Raymond James Financial Inc. Purchases New Shares in Veeva Systems Inc. (NYSE:VEEV)

Raymond James Financial Inc. purchased a new stake in Veeva Systems Inc. (NYSE:VEEV) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 455,222 shares of the technology company’s stock, valued at approximately $95,710,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Cardinal Capital Management grew its stake in Veeva Systems by 0.3% in the 4th quarter. Cardinal Capital Management now owns 15,727 shares of the technology company’s stock valued at $3,307,000 after acquiring an additional 44 shares during the period. Tokio Marine Asset Management Co. Ltd. grew its stake in Veeva Systems by 1.2% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,307 shares of the technology company’s stock valued at $904,000 after acquiring an additional 50 shares during the period. MassMutual Private Wealth & Trust FSB grew its stake in Veeva Systems by 72.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock valued at $25,000 after acquiring an additional 50 shares during the period. Patriot Financial Group Insurance Agency LLC boosted its stake in 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 worth $1,467,000 after purchasing an additional 51 shares during the last quarter. Finally, CHICAGO TRUST Co NA boosted its stake in Veeva Systems by 2.9% during the 4th quarter. CHICAGO TRUST Co NA now owns 1,880 shares of the technology company’s stock worth $395,000 after purchasing an additional 53 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Wells Fargo & Company lifted their target price on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. The Goldman Sachs Group cut 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 note on Thursday, January 23rd. Scotiabank lifted their target price on shares of Veeva Systems from $240.00 to $245.00 and gave the stock a “sector perform” rating in a research note on Thursday. Evercore ISI lifted their target price on shares of Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a research note on Friday, December 6th. Finally, Barclays lifted their target price on shares of Veeva Systems from $260.00 to $275.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, Veeva Systems currently has a consensus rating of “Moderate Buy” and a consensus price target of $255.28.

Veeva Systems Trading Up 4.6 %

Shares of VEEV opened at $247.10 on Friday. The firm has a market cap of $40.12 billion, a P/E ratio of 61.01, a price-to-earnings-growth 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’s 50-day moving average price is $224.92 and its 200 day moving average price is $220.21.

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.