Empower Advisory Group LLC Takes $47.72 Million Position in Veeva Systems Inc. (NYSE:VEEV)

Empower Advisory Group LLC has made a significant investment by acquiring a new position in Veeva Systems Inc. (NYSE:VEEV) during the fourth quarter. According to the latest 13F filing with the U.S. Securities and Exchange Commission, the advisory group purchased 226,988 shares of Veeva Systems, which is valued at approximately $47,724,000. This acquisition represents about 0.14% of Veeva Systems' total shares outstanding at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also shown interest in Veeva Systems by recently buying and selling its shares. For instance, MassMutual Private Wealth & Trust FSB increased its holdings by an impressive 72.5% in the fourth quarter, now owning 119 shares worth around $25,000 after acquiring an additional 50 shares. Mowery & Schoenfeld Wealth Management LLC has also entered a new position in Veeva Systems, which is valued at about $26,000 as of the third quarter. Similarly, True Wealth Design LLC dramatically boosted its holdings by 3,375.0% during the same period, now owning 139 shares valued at approximately $29,000 after purchasing an additional 135 shares. Retirement Wealth Solutions LLC and Avion Wealth have also acquired new positions, valued at around $31,000 and $30,000, respectively. Currently, hedge funds and institutional investors collectively own 88.20% of Veeva Systems' stock.

Insider Transactions

In related news, Jonathan Faddis, a Senior Vice President at Veeva Systems, sold 1,694 shares on December 4th, at an average price of $230.30. The transaction totaled $390,128.20. Following this sale, Faddis owns 8,061 shares, worth roughly $1,856,448.30, indicating a 17.37% decrease in his overall ownership. This sale was disclosed through a legal filing with the SEC. Insiders currently control about 10.50% of the company's stock.

Performance of Veeva Systems Stock

The stock of Veeva Systems (NYSE:VEEV) opened at $234.09. The company's 50-day simple moving average stands at $224.48, while the 200-day simple moving average is $216.29. With a market capitalization of $38.00 billion, Veeva Systems has a price-to-earnings (P/E) ratio of 57.80 and a price/earnings to growth (PEG) ratio of 1.97, alongside a beta of 0.85. Over the past year, the stock has fluctuated, reaching a low of $170.25 and a high of $258.93.

Analysts' Forecasts and Ratings

Equities analysts have recently provided various opinions on the stock. Citigroup raised their price target for Veeva Systems from $281.00 to $307.00 while rating the company as a "buy". JPMorgan Chase & Co. also increased their price target from $208.00 to $218.00, giving a "neutral" rating in a report. Robert W. Baird issued a higher price objective from $275.00 to $283.00 with an "outperform" rating. Canaccord Genuity Group set their target price from $210.00 to $270.00 and assigned a "hold" rating. Barclays followed suit with an increase from $260.00 to $275.00, giving Veeva an "overweight" rating. Overall, analysts provide mixed ratings with two giving a sell rating, eight assigning a hold rating, and eighteen asserting a buy rating. According to MarketBeat data, the average rating for the stock is categorized as a "Moderate Buy", with a consensus target price set at $253.96.

About Veeva Systems

Veeva Systems Inc. specializes in cloud-based software tailored for the life sciences industry. Their offerings include Veeva Commercial Cloud, a comprehensive suite of software and analytics solutions, as well as Veeva Customer Relationship Management (CRM) designed to support customer-facing staff in pharmaceutical and biotechnology companies. Other significant products include Veeva Vault PromoMats for managing content and digital assets, Veeva Vault Medical for medical content across various channels, and Veeva Crossix which provides analytics for pharmaceutical brands, among others.

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