Suncoast Equity Management Boosts Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Suncoast Equity Management increased its holdings in Veeva Systems Inc. (NYSE:VEEV) by 8.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,715 shares of the technology company’s stock after purchasing an additional 305 shares during the period. Suncoast Equity Management’s holdings in Veeva Systems were worth $781,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA increased its holdings in shares of Veeva Systems by 64.7% in 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 buying an additional 1,392,256 shares during the last quarter. State Street Corp grew its position in Veeva Systems by 1.5% in the third quarter. State Street Corp now owns 3,293,141 shares of the technology company’s stock worth $691,132,000 after acquiring an additional 47,872 shares in the last quarter. FMR LLC increased its stake in Veeva Systems by 25.7% during the third quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock worth $625,674,000 after acquiring an additional 610,021 shares during the last quarter. Principal Financial Group Inc. raised its position in Veeva Systems by 36.0% during the fourth quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company’s stock valued at $623,186,000 after purchasing an additional 784,741 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Veeva Systems by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company’s stock valued at $579,630,000 after purchasing an additional 149,807 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Insider Activity at Veeva Systems

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total value of $390,128.20. Following the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 10.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on VEEV shares. Stifel Nicolaus raised their price target on Veeva Systems from $240.00 to $272.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. StockNews.com upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a report on Monday. Stephens started coverage on shares of Veeva Systems in a research note on Friday, December 20th. They set an “overweight” rating and a $280.00 price target for the company. Royal Bank of Canada raised 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 upped their target price on Veeva Systems from $210.00 to $270.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat.com, Veeva Systems presently has an average rating of “Moderate Buy” and an average price target of $253.96.

Veeva Systems Stock Performance

Shares of NYSE VEEV opened at $228.73 on Friday. The company has a market capitalization of $37.13 billion, a PE ratio of 56.48, a price-to-earnings-growth ratio of 1.89 and a beta of 0.85. The company’s fifty day moving average price is $223.89 and its 200 day moving average price is $217.03. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 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.