Summit Global Investments Lowers Holdings in Veeva Systems Inc. (NYSE:VEEV)

Summit Global Investments trimmed its position in Veeva Systems Inc. (NYSE:VEEV) by 62.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,123 shares of the technology company’s stock after selling 16,526 shares during the quarter. Summit Global Investments’ holdings in Veeva Systems were worth $2,128,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Veeva Systems by 72.5% in 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 during the period. Centricity Wealth Management LLC purchased a new stake in shares of Veeva Systems in the 4th quarter worth $25,000. Smithfield Trust Co lifted its holdings in shares of Veeva Systems by 145.5% in the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock worth $27,000 after buying an additional 80 shares during the period. True Wealth Design LLC lifted 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 worth $29,000 after buying an additional 135 shares during the period. Finally, Retirement Wealth Solutions LLC purchased a new stake in shares of Veeva Systems during the 4th quarter worth $31,000. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Stock Up 0.5 %

Shares of VEEV opened at $236.98 on Friday. Veeva Systems Inc. has a 52 week low of $170.25 and a 52 week high of $258.93. The company has a market capitalization of $38.47 billion, a price-to-earnings ratio of 58.51, a PEG ratio of 1.89 and a beta of 0.88. The stock’s 50-day moving average price is $229.24 and its 200-day moving average price is $222.22.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on VEEV shares. Bank of America upped their price objective on Veeva Systems from $280.00 to $290.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Morgan Stanley upped their price objective on Veeva Systems from $195.00 to $201.00 and gave the stock an “underweight” rating in a research note on Thursday, March 6th. Piper Sandler upped their price objective on Veeva Systems from $280.00 to $290.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. KeyCorp decreased their price objective on Veeva Systems from $285.00 to $255.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Finally, Needham & Company LLC restated a “buy” rating and set a $270.00 price objective on shares of Veeva Systems in a research note on Thursday, March 6th. Two equities 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 stock. According to data from MarketBeat.com, Veeva Systems presently has a consensus rating of “Moderate Buy” and a consensus price target of $256.52.

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.