Veeva Systems Inc. (NYSE:VEEV) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. decreased its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 6.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 28,355 shares of the technology company's stock after selling 1,833 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Veeva Systems were worth $5,962,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Bank Julius Baer & Co. Ltd Zurich increased its stake in Veeva Systems by 1.6% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 79,771 shares of the technology company's stock worth $17,919,000 after acquiring an additional 1,294 shares during the last quarter. EFG Asset Management Americas Corp. raised its holdings in Veeva Systems by 4.2% during the 4th quarter. EFG Asset Management Americas Corp. now owns 17,236 shares of the technology company's stock valued at $3,624,000 after buying an additional 687 shares during the period. BBR Partners LLC purchased a new stake in Veeva Systems during the 4th quarter valued at $282,000. Callan Family Office LLC bought a new stake in Veeva Systems in the fourth quarter worth $204,000. Finally, Raymond James Financial Inc. purchased a new position in Veeva Systems during the fourth quarter worth $95,710,000. Hedge funds and other institutional investors own 88.20% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on VEEV. Wells Fargo & Company boosted their target price on Veeva Systems from $275.00 to $285.00 and gave the company an "overweight" rating in a research report on Friday, December 6th. Citigroup boosted their price target on shares of Veeva Systems from $281.00 to $307.00 and gave the company a "buy" rating in a report on Monday, December 9th. Scotiabank raised their price objective on Veeva Systems from $240.00 to $245.00 and gave the company a "sector perform" rating in a research report on Thursday, March 6th. Piper Sandler increased their price objective on Veeva Systems from $280.00 to $290.00 and gave the company an "overweight" 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 lowered their price target for the stock from $261.00 to $200.00 in a report on Thursday, January 23rd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $255.28.

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Veeva Systems Price Performance

Shares of NYSE VEEV traded down $5.45 on Thursday, hitting $228.01. The company's stock had a trading volume of 1,095,991 shares, compared to its average volume of 1,213,419. The stock has a 50 day moving average of $226.36 and a 200-day moving average of $220.96. The company has a market capitalization of $37.02 billion, a price-to-earnings ratio of 56.30, 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.

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.