Mitsubishi UFJ Asset Management Co. Ltd. Raises Stake in Veeva Systems Inc. (NYSE:VEEV)

Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 11.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 113,132 shares of the technology company's stock after acquiring an additional 11,465 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.07% of Veeva Systems worth $24,101,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB increased its holdings in 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 last quarter. Centricity Wealth Management LLC bought a new position in shares of Veeva Systems during the 4th quarter valued at about $25,000. Smithfield Trust Co grew its position in shares of Veeva Systems by 145.5% during the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock valued at $27,000 after purchasing an additional 80 shares in the last quarter. True Wealth Design LLC increased its holdings in shares of Veeva Systems by 3,375.0% in the third quarter. True Wealth Design LLC now owns 139 shares of the technology company's stock worth $29,000 after purchasing an additional 135 shares during the last quarter. Finally, Avion Wealth lifted its position in shares of Veeva Systems by 635.0% in the fourth quarter. Avion Wealth now owns 147 shares of the technology company's stock worth $30,000 after buying an additional 127 shares in the last quarter. Institutional investors own 88.20% of the company's stock.

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Analysts Set New Price Targets

VEEV has been the subject of several research analyst reports. StockNews.com upgraded Veeva Systems from a "hold" rating to a "buy" rating in a report on Monday, February 17th. Scotiabank increased their price objective on shares of Veeva Systems from $240.00 to $245.00 and gave the company a "sector perform" rating in a research report on Thursday, March 6th. Evercore ISI increased their price target on shares of Veeva Systems from $220.00 to $245.00 and gave the company an "in-line" rating in a report on Friday, December 6th. Stephens reissued an "overweight" rating and set a $280.00 target price on shares of Veeva Systems in a research report on Thursday, March 6th. Finally, Royal Bank of Canada raised their price target on Veeva Systems from $275.00 to $285.00 and gave the stock an "outperform" rating in a research report on Friday, December 6th. 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.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $256.52.

Veeva Systems Stock Performance

Shares of NYSE:VEEV traded down $3.90 during trading on Tuesday, reaching $227.74. The stock had a trading volume of 2,069,249 shares, compared to its average volume of 1,044,923. The business has a fifty day moving average price of $232.01 and a 200-day moving average price of $223.02. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93. The stock has a market cap of $37.05 billion, a PE ratio of 56.23, a PEG 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.