United Community Bank Trims Stock Position in Veeva Systems Inc. (NYSE:VEEV)

United Community Bank cut its holdings in Veeva Systems Inc. (NYSE:VEEV) by 4.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,010 shares of the technology company’s stock after selling 45 shares during the quarter. United Community Bank’s holdings in Veeva Systems were worth $212,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Massachusetts Financial Services Co. MA grew its holdings in Veeva Systems by 64.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock valued at $744,084,000 after buying an additional 1,392,256 shares during the last quarter. State Street Corp increased its position in Veeva Systems by 1.5% during the 3rd quarter. State Street Corp now owns 3,293,141 shares of the technology company’s stock worth $691,132,000 after purchasing an additional 47,872 shares in the last quarter. FMR LLC raised its stake in Veeva Systems by 25.7% in the 3rd quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock valued at $625,674,000 after purchasing an additional 610,021 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Veeva Systems by 36.0% during the 4th quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company’s stock worth $623,186,000 after purchasing an additional 784,741 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Veeva Systems by 5.7% during the third quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company’s stock worth $579,630,000 after buying an additional 149,807 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Stock Performance

VEEV opened at $247.10 on Friday. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93. The company has a 50-day moving average of $224.92 and a 200-day moving average of $220.21. The company has a market capitalization of $40.12 billion, a P/E ratio of 61.01, a PEG ratio of 1.89 and a beta of 0.88.

Analyst Ratings Changes

VEEV has been the subject of several recent analyst reports. 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. Needham & Company LLC reiterated a “buy” rating and issued a $270.00 target price on shares of Veeva Systems in a research note on Thursday. Bank of America raised their price target on Veeva Systems from $280.00 to $290.00 and gave the stock a “neutral” rating in a research note on Friday, December 6th. Royal Bank of Canada upped their price objective on shares of Veeva Systems from $275.00 to $285.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Finally, StockNews.com raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a research report on Monday, February 17th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $255.28.

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.