Veeva Systems Inc. (NYSE:VEEV) Position Cut by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. trimmed its holdings in Veeva Systems Inc. (NYSE:VEEV) by 6.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,355 shares of the technology company’s stock after selling 1,833 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Veeva Systems were worth $5,962,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in VEEV. Principal Financial Group Inc. increased its position in shares of Veeva Systems by 138.9% during the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock valued at $457,366,000 after purchasing an additional 1,267,061 shares during the period. Atria Investments Inc increased its position in shares of Veeva Systems by 13.7% during the 3rd quarter. Atria Investments Inc now owns 14,999 shares of the technology company’s stock valued at $3,148,000 after purchasing an additional 1,811 shares during the period. Mesirow Financial Investment Management Inc. acquired a new position in shares of Veeva Systems during the 3rd quarter valued at $377,000. GSA Capital Partners LLP acquired a new position in shares of Veeva Systems during the 3rd quarter valued at $526,000. Finally, Simmons Bank acquired a new position in shares of Veeva Systems during the 3rd quarter valued at $952,000. 88.20% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Canaccord Genuity Group lifted their target price on Veeva Systems from $210.00 to $270.00 and gave the stock a “hold” rating in a report on Friday, December 6th. Citigroup lifted their target price on Veeva Systems from $281.00 to $307.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Stifel Nicolaus lifted their target price on Veeva Systems from $240.00 to $272.00 and gave the stock a “buy” rating in a report on Friday, December 6th. Evercore ISI lifted their target price on Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a report on Friday, December 6th. Finally, StockNews.com upgraded Veeva Systems from a “hold” rating to a “buy” rating in a report on Monday, February 17th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, Veeva Systems has an average rating of “Moderate Buy” and an average price target of $255.28.

Veeva Systems Trading Up 0.7 %

VEEV stock opened at $233.34 on Thursday. The firm has a market cap of $37.88 billion, a P/E ratio of 57.62, a P/E/G ratio of 1.89 and a beta of 0.88. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93. The business’s 50 day moving average is $226.36 and its 200-day moving average is $220.96.

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.