Intech Investment Management LLC Purchases 15,634 Shares of Veeva Systems Inc. $VEEV

Intech Investment Management LLC grew its position in Veeva Systems Inc. (NYSE:VEEV) by 37.8% during the third quarter, HoldingsChannel.com reports. The firm owned 57,029 shares of the technology company’s stock after buying an additional 15,634 shares during the quarter. Intech Investment Management LLC’s holdings in Veeva Systems were worth $16,990,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Linden Thomas Advisory Services LLC lifted its stake in Veeva Systems by 0.3% in the 3rd quarter. Linden Thomas Advisory Services LLC now owns 12,444 shares of the technology company’s stock valued at $3,707,000 after acquiring an additional 35 shares in the last quarter. Sigma Planning Corp grew its stake in shares of Veeva Systems by 1.2% during the 2nd quarter. Sigma Planning Corp now owns 3,328 shares of the technology company’s stock worth $958,000 after acquiring an additional 39 shares in the last quarter. Personal CFO Solutions LLC raised its holdings in shares of Veeva Systems by 3.5% in the third quarter. Personal CFO Solutions LLC now owns 1,163 shares of the technology company’s stock valued at $346,000 after purchasing an additional 39 shares during the last quarter. AFT Forsyth & Company Inc. lifted its position in shares of Veeva Systems by 4.2% in the third quarter. AFT Forsyth & Company Inc. now owns 984 shares of the technology company’s stock worth $293,000 after purchasing an additional 40 shares in the last quarter. Finally, Private Trust Co. NA lifted its position in shares of Veeva Systems by 17.1% in the third quarter. Private Trust Co. NA now owns 281 shares of the technology company’s stock worth $84,000 after purchasing an additional 41 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Stock Performance

Shares of NYSE:VEEV opened at $176.34 on Thursday. Veeva Systems Inc. has a 52-week low of $168.13 and a 52-week high of $310.50. The company has a market capitalization of $28.99 billion, a P/E ratio of 34.31, a price-to-earnings-growth ratio of 1.22 and a beta of 1.08. The company has a 50-day simple moving average of $208.38 and a 200 day simple moving average of $251.65.

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

Insider Activity

In other news, insider Thomas D. Schwenger sold 1,000 shares of Veeva Systems stock in a transaction that occurred on Tuesday, January 13th. The stock was sold at an average price of $231.43, for a total transaction of $231,430.00. Following the completion of the transaction, the insider directly owned 23,204 shares in the company, valued at approximately $5,370,101.72. The trade was a 4.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 10.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. BMO Capital Markets assumed coverage on shares of Veeva Systems in a research report on Thursday, November 13th. They issued a “market perform” rating and a $300.00 target price for the company. Barclays reduced their price objective on shares of Veeva Systems from $305.00 to $250.00 and set an “overweight” rating for the company in a research note on Wednesday. Jefferies Financial Group restated a “buy” rating and issued a $330.00 price objective on shares of Veeva Systems in a report on Monday, November 24th. The Goldman Sachs Group assumed coverage on Veeva Systems in a report on Tuesday, January 13th. They set a “sell” rating and a $215.00 target price on the stock. Finally, Wall Street Zen downgraded Veeva Systems from a “buy” rating to a “hold” rating in a research note on Saturday, December 6th. Eighteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $298.21.

Veeva Systems Company 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.