Allspring Global Investments Holdings LLC Has $16.45 Million Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Allspring Global Investments Holdings LLC cut its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 75.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 78,109 shares of the technology company's stock after selling 245,445 shares during the period. Allspring Global Investments Holdings LLC's holdings in Veeva Systems were worth $16,448,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of VEEV. Bleakley Financial Group LLC raised its stake in shares of Veeva Systems by 11.0% in the 3rd quarter. Bleakley Financial Group LLC now owns 4,476 shares of the technology company's stock valued at $939,000 after purchasing an additional 445 shares during the period. Net Worth Advisory Group acquired a new stake in shares of Veeva Systems in the 3rd quarter valued at about $520,000. Blue Trust Inc. raised its stake in shares of Veeva Systems by 453.9% in the 3rd quarter. Blue Trust Inc. now owns 986 shares of the technology company's stock valued at $207,000 after purchasing an additional 808 shares during the period. Raymond James & Associates raised its stake in shares of Veeva Systems by 9.1% in the 3rd quarter. Raymond James & Associates now owns 115,954 shares of the technology company's stock valued at $24,335,000 after purchasing an additional 9,713 shares during the period. Finally, Chicago Capital LLC raised its stake in shares of Veeva Systems by 16.6% in the 3rd quarter. Chicago Capital LLC now owns 286,303 shares of the technology company's stock valued at $60,086,000 after purchasing an additional 40,692 shares during the period. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Trading Down 0.2 %

Shares of NYSE:VEEV traded down $0.46 during trading on Thursday, reaching $228.73. 884,439 shares of the stock were exchanged, compared to its average volume of 982,105. Veeva Systems Inc. has a 12 month low of $170.25 and a 12 month high of $258.93. The firm has a market cap of $37.13 billion, a PE ratio of 56.48, a PEG ratio of 1.92 and a beta of 0.85. The stock has a 50-day moving average price of $223.89 and a 200-day moving average price of $217.03.

Wall Street Analysts Forecast Growth

VEEV has been the topic of several recent research reports. 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. Needham & Company LLC reaffirmed a "buy" rating and issued a $270.00 target price on shares of Veeva Systems in a research report on Friday, January 17th. Citigroup lifted their target price on Veeva Systems from $281.00 to $307.00 and gave the company a "buy" rating in a research report on Monday, December 9th. Royal Bank of Canada lifted their target price on Veeva Systems from $275.00 to $285.00 and gave the company an "outperform" rating in a research report on Friday, December 6th. Finally, Stephens assumed coverage on Veeva Systems in a research report on Friday, December 20th. They issued an "overweight" rating and a $280.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eighteen 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 target price of $253.96.

Insider Transactions at Veeva Systems

In related news, SVP Jonathan Faddis sold 1,694 shares of the business's stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total value of $390,128.20. Following the completion of the sale, the senior vice president now directly owns 8,061 shares in the company, valued at approximately $1,856,448.30. The trade was a 17.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 10.50% of the company's stock.

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.