesday, October 1st. JPMorgan Chase & Co. upped their target price on Veeva Systems from $203.00 to $208.00 and gave the stock a “neutral” rating in a research note on Monday, September 9th. Piper Sandler upped their target price on Veeva Systems from $230.00 to $280.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Needham & Company LLC restated a “buy” rating and issued a $260.00 target price on shares of Veeva Systems in a research note on Friday, November 8th. Finally, StockNews.com upgraded Veeva Systems from a “hold” rating to a “buy” rating in a research note on Saturday, November 9th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $236.92.

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.