Welch & Forbes LLC Has $1.57 Million Position in Veeva Systems Inc. (NYSE:VEEV)

Welch & Forbes LLC reduced its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 7.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,462 shares of the technology company’s stock after selling 631 shares during the quarter. Welch & Forbes LLC’s holdings in Veeva Systems were worth $1,569,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in VEEV. QRG Capital Management Inc. raised its stake in Veeva Systems by 7.1% during the 3rd quarter. QRG Capital Management Inc. now owns 9,987 shares of the technology company’s stock valued at $2,096,000 after purchasing an additional 664 shares during the period. Radnor Capital Management LLC acquired a new position in shares of Veeva Systems in the third quarter worth $374,000. Concurrent Investment Advisors LLC acquired a new position in shares of Veeva Systems in the third quarter worth $245,000. Principal Financial Group Inc. increased its stake in shares of Veeva Systems by 138.9% in the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock worth $457,366,000 after acquiring an additional 1,267,061 shares during the last quarter. Finally, Summit Global Investments acquired a new position in shares of Veeva Systems in the third quarter worth $5,593,000. 88.20% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. JPMorgan Chase & Co. increased their target price on shares of Veeva Systems from $208.00 to $218.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Needham & Company LLC reissued a “buy” rating and set a $270.00 target price on shares of Veeva Systems in a research report on Thursday. Wells Fargo & Company increased their target price on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Bank of America increased their target price on shares of Veeva Systems from $280.00 to $290.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Finally, The Goldman Sachs Group downgraded shares of Veeva Systems from a “buy” rating to a “sell” rating and lowered their target price for the stock from $261.00 to $200.00 in a research report on Thursday, January 23rd. Two analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, Veeva Systems currently has an average rating of “Moderate Buy” and a consensus target price of $255.28.

Veeva Systems Stock Up 4.6 %

Shares of VEEV opened at $247.10 on Friday. The stock has a market cap of $40.12 billion, a price-to-earnings ratio of 61.01, a P/E/G ratio of 1.89 and a beta of 0.88. Veeva Systems Inc. has a 12 month low of $170.25 and a 12 month high of $258.93. The company has a 50-day moving average price of $224.92 and a two-hundred day moving average price of $220.03.

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.