Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. cut its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 55.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,476 shares of the technology company’s stock after selling 4,265 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Veeva Systems were worth $731,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in Veeva Systems during the fourth quarter worth $294,785,000. Principal Financial Group Inc. boosted its position in shares of Veeva Systems by 138.9% during the 3rd 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 in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Veeva Systems by 73.2% during the 3rd 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. Wealthfront Advisers LLC increased its holdings in shares of Veeva Systems by 29,760.5% in the 4th quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company’s stock valued at $220,489,000 after purchasing an additional 1,045,188 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Veeva Systems during the fourth quarter worth about $95,710,000. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Stock Performance

VEEV opened at $234.10 on Friday. The company has a market capitalization of $38.01 billion, a P/E ratio of 57.80, a PEG ratio of 1.89 and a beta of 0.88. The company has a 50-day moving average of $231.62 and a 200-day moving average of $222.87. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on VEEV. StockNews.com raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a report on Monday, February 17th. The Goldman Sachs Group cut Veeva Systems from a “buy” rating to a “sell” rating and reduced their price objective for the stock from $261.00 to $200.00 in a report on Thursday, January 23rd. JPMorgan Chase & Co. boosted their target price on Veeva Systems from $218.00 to $249.00 and gave the stock a “neutral” rating in a research report on Thursday, March 20th. Scotiabank raised their price target on 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, Truist Financial boosted their price objective on shares of Veeva Systems from $210.00 to $217.00 and gave the stock a “hold” rating in a research report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, the company 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.