Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC reduced its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 5.5% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 25,397 shares of the technology company's stock after selling 1,485 shares during the quarter. Commonwealth Equity Services LLC's holdings in Veeva Systems were worth $5,340,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Toronto Dominion Bank lifted its position in shares of Veeva Systems by 39.1% in the 3rd quarter. Toronto Dominion Bank now owns 20,180 shares of the technology company's stock worth $4,235,000 after purchasing an additional 5,673 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Veeva Systems by 138.9% during the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock worth $457,366,000 after acquiring an additional 1,267,061 shares during the last quarter. Smith Group Asset Management LLC lifted its holdings in Veeva Systems by 2.2% during the fourth quarter. Smith Group Asset Management LLC now owns 82,567 shares of the technology company's stock valued at $17,360,000 after purchasing an additional 1,749 shares in the last quarter. Everence Capital Management Inc. purchased a new position in shares of Veeva Systems in the fourth quarter valued at about $816,000. Finally, Venturi Wealth Management LLC lifted its position in shares of Veeva Systems by 2,716.7% in the fourth quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock worth $36,000 after buying an additional 163 shares in the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

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Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Citigroup raised their price objective on Veeva Systems from $281.00 to $307.00 and gave the company a "buy" rating in a research note on Monday, December 9th. Needham & Company LLC restated a "buy" rating and issued a $270.00 target price on shares of Veeva Systems in a report on Thursday, March 6th. Piper Sandler upped their target price on Veeva Systems from $280.00 to $290.00 and gave the company an "overweight" rating in a research note on Friday, December 6th. Royal Bank of Canada boosted their price objective on Veeva Systems from $275.00 to $285.00 and gave the company an "outperform" rating in a report on Friday, December 6th. Finally, Bank of America lifted their price target on shares of Veeva Systems from $280.00 to $290.00 and gave the company a "neutral" rating in a research note on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $256.52.

Veeva Systems Price Performance

Shares of Veeva Systems stock traded up $1.37 on Tuesday, reaching $240.41. 1,056,406 shares of the company were exchanged, compared to its average volume of 1,010,891. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93. The stock's 50 day moving average price is $230.35 and its 200-day moving average price is $222.59. The company has a market cap of $39.03 billion, a P/E ratio of 59.36, 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.