Citigroup Inc. Increases Stock Position in Veeva Systems Inc. $VEEV

Citigroup Inc. boosted its holdings in Veeva Systems Inc. (NYSE:VEEV) by 69.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 173,681 shares of the technology company’s stock after purchasing an additional 71,459 shares during the quarter. Citigroup Inc. owned about 0.11% of Veeva Systems worth $51,741,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Alphinity Investment Management Pty Ltd acquired a new stake in shares of Veeva Systems during the third quarter worth about $422,241,000. Norges Bank acquired a new stake in Veeva Systems during the 2nd quarter worth approximately $384,265,000. Durable Capital Partners LP purchased a new position in shares of Veeva Systems in the 2nd quarter valued at approximately $281,351,000. AQR Capital Management LLC increased its holdings in shares of Veeva Systems by 111.7% in the second quarter. AQR Capital Management LLC now owns 1,838,046 shares of the technology company’s stock valued at $526,508,000 after purchasing an additional 969,905 shares during the period. Finally, Schroder Investment Management Group raised its stake in shares of Veeva Systems by 1,039.4% during the second quarter. Schroder Investment Management Group now owns 1,014,974 shares of the technology company’s stock worth $292,292,000 after purchasing an additional 925,896 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on VEEV shares. UBS Group lowered their price objective on shares of Veeva Systems from $280.00 to $200.00 and set a “neutral” rating on the stock in a research report on Friday. Needham & Company LLC reaffirmed a “buy” rating and issued a $355.00 target price on shares of Veeva Systems in a report on Friday, November 21st. BTIG Research reiterated a “buy” rating and set a $340.00 price target on shares of Veeva Systems in a research note on Friday, November 21st. Wall Street Zen cut shares of Veeva Systems from a “buy” rating to a “hold” rating in a report on Saturday, December 6th. Finally, The Goldman Sachs Group began coverage on Veeva Systems in a report on Tuesday, January 13th. They issued a “sell” rating and a $215.00 price objective on the stock. Eighteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Veeva Systems presently has a consensus rating of “Moderate Buy” and an average target price of $302.58.

Insider Activity

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

Veeva Systems Price Performance

VEEV opened at $172.08 on Tuesday. Veeva Systems Inc. has a 1-year low of $168.13 and a 1-year high of $310.50. The stock has a market cap of $28.29 billion, a P/E ratio of 33.48, a P/E/G ratio of 1.25 and a beta of 1.08. The stock’s 50 day simple moving average is $210.04 and its 200 day simple moving average is $252.94.

Veeva Systems announced that its Board of Directors has initiated a stock repurchase plan on Monday, January 5th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the technology company to buy up to 5.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Veeva Systems 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.