Mitsubishi UFJ Trust & Banking Corp reduced its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 14.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 187,714 shares of the technology company's stock after selling 32,067 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned about 0.12% of Veeva Systems worth $39,467,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in VEEV. State Street Corp boosted its holdings in shares of Veeva Systems by 1.5% during the 3rd quarter. State Street Corp now owns 3,293,141 shares of the technology company's stock valued at $691,132,000 after acquiring an additional 47,872 shares during the last quarter. FMR LLC boosted its holdings in Veeva Systems by 25.7% in the third quarter. FMR LLC now owns 2,981,244 shares of the technology company's stock worth $625,674,000 after purchasing an additional 610,021 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in Veeva Systems by 36.0% in the fourth quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company's stock worth $623,186,000 after purchasing an additional 784,741 shares during the last quarter. Geode Capital Management LLC grew its position in Veeva Systems by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company's stock worth $579,630,000 after purchasing an additional 149,807 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in Veeva Systems by 73.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company's stock valued at $536,972,000 after buying an additional 1,081,501 shares during the last quarter. 88.20% of the stock is owned by institutional investors.
Veeva Systems Price Performance
Shares of Veeva Systems stock traded down $2.56 during trading on Monday, reaching $231.65. 1,269,125 shares of the stock traded hands, compared to its average volume of 1,038,842. The company has a market capitalization of $37.61 billion, a price-to-earnings ratio of 57.20, a P/E/G 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. The business has a fifty day simple moving average of $231.92 and a two-hundred day simple moving average of $222.95.
Analyst Upgrades and Downgrades
A number of equities analysts have recently issued reports on VEEV shares. Canaccord Genuity Group raised their price target on Veeva Systems from $210.00 to $270.00 and gave the stock a "hold" rating in a research note on Friday, December 6th. StockNews.com upgraded Veeva Systems from a "hold" rating to a "buy" rating in a research note on Monday, February 17th. Needham & Company LLC reaffirmed a "buy" rating and set a $270.00 price target on shares of Veeva Systems in a research report on Thursday, March 6th. Morgan Stanley raised their price objective 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, 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 research report on Thursday, January 23rd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Veeva Systems currently has an average rating of "Moderate Buy" and an average price target of $256.52.
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About Veeva Systems
(
Free Report)
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.
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