State of Michigan Retirement System Raises Position in Veeva Systems Inc. (NYSE:VEEV)

State of Michigan Retirement System boosted its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 1,600.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,600 shares of the technology company's stock after purchasing an additional 28,800 shares during the quarter. State of Michigan Retirement System's holdings in Veeva Systems were worth $6,434,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of VEEV. General American Investors Co. Inc. acquired a new position in shares of Veeva Systems in the third quarter valued at approximately $5,133,000. Toronto Dominion Bank grew its position in Veeva Systems by 39.1% in the 3rd quarter. Toronto Dominion Bank now owns 20,180 shares of the technology company's stock valued at $4,235,000 after buying an additional 5,673 shares during the last quarter. Principal Financial Group Inc. increased its stake in Veeva Systems by 138.9% in the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock valued at $457,366,000 after buying an additional 1,267,061 shares during the period. Oppenheimer Asset Management Inc. raised its position in Veeva Systems by 3.6% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 78,000 shares of the technology company's stock worth $16,370,000 after buying an additional 2,733 shares during the last quarter. Finally, Assetmark Inc. raised its position in Veeva Systems by 46.4% during the 3rd quarter. Assetmark Inc. now owns 48,205 shares of the technology company's stock worth $10,117,000 after buying an additional 15,289 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

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Veeva Systems Stock Performance

Shares of NYSE:VEEV traded down $7.42 during trading on Monday, reaching $239.38. 2,104,860 shares of the stock were exchanged, compared to its average volume of 1,181,923. The firm's 50-day moving average price is $224.92 and its 200 day moving average price is $220.34. The firm has a market cap of $38.86 billion, a price-to-earnings ratio of 59.11, a price-to-earnings-growth ratio of 1.89 and a beta of 0.88. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on VEEV. Needham & Company LLC reiterated a "buy" rating and set a $270.00 price target on shares of Veeva Systems in a research note on Thursday. Stephens reiterated an "overweight" rating and set a $280.00 target price on shares of Veeva Systems in a research report on Thursday. StockNews.com raised Veeva Systems from a "hold" rating to a "buy" rating in a research note on Monday, February 17th. Canaccord Genuity Group lifted their price target on Veeva Systems from $210.00 to $270.00 and gave the company a "hold" rating in a research note on Friday, December 6th. Finally, Scotiabank increased their price objective on Veeva Systems from $240.00 to $245.00 and gave the stock a "sector perform" rating in a research report on Thursday. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, Veeva Systems currently has a consensus rating of "Moderate Buy" and a consensus price target of $255.28.

Veeva Systems Company 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.