Andra AP fonden Decreases Stake in Veeva Systems Inc. (NYSE:VEEV)

Andra AP fonden cut its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 42.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 37,100 shares of the technology company's stock after selling 27,100 shares during the quarter. Andra AP fonden's holdings in Veeva Systems were worth $7,800,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Massachusetts Financial Services Co. MA increased its position in shares of Veeva Systems by 64.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company's stock worth $744,084,000 after purchasing an additional 1,392,256 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Veeva Systems by 138.9% during the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock valued at $457,366,000 after acquiring an additional 1,267,061 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Veeva Systems by 73.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company's stock worth $536,972,000 after purchasing an additional 1,081,501 shares in the last quarter. FMR LLC grew its position in Veeva Systems by 25.7% during the 3rd quarter. FMR LLC now owns 2,981,244 shares of the technology company's stock worth $625,674,000 after purchasing an additional 610,021 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Veeva Systems in the fourth quarter worth $95,710,000. 88.20% of the stock is currently owned by institutional investors.

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Veeva Systems Price Performance

VEEV stock traded up $1.66 during trading on Wednesday, hitting $233.34. The stock had a trading volume of 1,768,348 shares, compared to its average volume of 1,214,683. Veeva Systems Inc. has a twelve month low of $170.25 and a twelve month high of $258.93. The company's 50-day moving average price is $225.89 and its two-hundred day moving average price is $220.87. The stock has a market capitalization of $37.88 billion, a P/E ratio of 57.62, a PEG ratio of 1.89 and a beta of 0.88.

Analyst Ratings Changes

Several research firms recently issued reports on VEEV. Stephens reissued an "overweight" rating and issued a $280.00 target price on shares of Veeva Systems in a research report on Thursday, March 6th. Wells Fargo & Company increased their price objective on Veeva Systems from $275.00 to $285.00 and gave the company an "overweight" rating in a report on Friday, December 6th. Barclays lifted their target price on Veeva Systems from $260.00 to $275.00 and gave the stock an "overweight" rating in a report on Friday, December 6th. The Goldman Sachs Group lowered shares of Veeva Systems from a "buy" rating to a "sell" rating and reduced their price target for the stock from $261.00 to $200.00 in a research report on Thursday, January 23rd. Finally, Citigroup upped their price objective on shares of Veeva Systems from $281.00 to $307.00 and gave the company a "buy" rating in a report on Monday, December 9th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, Veeva Systems presently has a consensus rating of "Moderate Buy" and an average target price of $255.28.

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.