Cibc World Markets Corp Sells 1,987 Shares of Veeva Systems Inc. (NYSE:VEEV)

Cibc World Markets Corp decreased its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 22.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,962 shares of the technology company's stock after selling 1,987 shares during the quarter. Cibc World Markets Corp's holdings in Veeva Systems were worth $1,464,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cardinal Capital Management raised its position in shares of Veeva Systems by 0.3% in the 4th quarter. Cardinal Capital Management now owns 15,727 shares of the technology company's stock valued at $3,307,000 after acquiring an additional 44 shares during the period. MassMutual Private Wealth & Trust FSB increased its stake in Veeva Systems by 72.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company's stock valued at $25,000 after purchasing an additional 50 shares in the last quarter. Patriot Financial Group Insurance Agency LLC raised its holdings in Veeva Systems by 0.7% in the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 6,975 shares of the technology company's stock worth $1,467,000 after purchasing an additional 51 shares during the period. CHICAGO TRUST Co NA boosted its position in shares of Veeva Systems by 2.9% during the fourth quarter. CHICAGO TRUST Co NA now owns 1,880 shares of the technology company's stock worth $395,000 after purchasing an additional 53 shares in the last quarter. Finally, Old North State Wealth Management LLC boosted its position in shares of Veeva Systems by 0.4% during the fourth quarter. Old North State Wealth Management LLC now owns 15,351 shares of the technology company's stock worth $3,228,000 after purchasing an additional 55 shares in the last quarter. Institutional investors own 88.20% of the company's stock.

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Wall Street Analysts Forecast Growth

Several brokerages recently commented on VEEV. Scotiabank raised their price objective on Veeva Systems from $240.00 to $245.00 and gave the stock a "sector perform" rating in a research note on Thursday, March 6th. Barclays raised their price target on Veeva Systems from $260.00 to $275.00 and gave the stock an "overweight" rating in a research report on Friday, December 6th. Canaccord Genuity Group boosted their price objective on Veeva Systems from $210.00 to $270.00 and gave the company a "hold" rating in a research report on Friday, December 6th. Mizuho began coverage on Veeva Systems in a research note on Wednesday, December 4th. They set an "outperform" rating and a $275.00 target price for the company. Finally, Truist Financial lifted their price target on shares of Veeva Systems from $210.00 to $217.00 and gave the company a "hold" rating in a research note on Thursday, March 6th. 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 data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $256.52.

Veeva Systems Price Performance

VEEV stock traded up $1.37 during trading hours on Tuesday, reaching $240.41. The stock had a trading volume of 1,056,406 shares, compared to its average volume of 1,010,891. The stock has a 50-day simple moving average of $230.35 and a 200 day simple moving average of $222.59. Veeva Systems Inc. has a fifty-two week low of $170.25 and a fifty-two week high of $258.93. The stock has a market capitalization of $39.03 billion, a PE ratio of 59.36, 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.