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

Empower Advisory Group LLC has established a new investment in shares of Veeva Systems Inc. (NYSE: VEEV) during the fourth quarter, as noted in their latest 13F filing with the SEC. This fund acquired 226,988 shares of the technology firm's stock, which amounts to an estimated value of approximately $47,724,000. By the end of the most recent reporting period, Empower Advisory Group LLC owned about 0.14% of Veeva Systems.

Several institutional investors and hedge funds have also recently bought and sold shares of Veeva Systems. Notably, MassMutual Private Wealth & Trust FSB increased its holdings in Veeva Systems by 72.5% in the fourth quarter. After acquiring an additional 50 shares in the last quarter, MassMutual now owns 119 shares of the technology company's stock valued at $25,000. Conversely, Mowery & Schoenfeld Wealth Management LLC entered into a new position in Veeva Systems during the third quarter, valued at around $26,000. True Wealth Design LLC significantly increased its stake in Veeva Systems by an impressive 3,375.0% in the same quarter, now holding 139 shares valued at $29,000 after buying an additional 135 shares last quarter. Retirement Wealth Solutions LLC also took a new position in Veeva Systems during the fourth quarter, estimated at about $31,000. Lastly, Avion Wealth raised its stake in Veeva Systems by 635.0% in the fourth quarter, now owning 147 shares worth roughly $30,000 after acquiring 127 more shares last quarter. Overall, hedge funds and institutional investors control around 88.20% of Veeva Systems stocks.

Insider Transactions

In other developments, SVP Jonathan Faddis offloaded 1,694 shares of Veeva Systems stock on December 4th. The sale happened at an average price of $230.30, totaling $390,128.20. Following this transaction, the senior vice president holds 8,061 shares of the company, valued at approximately $1,856,448.30. This sale represented a 17.37% reduction in their stake in the company, which was disclosed in a legal filing with the SEC, accessible through legal channels. Insiders currently own around 10.50% of Veeva Systems' stock.

Veeva Systems Stock Overview

The shares of Veeva Systems opened at $234.09 on a recent Tuesday, marking a positive trend. The company's 50-day simple moving average stands at $224.48, while the 200-day simple moving average is $216.29. Veeva Systems has a substantial market capitalization of $38.00 billion, with a price-to-earnings (P/E) ratio of 57.80 and a PEG ratio of 1.97. The stock has shown a one-year low of $170.25 and a one-year high of $258.93.

Analyst Ratings and Future Predictions

Several equities analysts have shared insights regarding Veeva's stock. Citigroup recently raised its price target for Veeva Systems from $281.00 to $307.00, giving it a “buy” rating in a report published on December 9th. Similarly, JPMorgan Chase & Co. increased their price target from $208.00 to $218.00, assigning a “neutral” rating. Additionally, Robert W. Baird lifted its price objective from $275.00 to $283.00 with an “outperform” rating. Canaccord Genuity Group upgraded their target price from $210.00 to $270.00 and also rated the stock as a “hold.” Barclays increased its target price from $260.00 to $275.00 and assessed the stock as “overweight.” While two analysts rated the stock as a “sell,” eight assigned a “hold” and 18 offered a “buy” rating. According to MarketBeat data, the stock enjoys an average rating of “Moderate Buy” and holds a consensus target price of $253.96.

About Veeva Systems

Veeva Systems Inc. offers cloud-based software solutions specifically designed for the life sciences sector. The company provides a variety of services including the Veeva Commercial Cloud—a suite of software and analytical solutions for customer-facing teams in pharmaceutical and biotechnology companies, Veeva Vault PromoMats for content management, Veeva Vault Medical for medical content, and Veeva Crossix, an analytics platform tailored for pharma brands. Other services include Veeva OpenData for customer reference data, Veeva Link for real-time intelligence, and Veeva Compass which utilizes de-identified patient data across the United States.

investment, stocks, Veeva, Advisory, acquisition