Raymond James Financial Inc. Buys New Position in Veeva Systems Inc. (NYSE:VEEV)

Raymond James Financial Inc. bought a new position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 455,222 shares of the technology company's stock, valued at approximately $95,710,000. Raymond James Financial Inc. owned approximately 0.28% of Veeva Systems as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the company. Promus Capital LLC acquired a new stake in Veeva Systems during the 4th quarter valued at $36,000. Arizona State Retirement System lifted its position in shares of Veeva Systems by 1.6% in the fourth quarter. Arizona State Retirement System now owns 44,682 shares of the technology company's stock valued at $9,394,000 after acquiring an additional 685 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Veeva Systems during the fourth quarter valued at $22,545,000. Atria Investments Inc increased its position in Veeva Systems by 5.8% during the 4th quarter. Atria Investments Inc now owns 15,867 shares of the technology company's stock worth $3,336,000 after purchasing an additional 868 shares in the last quarter. Finally, Assetmark Inc. increased its position in Veeva Systems by 77.3% during the 4th quarter. Assetmark Inc. now owns 85,456 shares of the technology company's stock worth $17,967,000 after purchasing an additional 37,251 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on VEEV. Needham & Company LLC reiterated a "buy" rating and set a $270.00 price target on shares of Veeva Systems in a report on Thursday, March 6th. JPMorgan Chase & Co. lifted their target price on shares of Veeva Systems from $208.00 to $218.00 and gave the stock a "neutral" rating in a research note on Monday, December 16th. Wells Fargo & Company boosted their price target on Veeva Systems from $275.00 to $285.00 and gave the company an "overweight" rating in a report on Friday, December 6th. Citigroup raised their price objective on Veeva Systems from $281.00 to $307.00 and gave the stock a "buy" rating in a report on Monday, December 9th. Finally, Robert W. Baird upped their target price on Veeva Systems from $283.00 to $285.00 and gave the company an "outperform" rating in a research note on Thursday, March 6th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $255.28.

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Veeva Systems Stock Performance

Shares of Veeva Systems stock traded up $1.66 during trading hours on Wednesday, reaching $233.34. The company's stock had a trading volume of 1,375,980 shares, compared to its average volume of 1,202,750. Veeva Systems Inc. has a one year low of $170.25 and a one year high of $258.93. The company's 50 day simple moving average is $225.89 and its 200 day simple moving average is $220.87. The stock has a market cap of $37.88 billion, a P/E ratio of 57.62, a price-to-earnings-growth ratio of 1.89 and a beta of 0.88.

About Veeva Systems

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and analytics solutions, such as Veeva customer relationship management (CRM) that enable customer-facing employees at pharmaceutical and biotechnology companies; Veeva Vault PromoMats, an end-to-end content and digital asset management solution; Veeva Vault Medical that provides source of medical content across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a customer reference data solution; Veeva Link, a data application that allows link to generate real-time intelligence; and Veeva Compass includes de-identified and longitudinal patient data for the United States.