JPMorgan Chase & Co. Raises Stock Position in Veeva Systems Inc. (NYSE:VEEV)

JPMorgan Chase & Co. grew its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 17.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,005,633 shares of the technology company’s stock after buying an additional 447,041 shares during the quarter. JPMorgan Chase & Co. owned 1.85% of Veeva Systems worth $631,935,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Toronto Dominion Bank lifted its stake in shares of Veeva Systems by 39.1% in the 3rd quarter. Toronto Dominion Bank now owns 20,180 shares of the technology company’s stock valued at $4,235,000 after purchasing an additional 5,673 shares during the last quarter. Principal Financial Group Inc. boosted its stake in 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 buying an additional 1,267,061 shares during the period. Smith Group Asset Management LLC increased its position in Veeva Systems by 2.2% during the fourth quarter. Smith Group Asset Management LLC now owns 82,567 shares of the technology company’s stock valued at $17,360,000 after acquiring an additional 1,749 shares during the last quarter. Everence Capital Management Inc. purchased a new stake in shares of Veeva Systems in the fourth quarter valued at $816,000. Finally, Venturi Wealth Management LLC lifted its holdings in shares of Veeva Systems by 2,716.7% in the 4th quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company’s stock worth $36,000 after acquiring an additional 163 shares during the last quarter. Institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Down 1.4 %

VEEV stock opened at $234.10 on Friday. Veeva Systems Inc. has a 52 week low of $170.25 and a 52 week high of $258.93. The stock has a market capitalization of $38.01 billion, a PE ratio of 57.80, a price-to-earnings-growth ratio of 1.89 and a beta of 0.88. The firm has a 50 day moving average of $231.62 and a 200 day moving average of $222.87.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Scotiabank raised their price objective on shares of Veeva Systems from $240.00 to $245.00 and gave the stock a “sector perform” rating in a research note on Thursday, March 6th. Evercore ISI increased their target price on Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a research note on Friday, December 6th. KeyCorp cut their price target on shares of Veeva Systems from $285.00 to $255.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. The Goldman Sachs Group lowered shares of Veeva Systems from a “buy” rating to a “sell” rating and decreased their price objective for the company from $261.00 to $200.00 in a report on Thursday, January 23rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $270.00 price target 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 given a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average 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.