Cullen Frost Bankers Inc. Reduces Stock Holdings in Veeva Systems Inc. (NYSE:VEEV)

Cullen Frost Bankers Inc. lowered its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 76.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 360 shares of the technology company's stock after selling 1,196 shares during the period. Cullen Frost Bankers Inc.'s holdings in Veeva Systems were worth $76,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB grew its position in Veeva Systems by 72.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company's stock worth $25,000 after purchasing an additional 50 shares during the last quarter. Centricity Wealth Management LLC purchased a new stake in Veeva Systems during the 4th quarter worth approximately $25,000. Smithfield Trust Co grew its position in Veeva Systems by 145.5% during the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock worth $27,000 after purchasing an additional 80 shares during the last quarter. True Wealth Design LLC grew its position in Veeva Systems by 3,375.0% during the 3rd quarter. True Wealth Design LLC now owns 139 shares of the technology company's stock worth $29,000 after purchasing an additional 135 shares during the last quarter. Finally, Retirement Wealth Solutions LLC purchased a new stake in Veeva Systems during the 4th quarter worth approximately $31,000. Hedge funds and other institutional investors own 88.20% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on VEEV. Piper Sandler lifted their price objective on shares of Veeva Systems from $280.00 to $290.00 and gave the company an "overweight" rating in a research note on Friday, December 6th. Citigroup lifted their price objective on shares of Veeva Systems from $281.00 to $307.00 and gave the company a "buy" rating in a research note on Monday, December 9th. JPMorgan Chase & Co. lifted their price objective on shares of Veeva Systems from $208.00 to $218.00 and gave the company a "neutral" rating in a research note on Monday, December 16th. Royal Bank of Canada lifted their price objective on shares of Veeva Systems from $275.00 to $285.00 and gave the company an "outperform" rating in a research note on Friday, December 6th. Finally, Needham & Company LLC restated a "buy" rating and set a $270.00 price objective on shares of Veeva Systems in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $255.28.

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Veeva Systems Stock Down 3.0 %

Shares of Veeva Systems stock traded down $7.42 during trading hours on Monday, reaching $239.38. 2,104,861 shares of the company's stock were exchanged, compared to its average volume of 1,181,926. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93. The company has a market capitalization of $38.86 billion, a P/E ratio of 59.11, a price-to-earnings-growth ratio of 1.89 and a beta of 0.88. The business has a fifty day moving average of $224.92 and a two-hundred day moving average of $220.34.

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.