Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Artisan Partners Limited Partnership

Artisan Partners Limited Partnership lowered its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 45.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,418,412 shares of the technology company’s stock after selling 1,201,285 shares during the period. Artisan Partners Limited Partnership owned approximately 0.87% of Veeva Systems worth $298,221,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in VEEV. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Veeva Systems by 11.3% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 113,132 shares of the technology company’s stock valued at $24,101,000 after acquiring an additional 11,465 shares during the period. Korea Investment CORP increased its holdings in Veeva Systems by 9.1% in the 4th quarter. Korea Investment CORP now owns 186,768 shares of the technology company’s stock valued at $39,268,000 after purchasing an additional 15,579 shares during the last quarter. UNIVEST FINANCIAL Corp raised its position in Veeva Systems by 17.1% in the fourth quarter. UNIVEST FINANCIAL Corp now owns 24,677 shares of the technology company’s stock valued at $5,188,000 after purchasing an additional 3,595 shares during the period. Murphy & Mullick Capital Management Corp acquired a new position in Veeva Systems during the fourth quarter worth $685,000. Finally, TD Asset Management Inc. boosted its position in shares of Veeva Systems by 6.4% during the fourth quarter. TD Asset Management Inc. now owns 452,553 shares of the technology company’s stock worth $95,149,000 after buying an additional 27,396 shares during the period. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Performance

NYSE VEEV opened at $235.52 on Thursday. Veeva Systems Inc. has a one year low of $170.25 and a one year high of $258.93. The firm has a market cap of $38.24 billion, a PE ratio of 58.15, a P/E/G ratio of 1.89 and a beta of 0.88. The firm’s fifty day moving average is $230.82 and its two-hundred day moving average is $222.68.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on VEEV shares. Wells Fargo & Company upped their target price on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Stephens reiterated an “overweight” rating and issued a $280.00 price objective on shares of Veeva Systems in a research note on Thursday, March 6th. Needham & Company LLC restated a “buy” rating and set a $270.00 price target on shares of Veeva Systems in a report on Thursday, March 6th. Bank of America lifted their price objective on Veeva Systems from $280.00 to $290.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Finally, StockNews.com upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a research note on Monday, February 17th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, Veeva Systems has an average rating of “Moderate Buy” and a consensus price target of $256.52.

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.