Synovus Financial Corp lifted its stake in Veeva Systems Inc (NYSE:VEEV) by 90.5% during the fourth quarter, Holdings Channel reports. The fund owned 26,430 shares of the technology company’s stock after buying an additional 12,559 shares during the period. Synovus Financial Corp’s holdings in Veeva Systems were worth $2,353,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its holdings in shares of Veeva Systems by 18.6% during the third quarter. BlackRock Inc. now owns 7,710,493 shares of the technology company’s stock worth $839,440,000 after acquiring an additional 1,207,291 shares during the period. FMR LLC boosted its holdings in shares of Veeva Systems by 10.8% during the third quarter. FMR LLC now owns 3,626,043 shares of the technology company’s stock worth $394,767,000 after acquiring an additional 352,026 shares during the period. William Blair Investment Management LLC boosted its holdings in shares of Veeva Systems by 3.9% during the third quarter. William Blair Investment Management LLC now owns 2,666,366 shares of the technology company’s stock worth $290,287,000 after acquiring an additional 100,561 shares during the period. Winslow Capital Management LLC boosted its stake in shares of Veeva Systems by 25.1% in the third quarter. Winslow Capital Management LLC now owns 2,136,138 shares of the technology company’s stock valued at $232,561,000 after buying an additional 428,945 shares during the period. Finally, Blair William & Co. IL boosted its stake in shares of Veeva Systems by 0.5% in the third quarter. Blair William & Co. IL now owns 2,057,226 shares of the technology company’s stock valued at $223,970,000 after buying an additional 10,751 shares during the period. 77.09% of the stock is currently owned by institutional investors and hedge funds.
VEEV traded down $0.86 during trading on Thursday, reaching $117.14. 523,619 shares of the stock traded hands, compared to its average volume of 1,122,436. The stock has a market capitalization of $17.49 billion, a P/E ratio of 127.33, a price-to-earnings-growth ratio of 4.52 and a beta of 1.72. Veeva Systems Inc has a 12 month low of $59.72 and a 12 month high of $122.73.
VEEV has been the subject of several research analyst reports. Barclays initiated coverage on shares of Veeva Systems in a report on Wednesday. They set an “equal weight” rating and a $130.00 price target for the company. Zacks Investment Research downgraded Veeva Systems from a “buy” rating to a “hold” rating in a report on Monday. ValuEngine upgraded Veeva Systems from a “buy” rating to a “strong-buy” rating in a report on Monday, February 4th. Stephens assumed coverage on Veeva Systems in a report on Wednesday, January 16th. They issued an “equal weight” rating and a $113.00 price objective for the company. Finally, Leerink Swann assumed coverage on Veeva Systems in a report on Tuesday, December 4th. They issued an “outperform” rating and a $120.00 price objective for the company. Seven analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $108.12.
In related news, EVP Alan Mateo sold 538 shares of the company’s stock in a transaction dated Tuesday, December 4th. The shares were sold at an average price of $98.55, for a total value of $53,019.90. Following the sale, the executive vice president now owns 25,167 shares in the company, valued at approximately $2,480,207.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Matthew J. Wallach sold 12,000 shares of the company’s stock in a transaction dated Tuesday, February 12th. The stock was sold at an average price of $117.64, for a total transaction of $1,411,680.00. Following the completion of the sale, the president now owns 12,000 shares in the company, valued at approximately $1,411,680. The disclosure for this sale can be found here. Insiders have sold 182,261 shares of company stock worth $16,898,031 in the last ninety days. Insiders own 15.97% of the company’s stock.
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Veeva Systems Profile
Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, and internationally. The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, data solutions, and master data management solutions; and Veeva Vault, a cloud-based enterprise content management applications for managing commercial functions, including medical, sales, and marketing, as well as research and development functions, such as clinical, regulatory, quality, and safety.
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