JPMorgan Chase & Co. Boosts Stake in Veeva Systems Inc. (NYSE:VEEV)

JPMorgan Chase & Co. increased its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 17.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,005,633 shares of the technology company's stock after purchasing an additional 447,041 shares during the period. JPMorgan Chase & Co. owned 1.85% of Veeva Systems worth $631,935,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Principal Financial Group Inc. increased its holdings in shares of Veeva Systems by 138.9% in 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 purchasing an additional 1,267,061 shares during the period. Wealthfront Advisers LLC raised its position in Veeva Systems by 29,760.5% during the 4th quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company's stock worth $220,489,000 after buying an additional 1,045,188 shares during the last quarter. FMR LLC lifted its stake in shares of Veeva Systems by 25.7% in the 3rd quarter. FMR LLC now owns 2,981,244 shares of the technology company's stock worth $625,674,000 after acquiring an additional 610,021 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Veeva Systems in the fourth quarter valued at about $95,710,000. Finally, Seilern Investment Management Ltd acquired a new position in shares of Veeva Systems during the fourth quarter worth about $94,957,000. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Price Performance

NYSE:VEEV traded down $2.56 during mid-day trading on Monday, reaching $231.65. The company's stock had a trading volume of 1,269,125 shares, compared to its average volume of 1,038,842. The stock has a market cap of $37.61 billion, a P/E ratio of 57.20, a P/E/G ratio of 1.89 and a beta of 0.88. The company's fifty day simple moving average is $231.62 and its two-hundred day simple moving average is $222.87. Veeva Systems Inc. has a twelve month low of $170.25 and a twelve month high of $258.93.

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Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on VEEV shares. The Goldman Sachs Group lowered Veeva Systems from a "buy" rating to a "sell" rating and lowered their price objective for the company from $261.00 to $200.00 in a report on Thursday, January 23rd. Stephens reaffirmed an "overweight" rating and set a $280.00 price target on shares of Veeva Systems in a research note on Thursday, March 6th. Royal Bank of Canada increased their price target on shares of Veeva Systems from $275.00 to $285.00 and gave the company an "outperform" rating in a report on Friday, December 6th. JPMorgan Chase & Co. boosted their price objective on shares of Veeva Systems from $218.00 to $249.00 and gave the stock a "neutral" rating in a report on Thursday, March 20th. Finally, KeyCorp dropped their target price on shares of Veeva Systems from $285.00 to $255.00 and set an "overweight" rating for the company in a report on Wednesday, January 8th. Two 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 data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $256.52.

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.