New York State Common Retirement Fund Sells 22,091 Shares of Veeva Systems Inc. (NYSE:VEEV)

New York State Common Retirement Fund decreased its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 7.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 270,605 shares of the technology company's stock after selling 22,091 shares during the quarter. New York State Common Retirement Fund owned 0.17% of Veeva Systems worth $56,895,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA raised its position in shares of Veeva Systems by 64.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company's stock worth $744,084,000 after purchasing an additional 1,392,256 shares during the period. Principal Financial Group Inc. raised its position in shares of Veeva Systems by 138.9% during the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company's stock worth $457,366,000 after purchasing an additional 1,267,061 shares during the period. JPMorgan Chase & Co. raised its position in shares of Veeva Systems by 73.2% during the third quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company's stock worth $536,972,000 after purchasing an additional 1,081,501 shares during the period. FMR LLC raised its position in shares of Veeva Systems by 25.7% during the third quarter. FMR LLC now owns 2,981,244 shares of the technology company's stock worth $625,674,000 after purchasing an additional 610,021 shares during the period. Finally, Seilern Investment Management Ltd acquired a new stake in shares of Veeva Systems during the fourth quarter worth about $94,957,000. Institutional investors and hedge funds own 88.20% of the company's stock.

Analyst Ratings Changes

VEEV has been the subject of a number of research reports. 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. JPMorgan Chase & Co. increased their price objective on Veeva Systems from $208.00 to $218.00 and gave the stock a "neutral" rating in a report on Monday, December 16th. Robert W. Baird increased their price objective on Veeva Systems from $275.00 to $283.00 and gave the stock an "outperform" rating in a report on Friday, December 6th. Stifel Nicolaus increased their price objective on Veeva Systems from $240.00 to $272.00 and gave the stock a "buy" rating in a report on Friday, December 6th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $270.00 price objective on shares of Veeva Systems in a report on Friday, January 17th. Two 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. Based on data from MarketBeat, Veeva Systems has a consensus rating of "Moderate Buy" and an average target price of $253.96.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 1,694 shares of the business's stock in a transaction 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 $1,856,448.30. The trade was a 17.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 10.50% of the stock is owned by insiders.

Veeva Systems Stock Down 1.4 %

Shares of VEEV stock traded down $3.32 during trading on Friday, reaching $225.43. 424,114 shares of the company's stock were exchanged, compared to its average volume of 964,858. The stock has a market capitalization of $36.60 billion, a PE ratio of 55.76, a PEG ratio of 1.89 and a beta of 0.85. Veeva Systems Inc. has a twelve month low of $170.25 and a twelve month high of $258.93. The firm's fifty day moving average price is $223.81 and its 200-day moving average price is $217.11.

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.