KLP Kapitalforvaltning AS Makes New Investment in Veeva Systems Inc. (NYSE:VEEV)

KLP Kapitalforvaltning AS bought a new stake in shares of Veeva Systems Inc. (NYSE:VEEV) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund bought 53,800 shares of the technology company’s stock, valued at approximately $11,311,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. MassMutual Private Wealth & Trust FSB lifted 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 buying an additional 50 shares during the period. Centricity Wealth Management LLC acquired a new stake in Veeva Systems during the 4th quarter worth $25,000. Smithfield Trust Co raised its stake in Veeva Systems by 145.5% during the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock worth $27,000 after buying an additional 80 shares during the period. True Wealth Design LLC grew its stake in Veeva Systems by 3,375.0% in the third quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock valued at $29,000 after acquiring an additional 135 shares during the period. Finally, Avion Wealth increased its holdings in shares of Veeva Systems by 635.0% in the fourth quarter. Avion Wealth now owns 147 shares of the technology company’s stock worth $30,000 after acquiring an additional 127 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on VEEV shares. KeyCorp cut their price objective on Veeva Systems from $285.00 to $255.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Canaccord Genuity Group lifted their price target on shares of Veeva Systems from $210.00 to $270.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Wells Fargo & Company upped their price target on shares of Veeva Systems from $275.00 to $285.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Bank of America raised their price objective on shares of Veeva Systems from $280.00 to $290.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $270.00 target price on shares of Veeva Systems in a research note on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $256.52.

Veeva Systems Stock Performance

Shares of VEEV opened at $239.06 on Tuesday. The firm has a market cap of $38.81 billion, a P/E ratio of 59.03, a price-to-earnings-growth ratio of 1.89 and a beta of 0.88. Veeva Systems Inc. has a 52 week low of $170.25 and a 52 week high of $258.93. The firm’s 50-day simple moving average is $229.76 and its 200 day simple moving average is $222.42.

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.