Cumberland Partners Ltd Purchases Shares of 13,000 Veeva Systems Inc. (NYSE:VEEV)

Cumberland Partners Ltd acquired a new stake in Veeva Systems Inc. (NYSE:VEEV) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 13,000 shares of the technology company’s stock, valued at approximately $2,733,000.

Other hedge funds have also recently made changes to their positions in the company. Blue Trust Inc. boosted its stake in Veeva Systems by 453.9% during the 3rd quarter. Blue Trust Inc. now owns 986 shares of the technology company’s stock valued at $207,000 after purchasing an additional 808 shares during the last quarter. Raymond James & Associates lifted its holdings in shares of Veeva Systems by 9.1% in the third quarter. Raymond James & Associates now owns 115,954 shares of the technology company’s stock valued at $24,335,000 after purchasing an additional 9,713 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of Veeva Systems by 3.5% during the third quarter. Sequoia Financial Advisors LLC now owns 16,449 shares of the technology company’s stock valued at $3,452,000 after buying an additional 550 shares during the last quarter. Liberty Capital Management Inc. grew its holdings in Veeva Systems by 1.7% during the third quarter. Liberty Capital Management Inc. now owns 5,937 shares of the technology company’s stock worth $1,246,000 after buying an additional 97 shares in the last quarter. Finally, Lecap Asset Management Ltd. raised its position in Veeva Systems by 442.0% in the 3rd quarter. Lecap Asset Management Ltd. now owns 22,660 shares of the technology company’s stock valued at $4,756,000 after buying an additional 18,479 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have issued reports on VEEV. Canaccord Genuity Group lifted their price objective on shares of Veeva Systems from $210.00 to $270.00 and gave the stock a “hold” rating in a report on Friday, December 6th. KeyCorp reduced their price objective on shares of Veeva Systems from $285.00 to $255.00 and set an “overweight” rating for the company in a research report on Wednesday, January 8th. Evercore ISI lifted their target price on shares of Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a research report on Friday, December 6th. The Goldman Sachs Group lowered Veeva Systems from a “buy” rating to a “sell” rating and reduced their target price for the company from $261.00 to $200.00 in a report on Thursday, January 23rd. Finally, StockNews.com upgraded Veeva Systems from a “hold” rating to a “buy” rating in a report on Monday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, Veeva Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $253.96.

Insider Activity

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total value of $390,128.20. Following the sale, the senior vice president now directly owns 8,061 shares in the company, valued at $1,856,448.30. This represents a 17.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 10.50% of the stock is owned by company insiders.

Veeva Systems Stock Down 1.5 %

VEEV stock opened at $229.25 on Thursday. The stock has a 50-day simple moving average of $223.98 and a two-hundred day simple moving average of $216.94. Veeva Systems Inc. has a twelve month low of $170.25 and a twelve month high of $258.93. The firm has a market capitalization of $37.22 billion, a PE ratio of 56.61, a PEG ratio of 1.92 and a beta of 0.85.

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.