Biondo Investment Advisors LLC Sells 550 Shares of Veeva Systems Inc. (NYSE:VEEV)

Biondo Investment Advisors LLC cut its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 33.8% during the 4th quarter, HoldingsChannel reports. The firm owned 1,075 shares of the technology company’s stock after selling 550 shares during the period. Biondo Investment Advisors LLC’s holdings in Veeva Systems were worth $226,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cardinal Capital Management raised its position in Veeva Systems by 0.3% in the fourth quarter. Cardinal Capital Management now owns 15,727 shares of the technology company’s stock valued at $3,307,000 after purchasing an additional 44 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings 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 buying an additional 50 shares during the last quarter. Patriot Financial Group Insurance Agency LLC boosted its position 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 buying an additional 51 shares during the period. CHICAGO TRUST Co NA grew its holdings 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 acquiring an additional 53 shares during the last quarter. Finally, Old North State Wealth Management LLC increased its position in Veeva Systems by 0.4% in the 4th quarter. Old North State Wealth Management LLC now owns 15,351 shares of the technology company’s stock valued at $3,228,000 after acquiring an additional 55 shares during the period. Institutional investors own 88.20% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on VEEV shares. JPMorgan Chase & Co. boosted their price objective on shares of Veeva Systems from $218.00 to $249.00 and gave the stock a “neutral” rating in a research note on Thursday, March 20th. Canaccord Genuity Group increased their price target on Veeva Systems from $210.00 to $270.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Scotiabank lifted their price objective on Veeva Systems from $240.00 to $245.00 and gave the stock a “sector perform” rating in a research note on Thursday, March 6th. Needham & Company LLC reiterated a “buy” rating and issued a $270.00 target price on shares of Veeva Systems in a report on Thursday, March 6th. Finally, Mizuho assumed coverage on shares of Veeva Systems in a report on Wednesday, December 4th. They set an “outperform” rating and a $275.00 price target for the company. Two analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $256.52.

Veeva Systems Stock Performance

Shares of NYSE VEEV opened at $234.10 on Friday. The firm’s 50-day simple moving average is $231.62 and its 200 day simple moving average is $222.87. The stock has a market cap of $38.01 billion, a price-to-earnings ratio of 57.80, a PEG ratio of 1.89 and a beta of 0.88. Veeva Systems Inc. has a fifty-two week low of $170.25 and a fifty-two week high of $258.93.

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.