DnB Asset Management AS Grows Stock Position in Veeva Systems Inc. (NYSE:VEEV)

DnB Asset Management AS boosted its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 7.4% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 27,652 shares of the technology company's stock after acquiring an additional 1,915 shares during the period. DnB Asset Management AS's holdings in Veeva Systems were worth $5,814,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Toronto Dominion Bank grew its holdings in shares of Veeva Systems by 39.1% in the third quarter. Toronto Dominion Bank now owns 20,180 shares of the technology company's stock valued at $4,235,000 after purchasing an additional 5,673 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Veeva Systems by 138.9% in the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock worth $457,366,000 after buying an additional 1,267,061 shares in the last quarter. Smith Group Asset Management LLC increased its holdings in shares of Veeva Systems by 2.2% in the 4th quarter. Smith Group Asset Management LLC now owns 82,567 shares of the technology company's stock worth $17,360,000 after buying an additional 1,749 shares during the last quarter. Everence Capital Management Inc. purchased a new stake in shares of Veeva Systems during the 4th quarter valued at about $816,000. Finally, Venturi Wealth Management LLC lifted its holdings in shares of Veeva Systems by 2,716.7% in the 4th quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock valued at $36,000 after acquiring an additional 163 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors.

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Veeva Systems Trading Down 1.7 %

Shares of NYSE:VEEV traded down $3.90 on Tuesday, hitting $227.74. 2,069,249 shares of the company were exchanged, compared to its average volume of 1,044,923. The firm has a market capitalization of $37.05 billion, a P/E ratio of 56.23, a price-to-earnings-growth ratio of 1.89 and a beta of 0.88. 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 $232.01 and its 200 day moving average price is $223.02.

Wall Street Analyst Weigh In

VEEV has been the topic of a number of recent research reports. The Goldman Sachs Group downgraded Veeva Systems from a "buy" rating to a "sell" rating and decreased their price objective for the company from $261.00 to $200.00 in a research report on Thursday, January 23rd. KeyCorp lowered their price target on Veeva Systems from $285.00 to $255.00 and set an "overweight" rating for the company in a research report on Wednesday, January 8th. Needham & Company LLC reiterated a "buy" rating and set a $270.00 price objective on shares of Veeva Systems in a research report on Thursday, March 6th. Morgan Stanley raised their target price on shares of Veeva Systems from $195.00 to $201.00 and gave the stock an "underweight" rating in a report on Thursday, March 6th. Finally, Piper Sandler upped their price target on shares of Veeva Systems from $280.00 to $290.00 and gave the company an "overweight" rating in a report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, Veeva Systems has an average rating of "Moderate Buy" and a consensus target price of $256.52.

Veeva Systems Company Profile

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.