Veeva Systems Inc. (NYSE:VEEV) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System cut its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 5.8% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 239,893 shares of the technology company’s stock after selling 14,671 shares during the period. California Public Employees Retirement System owned approximately 0.15% of Veeva Systems worth $50,438,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its holdings in shares of Veeva Systems by 138.9% during the third 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 period. Townsquare Capital LLC raised its position in Veeva Systems by 35.7% during the 3rd quarter. Townsquare Capital LLC now owns 4,762 shares of the technology company’s stock worth $999,000 after buying an additional 1,253 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in shares of Veeva Systems by 1.1% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 39,883 shares of the technology company’s stock worth $8,370,000 after acquiring an additional 430 shares during the period. Captrust Financial Advisors boosted its holdings in shares of Veeva Systems by 10.5% in the third quarter. Captrust Financial Advisors now owns 7,865 shares of the technology company’s stock valued at $1,651,000 after acquiring an additional 745 shares in the last quarter. Finally, Edgestream Partners L.P. acquired a new position in shares of Veeva Systems during the third quarter worth about $477,000. 88.20% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently commented on VEEV shares. Wells Fargo & Company raised their price objective on shares of Veeva Systems from $275.00 to $285.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Morgan Stanley raised their price target on Veeva Systems from $195.00 to $201.00 and gave the company an “underweight” rating in a report on Thursday, March 6th. JPMorgan Chase & Co. lifted their price target on Veeva Systems from $218.00 to $249.00 and gave the company a “neutral” rating in a research note on Thursday, March 20th. Bank of America increased their price objective on Veeva Systems from $280.00 to $290.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Finally, Canaccord Genuity Group boosted their target price on shares of Veeva Systems from $210.00 to $270.00 and gave the stock a “hold” rating in a research report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, Veeva Systems has an average rating of “Moderate Buy” and a consensus price target of $256.52.

Veeva Systems Stock Down 1.7 %

VEEV opened at $227.74 on Wednesday. The firm has a market cap of $37.05 billion, a P/E ratio of 56.23, a PEG ratio of 1.89 and a beta of 0.88. The business’s fifty day simple moving average is $232.01 and its 200 day simple moving average is $223.02. Veeva Systems Inc. has a 52 week low of $170.25 and a 52 week high of $258.93.

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.