Proficio Capital Partners LLC Acquires Shares of 107,228 Veeva Systems Inc. (NYSE:VEEV)

Proficio Capital Partners LLC acquired a new position in Veeva Systems Inc. (NYSE:VEEV) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 107,228 shares of the technology company’s stock, valued at approximately $22,545,000.

A number of other large investors have also recently made changes to their positions in VEEV. Wealth Enhancement Advisory Services LLC raised its position in Veeva Systems by 15.2% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 14,240 shares of the technology company’s stock valued at $2,989,000 after purchasing an additional 1,877 shares during the period. abrdn plc raised its holdings in Veeva Systems by 86.1% during the 3rd quarter. abrdn plc now owns 30,060 shares of the technology company’s stock valued at $6,309,000 after buying an additional 13,910 shares during the period. First Trust Direct Indexing L.P. lifted its position in Veeva Systems by 63.5% in the third quarter. First Trust Direct Indexing L.P. now owns 2,424 shares of the technology company’s stock worth $509,000 after buying an additional 941 shares during the last quarter. US Bancorp DE boosted its stake in Veeva Systems by 25.5% during the third quarter. US Bancorp DE now owns 112,156 shares of the technology company’s stock worth $23,538,000 after buying an additional 22,755 shares during the period. Finally, Stephens Investment Management Group LLC increased its position in Veeva Systems by 7.9% during the third quarter. Stephens Investment Management Group LLC now owns 66,369 shares of the technology company’s stock valued at $13,929,000 after acquiring an additional 4,855 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Stock Performance

Shares of Veeva Systems stock opened at $224.33 on Friday. The company has a market capitalization of $36.42 billion, a PE ratio of 55.39, a P/E/G ratio of 1.89 and a beta of 0.85. The company has a 50-day simple moving average of $223.85 and a two-hundred day simple moving average of $218.95. Veeva Systems Inc. has a one year low of $170.25 and a one year high of $258.93.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Piper Sandler raised their target price on shares of Veeva Systems from $280.00 to $290.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Evercore ISI raised their price objective on shares of Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. upped their target price on Veeva Systems from $208.00 to $218.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. 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 note on Friday, December 6th. Finally, Bank of America upped their price objective on Veeva Systems from $280.00 to $290.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $255.08.

Insider Buying and Selling

In other Veeva Systems news, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.50% of the stock is currently owned by company insiders.

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.