Wellington Management Group LLP Has $373.40 Million Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Wellington Management Group LLP cut its holdings in Veeva Systems Inc. (NYSE:VEEV) by 0.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,775,963 shares of the technology company’s stock after selling 4,352 shares during the period. Wellington Management Group LLP owned about 1.09% of Veeva Systems worth $373,396,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in VEEV. State Street Corp increased its stake in Veeva Systems by 1.5% in the 3rd quarter. State Street Corp now owns 3,293,141 shares of the technology company’s stock valued at $691,132,000 after buying an additional 47,872 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Veeva Systems by 17.5% in the 4th quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company’s stock valued at $631,935,000 after acquiring an additional 447,041 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Veeva Systems by 36.0% in the fourth quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company’s stock valued at $623,186,000 after acquiring an additional 784,741 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Veeva Systems by 5.7% in the third quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company’s stock valued at $579,630,000 after acquiring an additional 149,807 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in Veeva Systems by 6.8% during the fourth quarter. Van ECK Associates Corp now owns 2,130,498 shares of the technology company’s stock worth $447,937,000 after acquiring an additional 135,492 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

VEEV has been the topic of several recent analyst reports. Royal Bank of Canada boosted their price target on Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Truist Financial upped their price target on shares of Veeva Systems from $210.00 to $217.00 and gave the stock a “hold” rating in a research report on Thursday, March 6th. Citigroup lifted their price objective on shares of Veeva Systems from $281.00 to $307.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Wells Fargo & Company upped their target price on shares of Veeva Systems from $275.00 to $285.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Finally, Mizuho initiated coverage on Veeva Systems in a report on Wednesday, December 4th. They set an “outperform” rating and a $275.00 price target for the company. Two analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $256.52.

Veeva Systems Stock Performance

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