Alliancebernstein L.P. Sells 1,238,794 Shares of Veeva Systems Inc. (NYSE:VEEV)

Alliancebernstein L.P. lowered its holdings in Veeva Systems Inc. (NYSE:VEEV) by 20.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,967,382 shares of the technology company’s stock after selling 1,238,794 shares during the period. Alliancebernstein L.P. owned about 3.06% of Veeva Systems worth $1,044,392,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in VEEV. Norges Bank acquired a new stake in shares of Veeva Systems in the fourth quarter valued at about $294,785,000. Principal Financial Group Inc. increased 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 during the last quarter. JPMorgan Chase & Co. raised 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 in the last quarter. Wealthfront Advisers LLC boosted 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 buying an additional 1,045,188 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Veeva Systems in the fourth quarter valued at $95,710,000. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have commented on VEEV shares. Mizuho assumed coverage on shares of Veeva Systems in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $275.00 price target for the company. Truist Financial lifted their price target on Veeva Systems from $210.00 to $217.00 and gave the stock a “hold” rating in a report on Thursday, March 6th. Scotiabank upped their price objective on Veeva Systems from $240.00 to $245.00 and gave the company a “sector perform” rating in a research note on Thursday, March 6th. Canaccord Genuity Group raised their price objective on Veeva Systems from $210.00 to $270.00 and gave the company a “hold” rating in a research report on Friday, December 6th. Finally, Morgan Stanley boosted their target price on Veeva Systems from $195.00 to $201.00 and gave the stock an “underweight” rating in a report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $256.52.

Veeva Systems Price Performance

VEEV stock opened at $234.10 on Monday. The stock has a market cap of $38.01 billion, a price-to-earnings ratio of 57.80, a P/E/G ratio of 1.89 and a beta of 0.88. The company has a 50 day simple moving average of $231.62 and a 200 day simple moving average of $222.87. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93.

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.