Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Cibc World Markets Corp

Cibc World Markets Corp lowered its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 22.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,962 shares of the technology company’s stock after selling 1,987 shares during the quarter. Cibc World Markets Corp’s holdings in Veeva Systems were worth $1,464,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on VEEV shares. Piper Sandler upped their price target on Veeva Systems from $280.00 to $290.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. The Goldman Sachs Group cut Veeva Systems from a “buy” rating to a “sell” rating and dropped their target price for the company from $261.00 to $200.00 in a report on Thursday, January 23rd. Royal Bank of Canada lifted their price target on Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. StockNews.com raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a report on Monday, February 17th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Veeva Systems from $218.00 to $249.00 and gave the stock a “neutral” rating in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Veeva Systems has a consensus rating of “Moderate Buy” and a consensus price target of $256.52.

Veeva Systems Price Performance

Shares of NYSE VEEV opened at $236.98 on Friday. The company has a market cap of $38.47 billion, a price-to-earnings ratio of 58.51, a price-to-earnings-growth ratio of 1.89 and a beta of 0.88. The stock’s 50-day moving average is $229.24 and its two-hundred day moving average is $222.17. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93.

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.