Franklin Resources Inc. Acquires 226,167 Shares of Veeva Systems Inc. (NYSE:VEEV)

Franklin Resources Inc. grew its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 14.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,745,705 shares of the technology company’s stock after acquiring an additional 226,167 shares during the quarter. Franklin Resources Inc. owned about 1.08% of Veeva Systems worth $367,034,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in VEEV. MassMutual Private Wealth & Trust FSB lifted its holdings in Veeva Systems by 72.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock valued at $25,000 after acquiring an additional 50 shares during the period. Centricity Wealth Management LLC purchased a new stake in shares of Veeva Systems during the 4th quarter valued at about $25,000. Smithfield Trust Co lifted its stake in shares of Veeva Systems by 145.5% in the 4th quarter. Smithfield Trust Co now owns 135 shares of the technology company’s stock worth $27,000 after purchasing an additional 80 shares during the period. True Wealth Design LLC lifted its stake in shares of Veeva Systems by 3,375.0% in the 3rd quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock worth $29,000 after purchasing an additional 135 shares during the period. Finally, Retirement Wealth Solutions LLC purchased a new position in shares of Veeva Systems in the fourth quarter worth approximately $31,000. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Price Performance

Shares of VEEV opened at $231.65 on Tuesday. The business’s 50 day simple moving average is $231.92 and its 200-day simple moving average is $222.95. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93. The stock has a market capitalization of $37.69 billion, a price-to-earnings ratio of 57.20, a price-to-earnings-growth ratio of 1.89 and a beta of 0.88.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Truist Financial lifted their price target on shares of Veeva Systems from $210.00 to $217.00 and gave the stock a “hold” rating in a research note on Thursday, March 6th. Wells Fargo & Company lifted their target price on Veeva Systems from $275.00 to $285.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Robert W. Baird boosted their price target on Veeva Systems from $283.00 to $285.00 and gave the company an “outperform” rating in a report on Thursday, March 6th. Canaccord Genuity Group raised their price objective on Veeva Systems from $210.00 to $270.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. Finally, Scotiabank boosted 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. 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, the stock currently 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.