Thrivent Financial for Lutherans Sells 18,213 Shares of Veeva Systems Inc. (NYSE:VEEV)

Thrivent Financial for Lutherans decreased its holdings in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 20.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 70,241 shares of the technology company's stock after selling 18,213 shares during the period. Thrivent Financial for Lutherans' holdings in Veeva Systems were worth $14,768,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Massachusetts Financial Services Co. MA lifted its position in Veeva Systems by 64.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company's stock valued at $744,084,000 after acquiring an additional 1,392,256 shares in the last quarter. State Street Corp grew its holdings in Veeva Systems by 1.5% during the third quarter. State Street Corp now owns 3,293,141 shares of the technology company's stock worth $691,132,000 after buying an additional 47,872 shares in the last quarter. FMR LLC raised its position in Veeva Systems by 25.7% in the 3rd quarter. FMR LLC now owns 2,981,244 shares of the technology company's stock valued at $625,674,000 after buying an additional 610,021 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Veeva Systems by 36.0% during the fourth quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company's stock valued at $623,186,000 after purchasing an additional 784,741 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Veeva Systems by 5.7% during the third quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company's stock worth $579,630,000 after purchasing an additional 149,807 shares during the last quarter. 88.20% of the stock is owned by institutional investors.

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Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. The Goldman Sachs Group cut shares of Veeva Systems from a "buy" rating to a "sell" rating and dropped their target price for the stock from $261.00 to $200.00 in a research report on Thursday, January 23rd. Morgan Stanley lifted their price target on Veeva Systems from $195.00 to $201.00 and gave the stock an "underweight" rating in a report on Thursday, March 6th. Scotiabank upped their price objective on Veeva Systems from $240.00 to $245.00 and gave the company a "sector perform" rating in a research note on Thursday, March 6th. Wells Fargo & Company lifted their target price on Veeva Systems from $275.00 to $285.00 and gave the stock an "overweight" rating in a research note on Friday, December 6th. Finally, Mizuho assumed coverage on shares of Veeva Systems in a research report on Wednesday, December 4th. They set an "outperform" rating and a $275.00 price target for the company. Two analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $256.52.

Veeva Systems Trading Down 2.1 %

Shares of VEEV traded down $5.09 during mid-day trading on Wednesday, reaching $235.52. 544,381 shares of the stock traded hands, compared to its average volume of 1,008,327. The company has a market cap of $38.24 billion, a price-to-earnings ratio of 58.15, a price-to-earnings-growth ratio of 1.89 and a beta of 0.88. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93. The firm has a fifty day moving average price of $230.35 and a 200 day moving average price of $222.59.

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.