Cibc World Markets Corp Reduces Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Cibc World Markets Corp trimmed its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 22.2% in the fourth quarter, Holdings Channel reports. The institutional investor owned 6,962 shares of the technology company’s stock after selling 1,987 shares during the period. Cibc World Markets Corp’s holdings in Veeva Systems were worth $1,464,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in VEEV. Jensen Investment Management Inc. lifted its stake in Veeva Systems by 8.4% during the fourth quarter. Jensen Investment Management Inc. now owns 25,211 shares of the technology company’s stock worth $5,301,000 after purchasing an additional 1,960 shares during the last quarter. Corient Private Wealth LLC raised its holdings in Veeva Systems by 1,281.1% during the fourth quarter. Corient Private Wealth LLC now owns 188,591 shares of the technology company’s stock worth $39,651,000 after purchasing an additional 174,936 shares in the last quarter. Centurion Wealth Management LLC lifted its position in shares of Veeva Systems by 9.8% during the 4th quarter. Centurion Wealth Management LLC now owns 1,309 shares of the technology company’s stock worth $275,000 after buying an additional 117 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Veeva Systems by 28.2% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 37,641 shares of the technology company’s stock valued at $7,914,000 after buying an additional 8,280 shares in the last quarter. Finally, Natixis Advisors LLC grew its position in shares of Veeva Systems by 2.9% in the 4th quarter. Natixis Advisors LLC now owns 108,803 shares of the technology company’s stock valued at $22,876,000 after buying an additional 3,077 shares during the last quarter. 88.20% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Mizuho started coverage on shares of Veeva Systems in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $275.00 price objective for the company. Stephens reaffirmed an “overweight” rating and set a $280.00 price target on shares of Veeva Systems in a research report on Thursday, March 6th. Bank of America increased their price objective on Veeva Systems from $280.00 to $290.00 and gave the company a “neutral” rating in a report on Friday, December 6th. JPMorgan Chase & Co. lifted their target price on shares of Veeva Systems from $218.00 to $249.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Piper Sandler increased their price target on shares of Veeva Systems from $280.00 to $290.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat, Veeva Systems presently has an average rating of “Moderate Buy” and an average price target of $256.52.

Veeva Systems Price Performance

VEEV opened at $236.98 on Friday. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93. The stock has a market cap of $38.47 billion, a P/E ratio of 58.51, a P/E/G ratio of 1.89 and a beta of 0.88. The stock’s 50 day simple moving average is $229.24 and its 200 day simple moving average is $222.17.

Veeva Systems 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.