Intech Investment Management LLC Acquires 15,634 Shares of Veeva Systems Inc. $VEEV

Intech Investment Management LLC grew its holdings in Veeva Systems Inc. (NYSE:VEEV) by 37.8% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 57,029 shares of the technology company’s stock after buying an additional 15,634 shares during the quarter. Intech Investment Management LLC’s holdings in Veeva Systems were worth $16,990,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Linden Thomas Advisory Services LLC raised its position in Veeva Systems by 0.3% in the third quarter. Linden Thomas Advisory Services LLC now owns 12,444 shares of the technology company’s stock worth $3,707,000 after purchasing an additional 35 shares in the last quarter. Sigma Planning Corp boosted its holdings in Veeva Systems by 1.2% during the second quarter. Sigma Planning Corp now owns 3,328 shares of the technology company’s stock valued at $958,000 after purchasing an additional 39 shares in the last quarter. Personal CFO Solutions LLC grew its stake in shares of Veeva Systems by 3.5% in the 3rd quarter. Personal CFO Solutions LLC now owns 1,163 shares of the technology company’s stock valued at $346,000 after purchasing an additional 39 shares during the period. AFT Forsyth & Company Inc. raised its holdings in shares of Veeva Systems by 4.2% in the 3rd quarter. AFT Forsyth & Company Inc. now owns 984 shares of the technology company’s stock worth $293,000 after buying an additional 40 shares in the last quarter. Finally, Private Trust Co. NA raised its holdings in shares of Veeva Systems by 17.1% in the 3rd quarter. Private Trust Co. NA now owns 281 shares of the technology company’s stock worth $84,000 after buying an additional 41 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 13th. The stock was sold at an average price of $231.43, for a total value of $231,430.00. Following the completion of the transaction, the insider directly owned 23,204 shares in the company, valued at approximately $5,370,101.72. The trade was a 4.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 10.30% of the stock is owned by company insiders.

Veeva Systems Stock Up 0.3%

VEEV opened at $176.34 on Thursday. The company has a fifty day simple moving average of $208.38 and a 200 day simple moving average of $251.65. The stock has a market cap of $28.99 billion, a P/E ratio of 34.31, a P/E/G ratio of 1.22 and a beta of 1.08. Veeva Systems Inc. has a 12 month low of $168.13 and a 12 month high of $310.50.

Veeva Systems announced that its Board of Directors has initiated a stock buyback program on Monday, January 5th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the technology company to buy up to 5.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several analysts recently commented on VEEV shares. Morgan Stanley raised Veeva Systems from an “underweight” rating to an “equal weight” rating and decreased their price target for the company from $222.00 to $205.00 in a research note on Tuesday, February 17th. UBS Group reduced their target price on shares of Veeva Systems from $280.00 to $200.00 and set a “neutral” rating on the stock in a research note on Friday, February 20th. Barclays dropped their target price on shares of Veeva Systems from $305.00 to $250.00 and set an “overweight” rating for the company in a research report on Wednesday. BMO Capital Markets started coverage on Veeva Systems in a report on Thursday, November 13th. They issued a “market perform” rating and a $300.00 target price on the stock. Finally, Wall Street Zen cut shares of Veeva Systems from a “buy” rating to a “hold” rating in a research report on Saturday, December 6th. Eighteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Veeva Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $298.21.

Veeva Systems Company Profile

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.