Franklin Resources Inc. Buys 226,167 Shares of Veeva Systems Inc. (NYSE:VEEV)

Franklin Resources Inc. lifted its position in Veeva Systems Inc. (NYSE:VEEV) by 14.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,745,705 shares of the technology company’s stock after acquiring an additional 226,167 shares during the quarter. Franklin Resources Inc.’s holdings in Veeva Systems were worth $367,034,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Veeva Systems by 72.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock valued at $25,000 after purchasing an additional 50 shares during the period. Centricity Wealth Management LLC purchased a new stake in Veeva Systems during the fourth quarter worth $25,000. Smithfield Trust Co boosted its position in Veeva Systems by 145.5% during the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock valued at $27,000 after purchasing an additional 80 shares in the last quarter. True Wealth Design LLC boosted its holdings in shares of Veeva Systems by 3,375.0% in the 3rd quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock valued at $29,000 after buying an additional 135 shares in the last quarter. Finally, Avion Wealth boosted its stake in Veeva Systems by 635.0% in the fourth quarter. Avion Wealth now owns 147 shares of the technology company’s stock valued at $30,000 after acquiring an additional 127 shares in the last quarter. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Price Performance

VEEV stock opened at $231.65 on Tuesday. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93. The firm has a market capitalization of $37.69 billion, a PE ratio of 57.20, a price-to-earnings-growth ratio of 1.89 and a beta of 0.88. The business has a 50 day simple moving average of $231.92 and a 200-day simple moving average of $222.95.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on VEEV. Evercore ISI raised their price target on Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a report on Friday, December 6th. JPMorgan Chase & Co. increased their price objective on shares of Veeva Systems from $218.00 to $249.00 and gave the stock a “neutral” rating in a research note on Thursday, March 20th. Barclays boosted their target price on shares of Veeva Systems from $260.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Stifel Nicolaus increased their price target on Veeva Systems from $240.00 to $272.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. Finally, Robert W. Baird boosted their price objective on Veeva Systems from $283.00 to $285.00 and gave the company an “outperform” rating in a report on Thursday, March 6th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average 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.