Empower Advisory Group LLC Takes $47.72 Million Position in Veeva Systems Inc.

Empower Advisory Group LLC has made headlines by acquiring a significant new stake in shares of Veeva Systems Inc. (NYSE: VEEV) during the fourth quarter of the previous year. This acquisition, as detailed in their most recent 13F filing with the SEC, reveals that the firm purchased 226,988 shares of the technology company, amounting to an impressive value of approximately $47,724,000. At the conclusion of the last reporting period, Empower Advisory Group LLC held around 0.14% of Veeva Systems.

Institutional Investors Activity

Additionally, it is important to note that other institutional investors and hedge funds have also been active in the Veeva Systems market. For example, MassMutual Private Wealth & Trust FSB increased its holdings in Veeva Systems by an impressive 72.5% during the fourth quarter, resulting in ownership of 119 shares worth $25,000 after acquiring an additional 50 shares. Similarly, Mowery & Schoenfeld Wealth Management LLC initiated a new position in Veeva Systems in the third quarter with shares valued at around $26,000. True Wealth Design LLC notably enhanced its stake by a staggering 3,375.0% during the same period, resulting in ownership of 139 shares valued at $29,000 after purchasing 135 additional shares. Other noteworthy investors include Retirement Wealth Solutions LLC, which acquired shares worth approximately $31,000 in the fourth quarter, and Avion Wealth, which amplified its position by 635.0% during the same period, now holding 147 shares valued at $30,000. Collectively, hedge funds and institutional investors own an impressive 88.20% of Veeva Systems stock.

Insider Activity Insights

In related news, insider activities have also been noteworthy. Senior Vice President Jonathan Faddis sold 1,694 shares of Veeva Systems stock on December 4th. This transaction was executed at an average price of $230.30, totaling $390,128.20. Following this sale, Mr. Faddis now controls 8,061 shares of the company, valued at around $1,856,448.30, indicating a 17.37% reduction in his ownership of the stock. The details of this transaction were disclosed in a filing with the Securities & Exchange Commission.

Veeva Systems Stock Performance

As of recent trading, Veeva Systems shares opened at $234.09. The company's stock has demonstrated a strong performance, with a 50-day simple moving average of $224.48 and a 200-day simple moving average of $216.29. Currently, Veeva Systems has a market capitalization of $38.00 billion, with a P/E ratio of 57.80 and a PEG ratio of 1.97, accompanied by a beta of 0.85. The stock has observed a one-year low of $170.25 and a one-year high of $258.93.

Market Analysts Forecast Growth

Several equity analysts have shared their projections regarding Veeva Systems' future performance. Citigroup recently raised its price target from $281.00 to $307.00, rating the stock as a "buy". Meanwhile, JPMorgan Chase & Co. increased their price target from $208.00 to $218.00, categorizing the stock as "neutral". Other analysts from Robert W. Baird increased the price objective from $275.00 to $283.00, and Canaccord Genuity Group elevated their target from $210.00 to $270.00, suggesting a "hold" rating. Barclays also raised their expectation from $260.00 to $275.00, rating it as "overweight". Overall, there are two analysts recommending a sell, eight advising a hold, and eighteen giving a buy rating. According to MarketBeat data, the stock holds an average rating of "Moderate Buy" with a consensus target price of $253.96.

About Veeva Systems

Veeva Systems Inc. provides innovative cloud-based software solutions tailored for the life sciences industry. Their offerings include the Veeva Commercial Cloud, which encompasses various software and analytics solutions to empower customer-facing employees in pharmaceutical and biotechnology firms. Among their popular products are Veeva CRM for customer relationship management, Veeva Vault for content and digital asset management, and Veeva Crossix for analytics. Veeva OpenData and Veeva Link are designed to provide real-time intelligence through comprehensive customer reference data and applications.

investment, shares, Veeva