First Citizens Bank & Trust Co. Invests $210,000 in Veeva Systems Inc. (NYSE:VEEV)

First Citizens Bank & Trust Co. acquired a new position in Veeva Systems Inc. (NYSE:VEEV) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 997 shares of the technology company’s stock, valued at approximately $210,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. MassMutual Private Wealth & Trust FSB grew its stake in Veeva Systems by 72.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock valued at $25,000 after purchasing an additional 50 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of Veeva Systems during the third quarter valued at $26,000. True Wealth Design LLC raised its stake in shares of Veeva Systems by 3,375.0% in the third quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock worth $29,000 after purchasing an additional 135 shares during the last quarter. Retirement Wealth Solutions LLC acquired a new stake in Veeva Systems during the 4th quarter valued at approximately $31,000. Finally, Harvest Fund Management Co. Ltd acquired a new position in Veeva Systems during the third quarter valued at $49,000. 88.20% of the stock is owned by institutional investors.

Insider Activity at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,126 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $240.01, for a total transaction of $270,251.26. Following the transaction, the insider now owns 27,013 shares in the company, valued at approximately $6,483,390.13. The trade was a 4.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Jonathan Faddis sold 1,694 shares of Veeva Systems stock in a transaction 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 directly owns 8,061 shares of the company’s stock, valued at approximately $1,856,448.30. The trade was a 17.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 10.50% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on VEEV. Guggenheim upped their target price on Veeva Systems from $233.00 to $249.00 and gave the stock a “buy” rating in a research note on Tuesday, October 1st. Scotiabank raised their price objective 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. Barclays upped their price target on Veeva Systems from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Truist Financial dropped their target price on shares of Veeva Systems from $261.00 to $210.00 and set a “hold” rating for the company in a report on Monday, January 13th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $270.00 target price on shares of Veeva Systems in a report on Friday, January 17th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Veeva Systems has a consensus rating of “Moderate Buy” and an average price target of $253.96.

Veeva Systems Stock Performance

Shares of VEEV stock opened at $232.18 on Wednesday. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93. The business’s fifty day moving average is $221.87 and its 200-day moving average is $211.57. The stock has a market cap of $37.69 billion, a PE ratio of 57.33, a price-to-earnings-growth ratio of 2.01 and a beta of 0.84.

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 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.