Montanaro Asset Management Ltd Cuts Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Montanaro Asset Management Ltd decreased its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 22.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,150 shares of the technology company’s stock after selling 18,100 shares during the period. Veeva Systems comprises approximately 2.7% of Montanaro Asset Management Ltd’s investment portfolio, making the stock its 15th largest holding. Montanaro Asset Management Ltd’s holdings in Veeva Systems were worth $13,067,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Cardinal Capital Management raised its position in Veeva Systems by 0.3% during the fourth quarter. Cardinal Capital Management now owns 15,727 shares of the technology company’s stock worth $3,307,000 after acquiring an additional 44 shares during the period. MassMutual Private Wealth & Trust FSB raised its position in shares of Veeva Systems by 72.5% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock worth $25,000 after purchasing an additional 50 shares during the last quarter. Patriot Financial Group Insurance Agency LLC lifted its stake in Veeva Systems by 0.7% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 6,975 shares of the technology company’s stock valued at $1,467,000 after buying an additional 51 shares in the last quarter. CHICAGO TRUST Co NA boosted its holdings in Veeva Systems by 2.9% in the 4th quarter. CHICAGO TRUST Co NA now owns 1,880 shares of the technology company’s stock worth $395,000 after buying an additional 53 shares during the last quarter. Finally, Old North State Wealth Management LLC boosted its holdings in Veeva Systems by 0.4% in the 4th quarter. Old North State Wealth Management LLC now owns 15,351 shares of the technology company’s stock worth $3,228,000 after buying an additional 55 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Stock Down 2.1 %

Shares of VEEV opened at $235.52 on Thursday. Veeva Systems Inc. has a 52-week low of $170.25 and a 52-week high of $258.93. The stock has a 50 day moving average price of $230.82 and a 200 day moving average price of $222.68. The company has a market capitalization of $38.24 billion, a price-to-earnings ratio of 58.15, a price-to-earnings-growth ratio of 1.89 and a beta of 0.88.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Evercore ISI raised their target price on Veeva Systems from $220.00 to $245.00 and gave the company an “in-line” rating in a research report on Friday, December 6th. Mizuho initiated coverage on shares of Veeva Systems in a research note on Wednesday, December 4th. They set an “outperform” rating and a $275.00 target price on the stock. Barclays upped their target price on shares of Veeva Systems from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. The Goldman Sachs Group downgraded shares of Veeva Systems from a “buy” rating to a “sell” rating and decreased their price target for the stock from $261.00 to $200.00 in a research note on Thursday, January 23rd. Finally, KeyCorp dropped their price objective on shares of Veeva Systems from $285.00 to $255.00 and set an “overweight” rating for the company in a research note on Wednesday, January 8th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, Veeva Systems has an average rating of “Moderate Buy” and a consensus target price 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.