OLD National Bancorp IN Boosts Stock Position in Veeva Systems Inc. (NYSE:VEEV)

OLD National Bancorp IN lifted its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 2.4% in the fourth quarter, HoldingsChannel.com reports. The firm owned 49,629 shares of the technology company’s stock after purchasing an additional 1,158 shares during the period. OLD National Bancorp IN’s holdings in Veeva Systems were worth $10,434,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. General American Investors Co. Inc. bought a new position in Veeva Systems in the third quarter worth about $5,133,000. Toronto Dominion Bank raised its stake in Veeva Systems by 39.1% in the third quarter. Toronto Dominion Bank now owns 20,180 shares of the technology company’s stock worth $4,235,000 after buying an additional 5,673 shares in the last quarter. Procyon Advisors LLC bought a new position in Veeva Systems in the third quarter worth about $712,000. Principal Financial Group Inc. raised its stake in Veeva Systems by 138.9% in the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after buying an additional 1,267,061 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. raised its stake in Veeva Systems by 3.6% in the third quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company’s stock worth $16,370,000 after buying an additional 2,733 shares in the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Stock Up 0.2 %

Shares of VEEV stock opened at $232.65 on Thursday. The stock has a market cap of $37.77 billion, a P/E ratio of 57.44, a PEG ratio of 2.01 and a beta of 0.84. Veeva Systems Inc. has a 52 week low of $170.25 and a 52 week high of $258.93. The company’s fifty day simple moving average is $222.31 and its two-hundred day simple moving average is $211.88.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on VEEV shares. Morgan Stanley increased their price target on shares of Veeva Systems from $183.00 to $195.00 and gave the stock an “underweight” rating in a research note on Tuesday, December 17th. Mizuho started coverage on shares of Veeva Systems in a research note on Wednesday, December 4th. They set an “outperform” rating and a $275.00 target price for the company. Evercore ISI raised their target price on shares of Veeva Systems from $220.00 to $245.00 and gave the company an “in-line” rating in a research note on Friday, December 6th. Barclays raised their target price on shares of Veeva Systems from $260.00 to $275.00 and gave the company an “overweight” rating in a research note on Friday, December 6th. Finally, Citigroup raised their target price on shares of Veeva Systems from $281.00 to $307.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, Veeva Systems currently has an average rating of “Moderate Buy” and an average target price of $253.96.

Insider Activity

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of the company’s stock in a transaction dated 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 in the company, valued at $1,856,448.30. This represents a 17.37 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Thomas D. Schwenger sold 1,126 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $240.01, for a total transaction of $270,251.26. Following the completion of the transaction, the insider now owns 27,013 shares in the company, valued at $6,483,390.13. This represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 10.50% of the company’s stock.

About Veeva Systems

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.