Washington Trust Advisors Inc. Reduces Holdings in Veeva Systems Inc. (NYSE:VEEV)

Washington Trust Advisors Inc. decreased its position in shares of Veeva Systems Inc. (NYSE:VEEV) by 1.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 45,818 shares of the technology company’s stock after selling 712 shares during the quarter. Washington Trust Advisors Inc.’s holdings in Veeva Systems were worth $9,633,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in VEEV. QRG Capital Management Inc. grew its holdings in shares of Veeva Systems by 7.1% during the third quarter. QRG Capital Management Inc. now owns 9,987 shares of the technology company’s stock worth $2,096,000 after purchasing an additional 664 shares during the last quarter. Moloney Securities Asset Management LLC purchased a new position in shares of Veeva Systems during the third quarter worth about $248,000. HF Advisory Group LLC grew its holdings in shares of Veeva Systems by 9.9% during the third quarter. HF Advisory Group LLC now owns 3,316 shares of the technology company’s stock worth $696,000 after purchasing an additional 299 shares during the last quarter. Marks Group Wealth Management Inc purchased a new position in shares of Veeva Systems during the third quarter worth about $274,000. Finally, 1834 Investment Advisors Co. grew its holdings in shares of Veeva Systems by 5.8% during the third quarter. 1834 Investment Advisors Co. now owns 2,660 shares of the technology company’s stock worth $558,000 after purchasing an additional 145 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Trading Up 0.9 %

VEEV stock opened at $220.32 on Thursday. The firm has a 50 day moving average of $223.82 and a 200-day moving average of $219.54. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93. The company has a market cap of $35.77 billion, a price-to-earnings ratio of 54.40, a PEG ratio of 1.89 and a beta of 0.85.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Truist Financial lowered their price target on Veeva Systems from $261.00 to $210.00 and set a “hold” rating on the stock in a report on Monday, January 13th. Royal Bank of Canada raised 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. Stifel Nicolaus raised their price target on Veeva Systems from $240.00 to $272.00 and gave the stock a “buy” rating in a report on Friday, December 6th. The Goldman Sachs Group lowered Veeva Systems from a “buy” rating to a “sell” rating and lowered their price target for the stock from $261.00 to $200.00 in a report on Thursday, January 23rd. Finally, Robert W. Baird raised their price target on Veeva Systems from $275.00 to $283.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $254.48.

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.