ARK Investment Management LLC Purchases 26,958 Shares of Veeva Systems Inc. (NYSE:VEEV)

ARK Investment Management LLC increased its position in Veeva Systems Inc. (NYSE:VEEV) by 13.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 226,786 shares of the technology company’s stock after buying an additional 26,958 shares during the quarter. ARK Investment Management LLC’s holdings in Veeva Systems were worth $43,661,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of VEEV. Norges Bank bought a new stake in Veeva Systems in the 4th quarter worth approximately $259,703,000. Wellington Management Group LLP lifted its position in Veeva Systems by 1,578.4% in the first quarter. Wellington Management Group LLP now owns 1,504,355 shares of the technology company’s stock valued at $319,616,000 after purchasing an additional 1,414,726 shares during the last quarter. Invesco Ltd. lifted its position in Veeva Systems by 239.7% in the third quarter. Invesco Ltd. now owns 956,355 shares of the technology company’s stock valued at $194,570,000 after purchasing an additional 674,785 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in Veeva Systems by 34.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,045,414 shares of the technology company’s stock valued at $416,139,000 after purchasing an additional 522,257 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its position in Veeva Systems by 25.0% in the second quarter. Nuveen Asset Management LLC now owns 2,432,413 shares of the technology company’s stock valued at $480,961,000 after purchasing an additional 486,588 shares during the last quarter. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Up 0.4 %

Shares of VEEV stock opened at $233.53 on Thursday. The stock has a market cap of $37.60 billion, a price-to-earnings ratio of 72.52, a PEG ratio of 2.35 and a beta of 0.74. The business’s fifty day moving average is $219.45 and its 200 day moving average is $201.94. Veeva Systems Inc. has a twelve month low of $160.21 and a twelve month high of $236.90.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings results on Thursday, February 29th. The technology company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.11. The company had revenue of $630.62 million for the quarter, compared to analysts’ expectations of $620.75 million. Veeva Systems had a return on equity of 11.26% and a net margin of 22.24%. Equities research analysts expect that Veeva Systems Inc. will post 4.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Alan Mateo sold 910 shares of the company’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $204.72, for a total value of $186,295.20. Following the sale, the executive vice president now directly owns 21,983 shares of the company’s stock, valued at $4,500,359.76. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Veeva Systems news, CMO Eleni Nitsa Zuppas sold 4,350 shares of the business’s stock in a transaction on Tuesday, January 9th. The stock was sold at an average price of $192.61, for a total value of $837,853.50. Following the sale, the chief marketing officer now directly owns 19,057 shares of the company’s stock, valued at $3,670,568.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Alan Mateo sold 910 shares of the business’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $204.72, for a total value of $186,295.20. Following the completion of the sale, the executive vice president now directly owns 21,983 shares in the company, valued at $4,500,359.76. The disclosure for this sale can be found here. Insiders have sold a total of 29,498 shares of company stock valued at $6,219,253 over the last ninety days. Company insiders own 10.98% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on VEEV. JPMorgan Chase & Co. boosted their price objective on Veeva Systems from $183.00 to $222.00 and gave the company a “neutral” rating in a research report on Wednesday, March 13th. Piper Sandler boosted their price objective on Veeva Systems from $220.00 to $245.00 and gave the company an “overweight” rating in a research report on Friday, March 1st. StockNews.com downgraded Veeva Systems from a “buy” rating to a “hold” rating in a research report on Wednesday, March 13th. Raymond James reiterated an “outperform” rating and issued a $260.00 price objective on shares of Veeva Systems in a research report on Tuesday. Finally, The Goldman Sachs Group boosted their target price on Veeva Systems from $219.00 to $248.00 and gave the company a “buy” rating in a research note on Friday, March 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Veeva Systems currently has an average rating of “Moderate Buy” and an average price target of $234.90.

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 data 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.