Principal Financial Group Inc. Boosts Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Principal Financial Group Inc. lifted its holdings in Veeva Systems Inc. (NYSE:VEEV) by 36.0% in the fourth quarter, HoldingsChannel reports. The firm owned 2,964,025 shares of the technology company’s stock after purchasing an additional 784,741 shares during the quarter. Principal Financial Group Inc.’s holdings in Veeva Systems were worth $623,186,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Massachusetts Financial Services Co. MA grew its holdings in shares of Veeva Systems by 64.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock valued at $744,084,000 after purchasing an additional 1,392,256 shares in the last quarter. State Street Corp grew its holdings in shares of Veeva Systems by 1.5% in the third quarter. State Street Corp now owns 3,293,141 shares of the technology company’s stock valued at $691,132,000 after purchasing an additional 47,872 shares in the last quarter. FMR LLC grew its holdings in shares of Veeva Systems by 25.7% in the third quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock valued at $625,674,000 after purchasing an additional 610,021 shares in the last quarter. Geode Capital Management LLC boosted its stake in Veeva Systems by 5.7% during the third quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company’s stock worth $579,630,000 after buying an additional 149,807 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in Veeva Systems by 73.2% during the third quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock worth $536,972,000 after buying an additional 1,081,501 shares during the period. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 1,694 shares of the business’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total transaction of $390,128.20. Following the sale, the senior vice president now owns 8,061 shares in the company, valued at approximately $1,856,448.30. The trade was a 17.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 10.50% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

VEEV has been the subject of several recent analyst reports. Wells Fargo & Company lifted their price objective 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. Mizuho initiated coverage on shares of Veeva Systems in a research note on Wednesday, December 4th. They set an “outperform” rating and a $275.00 price objective for the company. StockNews.com lowered shares of Veeva Systems from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Royal Bank of Canada lifted their price objective on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Finally, Canaccord Genuity Group lifted their price objective 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. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $253.96.

Veeva Systems Stock Performance

Shares of Veeva Systems stock opened at $234.09 on Monday. The company has a market capitalization of $38.00 billion, a PE ratio of 57.80, a P/E/G ratio of 1.97 and a beta of 0.85. The company has a 50-day simple moving average of $224.48 and a two-hundred day simple moving average of $216.12. Veeva Systems Inc. has a one year low of $170.25 and a one year high of $258.93.

Veeva Systems 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.