Illumine Investment Management LLC Takes Position in Veeva Systems Inc. (NYSE:VEEV)

Illumine Investment Management LLC bought a new stake in Veeva Systems Inc. (NYSE:VEEV) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 6,683 shares of the technology company’s stock, valued at approximately $1,405,000.

Other institutional investors have also modified their holdings of the company. MassMutual Private Wealth & Trust FSB grew its holdings in Veeva Systems by 72.5% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock worth $25,000 after acquiring an additional 50 shares during the period. Centricity Wealth Management LLC purchased a new position in Veeva Systems during the fourth quarter worth about $25,000. True Wealth Design LLC lifted its position in Veeva Systems by 3,375.0% during the third quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock worth $29,000 after buying an additional 135 shares during the period. Avion Wealth lifted its position in Veeva Systems by 635.0% during the fourth quarter. Avion Wealth now owns 147 shares of the technology company’s stock worth $30,000 after buying an additional 127 shares during the period. Finally, Retirement Wealth Solutions LLC purchased a new position in Veeva Systems during the fourth quarter worth about $31,000. Institutional investors and hedge funds own 88.20% of the company’s stock.

Insider Activity at Veeva Systems

In other news, SVP Jonathan Faddis sold 1,694 shares of the company’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total transaction of $390,128.20. Following the completion of the sale, the senior vice president now owns 8,061 shares in the company, valued at approximately $1,856,448.30. This represents a 17.37 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 10.50% of the company’s stock.

Veeva Systems Trading Down 2.6 %

VEEV opened at $221.28 on Friday. The stock has a market cap of $35.93 billion, a price-to-earnings ratio of 54.64, a PEG ratio of 1.89 and a beta of 0.85. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93. The stock has a fifty day moving average price of $223.85 and a 200 day moving average price of $218.48.

Wall Street Analyst Weigh In

Several brokerages have commented on VEEV. Stephens started coverage on Veeva Systems in a research note on Friday, December 20th. They set an “overweight” rating and a $280.00 price target for the company. Needham & Company LLC reiterated a “buy” rating and issued a $270.00 target price on shares of Veeva Systems in a research note on Friday, January 17th. Royal Bank of Canada increased their target price on Veeva Systems from $275.00 to $285.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. KeyCorp reduced their price target on Veeva Systems from $285.00 to $255.00 and set an “overweight” rating for the company in a report on Wednesday, January 8th. Finally, 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 report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $255.08.

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.