Commonwealth Equity Services LLC Lowers Position in Veeva Systems Inc. (NYSE:VEEV)

Commonwealth Equity Services LLC reduced its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 5.5% in the 4th quarter, HoldingsChannel reports. The firm owned 25,397 shares of the technology company’s stock after selling 1,485 shares during the period. Commonwealth Equity Services LLC’s holdings in Veeva Systems were worth $5,340,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB raised its stake in shares of Veeva Systems by 72.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock worth $25,000 after buying an additional 50 shares in the last quarter. Centricity Wealth Management LLC purchased a new position in Veeva Systems in the fourth quarter worth $25,000. Smithfield Trust Co lifted its holdings in Veeva Systems by 145.5% in the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock valued at $27,000 after acquiring an additional 80 shares during the period. True Wealth Design LLC boosted its position in shares of Veeva Systems by 3,375.0% during the 3rd quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock worth $29,000 after purchasing an additional 135 shares in the last quarter. Finally, Avion Wealth grew its stake in shares of Veeva Systems by 635.0% during the 4th quarter. Avion Wealth now owns 147 shares of the technology company’s stock worth $30,000 after purchasing an additional 127 shares during the period. Institutional investors and hedge funds own 88.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on VEEV shares. Bank of America boosted their price objective on shares of Veeva Systems from $280.00 to $290.00 and gave the stock a “neutral” rating in a report on Friday, December 6th. Royal Bank of Canada upped their price target on Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Citigroup lifted their price objective on Veeva Systems from $281.00 to $307.00 and gave the stock a “buy” rating in a report on Monday, December 9th. The Goldman Sachs Group lowered Veeva Systems from a “buy” rating to a “sell” rating and lowered their target price for the company from $261.00 to $200.00 in a report on Thursday, January 23rd. Finally, StockNews.com raised Veeva Systems from a “hold” rating to a “buy” rating in a research note on Monday, February 17th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Veeva Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $256.52.

Veeva Systems Stock Performance

Veeva Systems stock opened at $236.98 on Friday. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93. The firm has a 50 day moving average price of $229.24 and a 200 day moving average price of $222.22. The company has a market cap of $38.47 billion, a price-to-earnings ratio of 58.51, a PEG ratio of 1.89 and a beta of 0.88.

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.