Cullen Frost Bankers Inc. Trims Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Cullen Frost Bankers Inc. lessened its holdings in Veeva Systems Inc. (NYSE:VEEV) by 76.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 360 shares of the technology company’s stock after selling 1,196 shares during the period. Cullen Frost Bankers Inc.’s holdings in Veeva Systems were worth $76,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of VEEV. Concurrent Investment Advisors LLC purchased a new stake in shares of Veeva Systems in the third quarter valued at about $245,000. Principal Financial Group Inc. lifted its holdings 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 valued at $457,366,000 after purchasing an additional 1,267,061 shares in the last quarter. Verdence Capital Advisors LLC lifted its holdings in shares of Veeva Systems by 4.8% in the third quarter. Verdence Capital Advisors LLC now owns 5,065 shares of the technology company’s stock valued at $1,063,000 after purchasing an additional 230 shares in the last quarter. Assetmark Inc. lifted its holdings in shares of Veeva Systems by 46.4% in the third quarter. Assetmark Inc. now owns 48,205 shares of the technology company’s stock valued at $10,117,000 after purchasing an additional 15,289 shares in the last quarter. Finally, Bridges Investment Management Inc. purchased a new stake in shares of Veeva Systems in the third quarter valued at about $269,000. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Robert W. Baird boosted their price objective on shares of Veeva Systems from $283.00 to $285.00 and gave the company an “outperform” rating in a research report on Thursday. Stephens reissued an “overweight” rating and issued a $280.00 price objective on shares of Veeva Systems in a research report on Thursday. Bank of America boosted their price objective on shares of Veeva Systems from $280.00 to $290.00 and gave the company a “neutral” rating in a research report on Friday, December 6th. StockNews.com raised shares of Veeva Systems from a “hold” rating to a “buy” rating in a research report on Monday, February 17th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Veeva Systems from $208.00 to $218.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Two investment 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. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $255.28.

Veeva Systems Price Performance

NYSE VEEV opened at $247.10 on Monday. The company has a market capitalization of $40.12 billion, a price-to-earnings 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 fifty day moving average price is $224.92 and its two-hundred day moving average price is $220.34.

Veeva Systems Company 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.