Summit Global Investments Reduces Stake in Veeva Systems Inc. (NYSE:VEEV)

Summit Global Investments trimmed its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 62.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,123 shares of the technology company's stock after selling 16,526 shares during the period. Summit Global Investments' holdings in Veeva Systems were worth $2,128,000 as of its most recent filing with the SEC.

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

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Analyst Ratings Changes

Several research firms have recently commented on VEEV. 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. KeyCorp lowered their price objective on Veeva Systems from $285.00 to $255.00 and set an "overweight" rating for the company in a research note on Wednesday, January 8th. Barclays lifted their target price on Veeva Systems from $260.00 to $275.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. JPMorgan Chase & Co. increased their price target on Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research report on Thursday, March 20th. Finally, Citigroup lifted their price objective on shares of Veeva Systems from $281.00 to $307.00 and gave the stock a "buy" rating in a report on Monday, December 9th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $256.52.

Veeva Systems Stock Up 0.2 %

VEEV traded up $0.60 during trading hours on Tuesday, hitting $239.64. The stock had a trading volume of 505,128 shares, compared to its average volume of 1,168,312. The company's fifty day simple moving average is $229.76 and its 200 day simple moving average is $222.42. 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 $38.91 billion, a PE ratio of 59.17, a price-to-earnings-growth 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.