Mitsubishi UFJ Trust & Banking Corp Reduces Stake in Veeva Systems Inc. (NYSE:VEEV)

Mitsubishi UFJ Trust & Banking Corp lessened its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 14.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 187,714 shares of the technology company’s stock after selling 32,067 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Veeva Systems were worth $39,467,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. TD Asset Management Inc. lifted its position in Veeva Systems by 6.4% in the fourth quarter. TD Asset Management Inc. now owns 452,553 shares of the technology company’s stock valued at $95,149,000 after buying an additional 27,396 shares during the last quarter. Prudential Financial Inc. grew its stake in shares of Veeva Systems by 982.2% in the fourth quarter. Prudential Financial Inc. now owns 122,120 shares of the technology company’s stock worth $25,676,000 after acquiring an additional 110,836 shares in the last quarter. Twin City Private Wealth LLC increased its position in shares of Veeva Systems by 2.9% during the fourth quarter. Twin City Private Wealth LLC now owns 2,036 shares of the technology company’s stock worth $428,000 after acquiring an additional 58 shares during the period. Cannon Global Investment Management LLC acquired a new stake in shares of Veeva Systems in the fourth quarter valued at $778,000. Finally, Stevens Capital Management LP purchased a new position in Veeva Systems in the fourth quarter valued at $359,000. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

VEEV has been the topic of several recent research reports. KeyCorp cut their price target on Veeva Systems from $285.00 to $255.00 and set an “overweight” rating on the stock in a report on Wednesday, January 8th. Bank of America lifted their price target on shares of Veeva Systems from $280.00 to $290.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Citigroup increased 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 lifted their price objective on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Finally, Scotiabank increased their target price on Veeva Systems from $240.00 to $245.00 and gave the company a “sector perform” rating in a report on Thursday, March 6th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, Veeva Systems has a consensus rating of “Moderate Buy” and a consensus price target of $256.52.

Veeva Systems Stock Performance

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