Umpqua Bank Raises Stake in Veeva Systems Inc. (NYSE:VEEV)

Umpqua Bank grew its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 4.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,859 shares of the technology company’s stock after purchasing an additional 180 shares during the quarter. Umpqua Bank’s holdings in Veeva Systems were worth $814,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Toronto Dominion Bank lifted its stake in Veeva Systems by 39.1% in the third quarter. Toronto Dominion Bank now owns 20,180 shares of the technology company’s stock worth $4,235,000 after acquiring an additional 5,673 shares during the period. Principal Financial Group Inc. raised its holdings in 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 purchasing an additional 1,267,061 shares in the last quarter. Smith Group Asset Management LLC raised its holdings in Veeva Systems by 2.2% in the fourth quarter. Smith Group Asset Management LLC now owns 82,567 shares of the technology company’s stock worth $17,360,000 after purchasing an additional 1,749 shares in the last quarter. Everence Capital Management Inc. bought a new position in Veeva Systems in the fourth quarter worth about $816,000. Finally, Venturi Wealth Management LLC raised its holdings in Veeva Systems by 2,716.7% in the fourth quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company’s stock worth $36,000 after purchasing an additional 163 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Stock Up 0.5 %

Shares of VEEV opened at $236.98 on Friday. Veeva Systems Inc. has a 52-week low of $170.25 and a 52-week high of $258.93. The company has a market capitalization of $38.47 billion, a PE ratio of 58.51, a price-to-earnings-growth ratio of 1.89 and a beta of 0.88. The stock has a fifty day simple moving average of $229.24 and a two-hundred day simple moving average of $222.17.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. StockNews.com upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a report on Monday, February 17th. Evercore ISI upped their price objective on shares of Veeva Systems from $220.00 to $245.00 and gave the company an “in-line” rating in a report on Friday, December 6th. Morgan Stanley upped their price objective on shares of Veeva Systems from $195.00 to $201.00 and gave the company an “underweight” rating in a report on Thursday, March 6th. JPMorgan Chase & Co. upped their price objective on shares of Veeva Systems from $218.00 to $249.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Piper Sandler upped their price objective on shares of Veeva Systems from $280.00 to $290.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Two 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’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $256.52.

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.