Loomis Sayles & Co. L P Reduces Holdings in Veeva Systems Inc. (NYSE:VEEV)

Loomis Sayles & Co. L P lowered its position in Veeva Systems Inc. (NYSE:VEEV) by 5.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 255,674 shares of the technology company’s stock after selling 15,450 shares during the quarter. Loomis Sayles & Co. L P’s holdings in Veeva Systems were worth $53,756,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sava Infond d.o.o. purchased a new position in Veeva Systems in the fourth quarter valued at about $1,074,000. JPMorgan Chase & Co. boosted its stake in shares of Veeva Systems by 17.5% during the 4th quarter. JPMorgan Chase & Co. now owns 3,005,633 shares of the technology company’s stock valued at $631,935,000 after buying an additional 447,041 shares during the last quarter. Elo Mutual Pension Insurance Co grew its position in shares of Veeva Systems by 13.6% during the fourth quarter. Elo Mutual Pension Insurance Co now owns 15,397 shares of the technology company’s stock worth $3,237,000 after buying an additional 1,840 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Veeva Systems by 11.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 113,132 shares of the technology company’s stock worth $24,101,000 after buying an additional 11,465 shares during the last quarter. Finally, Korea Investment CORP raised its holdings in Veeva Systems by 9.1% in the fourth quarter. Korea Investment CORP now owns 186,768 shares of the technology company’s stock valued at $39,268,000 after acquiring an additional 15,579 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Stock Up 0.8 %

Shares of VEEV opened at $237.52 on Friday. Veeva Systems Inc. has a 12 month low of $170.25 and a 12 month high of $258.93. The company’s fifty day moving average is $231.27 and its 200-day moving average is $222.79. The firm has a market cap of $38.56 billion, a price-to-earnings ratio of 58.65, a price-to-earnings-growth ratio of 1.89 and a beta of 0.88.

Analyst Ratings Changes

Several brokerages have recently commented on VEEV. KeyCorp reduced 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. Needham & Company LLC reaffirmed a “buy” rating and set a $270.00 target price on shares of Veeva Systems in a report on Thursday, March 6th. StockNews.com upgraded Veeva Systems from a “hold” rating to a “buy” rating in a report on Monday, February 17th. Royal Bank of Canada raised their price objective on Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Finally, Canaccord Genuity Group boosted their target price on shares of Veeva Systems from $210.00 to $270.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $256.52.

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.