Artisan Partners Limited Partnership Reduces Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Artisan Partners Limited Partnership reduced its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 45.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,418,412 shares of the technology company's stock after selling 1,201,285 shares during the quarter. Artisan Partners Limited Partnership owned approximately 0.87% of Veeva Systems worth $298,221,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in VEEV. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Veeva Systems by 11.3% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 113,132 shares of the technology company's stock valued at $24,101,000 after buying an additional 11,465 shares in the last quarter. Korea Investment CORP raised its holdings in Veeva Systems by 9.1% during the 4th quarter. Korea Investment CORP now owns 186,768 shares of the technology company's stock valued at $39,268,000 after acquiring an additional 15,579 shares during the period. UNIVEST FINANCIAL Corp lifted its position in shares of Veeva Systems by 17.1% during the fourth quarter. UNIVEST FINANCIAL Corp now owns 24,677 shares of the technology company's stock worth $5,188,000 after acquiring an additional 3,595 shares in the last quarter. Murphy & Mullick Capital Management Corp bought a new position in shares of Veeva Systems in the fourth quarter worth $685,000. Finally, TD Asset Management Inc. grew its position in shares of Veeva Systems by 6.4% in the fourth quarter. TD Asset Management Inc. now owns 452,553 shares of the technology company's stock valued at $95,149,000 after purchasing an additional 27,396 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors.

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Veeva Systems Stock Performance

VEEV traded down $3.30 on Monday, hitting $230.91. 371,781 shares of the company were exchanged, compared to its average volume of 1,145,813. The firm has a fifty day simple moving average of $231.62 and a two-hundred day simple moving average of $222.87. The stock has a market capitalization of $37.49 billion, a PE ratio of 57.01, 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 analysts recently issued reports on VEEV shares. Royal Bank of Canada increased their price objective on Veeva Systems from $275.00 to $285.00 and gave the stock an "outperform" rating in a report on Friday, December 6th. Piper Sandler increased their price target on shares of Veeva Systems from $280.00 to $290.00 and gave the stock an "overweight" rating in a report on Friday, December 6th. Morgan Stanley boosted their price objective on shares of Veeva Systems from $195.00 to $201.00 and gave the company an "underweight" rating in a research note on Thursday, March 6th. Scotiabank raised their price target on shares of Veeva Systems from $240.00 to $245.00 and gave the company a "sector perform" rating in a report on Thursday, March 6th. Finally, KeyCorp reduced their price target on shares of Veeva Systems from $285.00 to $255.00 and set an "overweight" rating for the company in a research report on Wednesday, January 8th. 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 company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $256.52.

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.