Elo Mutual Pension Insurance Co Grows Holdings in Veeva Systems Inc. (NYSE:VEEV)

Elo Mutual Pension Insurance Co boosted its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 13.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,397 shares of the technology company’s stock after acquiring an additional 1,840 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Veeva Systems were worth $3,237,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of VEEV. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Veeva Systems by 11.3% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 113,132 shares of the technology company’s stock valued at $24,101,000 after purchasing an additional 11,465 shares in the last quarter. Korea Investment CORP increased its position in Veeva Systems by 9.1% during the 4th quarter. Korea Investment CORP now owns 186,768 shares of the technology company’s stock valued at $39,268,000 after buying an additional 15,579 shares in the last quarter. UNIVEST FINANCIAL Corp raised its stake in Veeva Systems by 17.1% during the fourth quarter. UNIVEST FINANCIAL Corp now owns 24,677 shares of the technology company’s stock valued at $5,188,000 after buying an additional 3,595 shares during the last quarter. Murphy & Mullick Capital Management Corp bought a new stake in Veeva Systems in the fourth quarter worth $685,000. Finally, TD Asset Management Inc. grew its stake in shares of Veeva Systems by 6.4% in the fourth quarter. TD Asset Management Inc. now owns 452,553 shares of the technology company’s stock worth $95,149,000 after acquiring an additional 27,396 shares during the last quarter. Institutional investors own 88.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $270.00 price target on shares of Veeva Systems in a research note on Thursday, March 6th. JPMorgan Chase & Co. lifted their target price on shares of Veeva Systems from $218.00 to $249.00 and gave the stock a “neutral” rating in a report on Thursday, March 20th. Stephens reiterated an “overweight” rating and set a $280.00 price target on shares of Veeva Systems in a report on Thursday, March 6th. Scotiabank raised their price target on shares of Veeva Systems from $240.00 to $245.00 and gave the company a “sector perform” rating in a research report on Thursday, March 6th. Finally, Mizuho began coverage on Veeva Systems in a research report on Wednesday, December 4th. They issued an “outperform” rating and a $275.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $256.52.

Veeva Systems Trading Down 1.4 %

VEEV opened at $234.10 on Friday. The firm’s 50 day simple moving average is $231.62 and its two-hundred day simple moving average is $222.87. The company has a market capitalization of $38.01 billion, a PE ratio of 57.80, a PEG 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.

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.