First Citizens Bank & Trust Co. Buys New Shares in Veeva Systems Inc. (NYSE:VEEV)

First Citizens Bank & Trust Co. purchased a new position in shares of Veeva Systems Inc. (NYSE:VEEV) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 997 shares of the technology company’s stock, valued at approximately $210,000.

Other hedge funds have also bought and sold shares of the company. MassMutual Private Wealth & Trust FSB raised its position in shares of 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 purchasing an additional 50 shares during the period. Mowery & Schoenfeld Wealth Management LLC bought a new position in Veeva Systems in the 3rd quarter valued at about $26,000. True Wealth Design LLC lifted its position in 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 acquiring an additional 135 shares during the last quarter. Retirement Wealth Solutions LLC bought a new stake in shares of Veeva Systems during the fourth quarter worth approximately $31,000. Finally, Harvest Fund Management Co. Ltd acquired a new position in shares of Veeva Systems in the third quarter valued at approximately $49,000. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Veeva Systems Trading Up 2.8 %

VEEV opened at $232.18 on Wednesday. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93. The company has a market cap of $37.69 billion, a price-to-earnings ratio of 57.33, a price-to-earnings-growth ratio of 2.01 and a beta of 0.84. The stock has a fifty day simple moving average of $221.87 and a two-hundred day simple moving average of $211.57.

Insiders Place Their Bets

In related news, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction dated 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 directly 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jonathan Faddis sold 1,694 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total transaction of $390,128.20. Following the sale, the senior vice president now directly owns 8,061 shares in the company, valued at approximately $1,856,448.30. The trade was a 17.37 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 10.50% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on VEEV shares. Mizuho began coverage on shares of Veeva Systems in a research report on Wednesday, December 4th. They set an “outperform” rating and a $275.00 target price on the stock. Canaccord Genuity Group increased their price target on Veeva Systems from $210.00 to $270.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. Royal Bank of Canada lifted their price objective on Veeva Systems from $275.00 to $285.00 and gave the company an “outperform” rating in a report on Friday, December 6th. The Goldman Sachs Group lowered Veeva Systems from a “buy” rating to a “sell” rating and reduced their target price for the stock from $261.00 to $200.00 in a report on Thursday, January 23rd. Finally, Truist Financial cut their price objective on shares of Veeva Systems from $261.00 to $210.00 and set a “hold” rating for the company in a research report on Monday, January 13th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $253.96.

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.