Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Ithaka Group LLC

Ithaka Group LLC cut its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 6.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 55,504 shares of the technology company's stock after selling 3,521 shares during the period. Veeva Systems accounts for 2.1% of Ithaka Group LLC's holdings, making the stock its 18th biggest position. Ithaka Group LLC's holdings in Veeva Systems were worth $11,670,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in VEEV. MassMutual Private Wealth & Trust FSB increased its position in shares of 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 buying an additional 50 shares in the last quarter. Centricity Wealth Management LLC purchased a new stake in Veeva Systems in the 4th quarter worth $25,000. Smithfield Trust Co raised its position in Veeva Systems by 145.5% during the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock worth $27,000 after acquiring an additional 80 shares during the period. True Wealth Design LLC lifted its holdings in Veeva Systems by 3,375.0% during the third quarter. True Wealth Design LLC now owns 139 shares of the technology company's stock valued at $29,000 after purchasing an additional 135 shares in the last quarter. Finally, Avion Wealth grew its position in shares of Veeva Systems by 635.0% in the fourth quarter. Avion Wealth now owns 147 shares of the technology company's stock valued at $30,000 after purchasing an additional 127 shares during the period. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Stock Performance

Shares of VEEV stock opened at $233.34 on Thursday. Veeva Systems Inc. has a one year low of $170.25 and a one year high of $258.93. The firm's 50 day moving average price is $226.36 and its 200-day moving average price is $220.96. The firm has a market cap of $37.88 billion, a P/E ratio of 57.62, a P/E/G ratio of 1.89 and a beta of 0.88.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Canaccord Genuity Group upped their price target on shares of Veeva Systems from $210.00 to $270.00 and gave the stock a "hold" rating in a research report on Friday, December 6th. Morgan Stanley raised their target price on Veeva Systems from $195.00 to $201.00 and gave the company an "underweight" rating in a research report on Thursday, March 6th. KeyCorp dropped their price target on Veeva Systems from $285.00 to $255.00 and set an "overweight" rating for the company in a research report on Wednesday, January 8th. JPMorgan Chase & Co. raised their price objective on Veeva Systems from $208.00 to $218.00 and gave the company a "neutral" rating in a report on Monday, December 16th. Finally, Mizuho began coverage on shares of Veeva Systems in a report on Wednesday, December 4th. They set an "outperform" rating and a $275.00 target price for the company. 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 data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $255.28.

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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.

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