Prudential Financial Inc. Raises Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Prudential Financial Inc. lifted its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 982.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 122,120 shares of the technology company's stock after acquiring an additional 110,836 shares during the period. Prudential Financial Inc. owned 0.08% of Veeva Systems worth $25,676,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp increased its holdings in shares of Veeva Systems by 1.5% in the third quarter. State Street Corp now owns 3,293,141 shares of the technology company's stock valued at $691,132,000 after purchasing an additional 47,872 shares during the period. FMR LLC increased its holdings in 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 buying an additional 610,021 shares during the period. Principal Financial Group Inc. raised its position in Veeva Systems by 36.0% during the 4th quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company's stock worth $623,186,000 after buying an additional 784,741 shares during the last quarter. Geode Capital Management LLC lifted its stake in Veeva Systems by 5.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company's stock valued at $579,630,000 after acquiring an additional 149,807 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Veeva Systems by 73.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company's stock valued at $536,972,000 after acquiring an additional 1,081,501 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

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Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. JPMorgan Chase & Co. raised their target price 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. Scotiabank lifted their price objective on Veeva Systems from $240.00 to $245.00 and gave the company a "sector perform" rating in a research note on Thursday, March 6th. Stifel Nicolaus upped their target price on Veeva Systems from $240.00 to $272.00 and gave the stock a "buy" rating in a research note on Friday, December 6th. Evercore ISI raised their target price on Veeva Systems from $220.00 to $245.00 and gave the stock an "in-line" rating in a report on Friday, December 6th. Finally, The Goldman Sachs Group downgraded Veeva Systems from a "buy" rating to a "sell" rating and decreased their price target for the company from $261.00 to $200.00 in a report on Thursday, January 23rd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $256.52.

Veeva Systems Trading Down 1.9 %

VEEV stock traded down $4.51 during mid-day trading on Monday, reaching $229.70. The company's stock had a trading volume of 240,327 shares, compared to its average volume of 1,034,894. The stock has a market cap of $37.29 billion, a PE ratio of 56.75, a P/E/G ratio of 1.89 and a beta of 0.88. The company's 50 day moving average is $231.62 and its two-hundred day moving average is $222.87. Veeva Systems Inc. has a fifty-two week low of $170.25 and a fifty-two week high of $258.93.

Veeva Systems 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.