JPMorgan Chase & Co. Raises Stake in Veeva Systems Inc. (NYSE:VEEV)

JPMorgan Chase & Co. raised its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 17.5% in the 4th quarter, HoldingsChannel.com reports. The fund owned 3,005,633 shares of the technology company’s stock after buying an additional 447,041 shares during the quarter. JPMorgan Chase & Co.’s holdings in Veeva Systems were worth $631,935,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Principal Financial Group Inc. lifted its holdings in shares of Veeva Systems by 138.9% in the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock valued at $457,366,000 after buying an additional 1,267,061 shares during the period. Raymond James Trust N.A. purchased a new stake in Veeva Systems in the 3rd quarter worth approximately $231,000. Algert Global LLC grew its stake in shares of Veeva Systems by 64.0% during the 3rd quarter. Algert Global LLC now owns 2,254 shares of the technology company’s stock worth $473,000 after purchasing an additional 880 shares during the period. Brown Brothers Harriman & Co. increased its holdings in shares of Veeva Systems by 24.2% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 621 shares of the technology company’s stock valued at $130,000 after purchasing an additional 121 shares in the last quarter. Finally, FMR LLC lifted its stake in shares of 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 purchasing an additional 610,021 shares during the period. Institutional investors and hedge funds own 88.20% of the company’s stock.

Veeva Systems Stock Down 1.4 %

NYSE VEEV opened at $234.10 on Friday. Veeva Systems Inc. has a 52 week low of $170.25 and a 52 week high of $258.93. The business’s fifty day simple moving average is $231.62 and its 200-day simple moving average is $222.87. The firm has a market cap of $38.01 billion, a PE ratio of 57.80, a P/E/G ratio of 1.89 and a beta of 0.88.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on VEEV shares. 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 report on Friday, December 6th. Barclays upped their price target on Veeva Systems from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. Scotiabank raised their price objective on Veeva Systems from $240.00 to $245.00 and gave the company a “sector perform” rating in a report on Thursday, March 6th. JPMorgan Chase & Co. upped their target price on Veeva Systems from $218.00 to $249.00 and gave the stock a “neutral” rating in a research note on Thursday, March 20th. Finally, Stephens reissued an “overweight” rating and issued a $280.00 price target on shares of Veeva Systems in a research note on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $256.52.

Veeva Systems Company 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.