Empower Advisory Group LLC Buys Shares of 226,988 Veeva Systems Inc. (NYSE:VEEV)

Empower Advisory Group LLC purchased a new position in shares of Veeva Systems Inc. (NYSE:VEEV) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 226,988 shares of the technology company’s stock, valued at approximately $47,724,000.

A number of other large investors have also modified their holdings of VEEV. Massachusetts Financial Services Co. MA boosted its position in Veeva Systems by 64.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock worth $744,084,000 after acquiring an additional 1,392,256 shares during the period. Principal Financial Group Inc. raised its stake in shares of Veeva Systems by 138.9% during the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock valued at $457,366,000 after purchasing an additional 1,267,061 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Veeva Systems by 73.2% in the third quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock worth $536,972,000 after purchasing an additional 1,081,501 shares during the period. FMR LLC grew its position in Veeva Systems by 25.7% in the 3rd quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock valued at $625,674,000 after buying an additional 610,021 shares in the last quarter. Finally, Seilern Investment Management Ltd acquired a new position in Veeva Systems during the 4th quarter valued at about $94,957,000. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Trading Down 0.0 %

Shares of NYSE VEEV opened at $234.09 on Tuesday. Veeva Systems Inc. has a one year low of $170.25 and a one year high of $258.93. The business has a 50-day moving average price of $224.48 and a two-hundred day moving average price of $216.29. The firm has a market capitalization of $38.00 billion, a PE ratio of 57.80, a PEG ratio of 1.97 and a beta of 0.85.

Insider Buying and Selling

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total value of $390,128.20. Following the transaction, the senior vice president now owns 8,061 shares in the company, valued at approximately $1,856,448.30. This represents a 17.37 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 10.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on VEEV. Bank of America upped their price target on shares of Veeva Systems from $280.00 to $290.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. StockNews.com raised Veeva Systems from a “hold” rating to a “buy” rating in a research note on Monday. Stifel Nicolaus boosted their price objective on Veeva Systems from $240.00 to $272.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. KeyCorp decreased their target price on Veeva Systems from $285.00 to $255.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Finally, Morgan Stanley boosted their price target on shares of Veeva Systems from $183.00 to $195.00 and gave the stock an “underweight” rating in a research report on Tuesday, December 17th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, Veeva Systems has an average rating of “Moderate Buy” and a consensus target price of $253.96.

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.