Mitsubishi UFJ Asset Management Co. Ltd. Increases Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 11.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 113,132 shares of the technology company’s stock after purchasing an additional 11,465 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Veeva Systems were worth $24,101,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the stock. Cardinal Capital Management lifted 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 valued at $3,307,000 after purchasing an additional 44 shares during the period. MassMutual Private Wealth & Trust FSB boosted its position in Veeva Systems by 72.5% in the fourth 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 grew its stake in shares of Veeva Systems by 0.7% during 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 purchasing an additional 51 shares during the period. CHICAGO TRUST Co NA grew its stake in shares of Veeva Systems by 2.9% during the 4th quarter. CHICAGO TRUST Co NA now owns 1,880 shares of the technology company’s stock valued at $395,000 after purchasing an additional 53 shares during the period. Finally, Old North State Wealth Management LLC lifted its stake in shares of 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 purchasing an additional 55 shares during the period. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on VEEV shares. KeyCorp decreased their price target on shares of Veeva Systems from $285.00 to $255.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 8th. Evercore ISI upped their price objective on Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a research note on Friday, December 6th. The Goldman Sachs Group downgraded Veeva Systems from a “buy” rating to a “sell” rating and decreased their target price for the company from $261.00 to $200.00 in a research note on Thursday, January 23rd. Scotiabank upped their price target on Veeva Systems from $240.00 to $245.00 and gave the stock a “sector perform” rating in a research note on Thursday, March 6th. Finally, StockNews.com upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a research report on Monday, February 17th. Two investment 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. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $256.52.

Veeva Systems Stock Performance

NYSE VEEV opened at $234.10 on Monday. The company has a market cap of $38.01 billion, a P/E ratio of 57.80, a P/E/G ratio of 1.89 and a beta of 0.88. The business’s 50 day moving average price is $231.62 and its 200-day moving average price is $222.87. Veeva Systems Inc. has a fifty-two week low of $170.25 and a fifty-two week 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.