Farther Finance Advisors LLC Boosts Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Farther Finance Advisors LLC grew its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 4.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,355 shares of the technology company’s stock after purchasing an additional 139 shares during the quarter. Farther Finance Advisors LLC’s holdings in Veeva Systems were worth $705,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Massachusetts Financial Services Co. MA increased its holdings in Veeva Systems by 64.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock worth $744,084,000 after buying an additional 1,392,256 shares during the last quarter. State Street Corp increased its position in Veeva Systems by 1.5% in the third quarter. State Street Corp now owns 3,293,141 shares of the technology company’s stock worth $691,132,000 after buying an additional 47,872 shares during the last quarter. FMR LLC increased its position in Veeva Systems by 25.7% in the third quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock worth $625,674,000 after buying an additional 610,021 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Veeva Systems by 36.0% in the fourth quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company’s stock valued at $623,186,000 after buying an additional 784,741 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Veeva Systems by 5.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company’s stock valued at $579,630,000 after buying an additional 149,807 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Stock Performance

Shares of NYSE:VEEV opened at $233.84 on Friday. The firm has a market capitalization of $37.96 billion, a PE ratio of 57.74, a price-to-earnings-growth ratio of 1.89 and a beta of 0.88. Veeva Systems Inc. has a 52-week low of $170.25 and a 52-week high of $258.93. The firm has a fifty day moving average of $227.12 and a 200 day moving average of $221.39.

Wall Street Analyst Weigh In

VEEV has been the topic of a number of research reports. KeyCorp lowered their price objective on Veeva Systems from $285.00 to $255.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 8th. Stephens restated an “overweight” rating and set a $280.00 price target on shares of Veeva Systems in a research note on Thursday, March 6th. JPMorgan Chase & Co. raised their price objective on shares of Veeva Systems from $208.00 to $218.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Barclays boosted their target price on shares of Veeva Systems from $260.00 to $275.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Finally, The Goldman Sachs Group lowered Veeva Systems from a “buy” rating to a “sell” rating and cut their price target for the stock from $261.00 to $200.00 in a report on Thursday, January 23rd. 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $255.28.

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.