Everence Capital Management Inc. Invests $816,000 in Veeva Systems Inc. (NYSE:VEEV)

Everence Capital Management Inc. acquired a new stake in shares of Veeva Systems Inc. (NYSE:VEEV) in the 4th quarter, HoldingsChannel reports. The institutional investor acquired 3,880 shares of the technology company’s stock, valued at approximately $816,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of VEEV. CIBC Asset Management Inc grew its position in shares of Veeva Systems by 14.9% during the 2nd quarter. CIBC Asset Management Inc now owns 5,347 shares of the technology company’s stock valued at $979,000 after purchasing an additional 695 shares in the last quarter. Foundations Investment Advisors LLC raised its position in shares of Veeva Systems by 5.9% in the second quarter. Foundations Investment Advisors LLC now owns 2,503 shares of the technology company’s stock worth $458,000 after buying an additional 140 shares in the last quarter. Larson Financial Group LLC boosted its stake in Veeva Systems by 477.3% during the second quarter. Larson Financial Group LLC now owns 941 shares of the technology company’s stock valued at $172,000 after buying an additional 778 shares during the period. Arizona State Retirement System grew its position in Veeva Systems by 1.2% during the second quarter. Arizona State Retirement System now owns 44,428 shares of the technology company’s stock worth $8,131,000 after buying an additional 531 shares in the last quarter. Finally, Private Advisor Group LLC increased its stake in Veeva Systems by 6.0% in the 2nd quarter. Private Advisor Group LLC now owns 8,996 shares of the technology company’s stock worth $1,646,000 after acquiring an additional 510 shares during the last quarter. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Trading Up 1.2 %

Shares of Veeva Systems stock opened at $213.03 on Friday. 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 $34.59 billion, a P/E ratio of 52.60, a PEG ratio of 2.03 and a beta of 0.84. The company’s fifty day simple moving average is $222.67 and its two-hundred day simple moving average is $207.31.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on VEEV shares. Guggenheim lifted their price target on Veeva Systems from $233.00 to $249.00 and gave the company a “buy” rating in a research report on Tuesday, October 1st. Piper Sandler boosted their price target on shares of Veeva Systems from $280.00 to $290.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Citigroup raised their price objective on shares of Veeva Systems from $281.00 to $307.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Scotiabank upped their target price on shares of Veeva Systems from $235.00 to $240.00 and gave the stock a “sector perform” rating in a research report on Friday, December 6th. Finally, Stephens began coverage on Veeva Systems in a research report on Friday, December 20th. They set an “overweight” rating and a $280.00 price target on the stock. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $257.44.

Insider Activity

In other news, insider Thomas D. Schwenger sold 1,126 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $240.01, for a total value of $270,251.26. Following the sale, the insider now directly owns 27,013 shares of the company’s stock, valued at $6,483,390.13. This represents a 4.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems 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 transaction, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at approximately $1,856,448.30. This trade represents a 17.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 10.50% of the company’s stock.

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.