Korea Investment CORP Boosts Stake in Veeva Systems Inc. (NYSE:VEEV)

Korea Investment CORP boosted its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 9.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 186,768 shares of the technology company's stock after acquiring an additional 15,579 shares during the period. Korea Investment CORP owned about 0.12% of Veeva Systems worth $39,268,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of VEEV. MassMutual Private Wealth & Trust FSB increased its position in shares of Veeva Systems by 72.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company's stock valued at $25,000 after acquiring an additional 50 shares during the period. Centricity Wealth Management LLC purchased a new stake in Veeva Systems in the fourth quarter valued at approximately $25,000. Smithfield Trust Co raised its position in Veeva Systems by 145.5% during the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock worth $27,000 after buying an additional 80 shares during the last quarter. True Wealth Design LLC lifted its stake in Veeva Systems by 3,375.0% during the 3rd quarter. True Wealth Design LLC now owns 139 shares of the technology company's stock valued at $29,000 after acquiring an additional 135 shares during the period. Finally, Avion Wealth boosted its holdings in shares of Veeva Systems by 635.0% in the 4th quarter. Avion Wealth now owns 147 shares of the technology company's stock valued at $30,000 after acquiring an additional 127 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

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Veeva Systems Price Performance

Veeva Systems stock traded down $2.74 during trading on Monday, reaching $231.47. 583,719 shares of the company were exchanged, compared to its average volume of 1,036,180. The stock's 50 day simple moving average is $231.62 and its two-hundred day simple moving average is $222.87. The company has a market capitalization of $37.58 billion, a P/E ratio of 57.24, a PEG ratio of 1.89 and a beta of 0.88. Veeva Systems Inc. has a 52-week low of $170.25 and a 52-week high of $258.93.

Analyst Upgrades and Downgrades

VEEV has been the topic of several recent research reports. 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. Stifel Nicolaus lifted their price target on Veeva Systems from $240.00 to $272.00 and gave the company a "buy" rating in a research report on Friday, December 6th. Mizuho assumed coverage on Veeva Systems in a research report on Wednesday, December 4th. They issued an "outperform" rating and a $275.00 price objective on the stock. The Goldman Sachs Group lowered shares of Veeva Systems from a "buy" rating to a "sell" rating and cut their target price for the company from $261.00 to $200.00 in a report on Thursday, January 23rd. Finally, Royal Bank of Canada increased their price target on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an "outperform" rating in a report on Friday, December 6th. Two 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. According to data from MarketBeat, Veeva Systems currently has a consensus rating of "Moderate Buy" and an average 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.