Veeva Systems Inc. $VEEV Shares Purchased by Cumberland Partners Ltd

Cumberland Partners Ltd raised its holdings in Veeva Systems Inc. (NYSE:VEEV) by 24.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 15,500 shares of the technology company’s stock after purchasing an additional 3,000 shares during the quarter. Cumberland Partners Ltd’s holdings in Veeva Systems were worth $4,618,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sivia Capital Partners LLC grew its holdings in shares of Veeva Systems by 225.9% during the second quarter. Sivia Capital Partners LLC now owns 3,122 shares of the technology company’s stock worth $899,000 after buying an additional 2,164 shares during the last quarter. Legacy Investment Solutions LLC acquired a new stake in Veeva Systems during the 2nd quarter worth approximately $32,000. Mutual of America Capital Management LLC grew its stake in shares of Veeva Systems by 15.5% in the 2nd quarter. Mutual of America Capital Management LLC now owns 4,131 shares of the technology company’s stock valued at $1,190,000 after purchasing an additional 554 shares during the last quarter. Chicago Partners Investment Group LLC acquired a new position in shares of Veeva Systems in the second quarter valued at approximately $361,000. Finally, Phoenix Financial Ltd. acquired a new position in shares of Veeva Systems in the second quarter valued at approximately $777,000. 88.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on VEEV shares. Weiss Ratings downgraded Veeva Systems from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday, January 12th. Robert W. Baird upped their price objective on shares of Veeva Systems from $314.00 to $319.00 and gave the stock an “outperform” rating in a research report on Friday, November 21st. BTIG Research reaffirmed a “buy” rating and issued a $340.00 target price on shares of Veeva Systems in a report on Friday, November 21st. Citigroup dropped their price target on shares of Veeva Systems from $349.00 to $319.00 and set a “buy” rating on the stock in a research note on Monday, November 24th. Finally, The Goldman Sachs Group began coverage on shares of Veeva Systems in a report on Tuesday, January 13th. They set a “sell” rating and a $215.00 price target for the company. Eighteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $307.33.

Insider Transactions at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,000 shares of Veeva Systems stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $231.43, for a total transaction of $231,430.00. Following the completion of the sale, the insider directly owned 23,204 shares in the company, valued at approximately $5,370,101.72. This trade represents a 4.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 10.30% of the company’s stock.

Veeva Systems Stock Performance

Shares of NYSE VEEV opened at $181.19 on Thursday. Veeva Systems Inc. has a one year low of $168.13 and a one year high of $310.50. The firm has a market capitalization of $29.78 billion, a P/E ratio of 35.25, a PEG ratio of 1.22 and a beta of 1.08. The company’s fifty day moving average is $212.78 and its two-hundred day moving average is $255.32.

Veeva Systems (NYSE:VEEV) last announced its quarterly earnings results on Thursday, November 20th. The technology company reported $2.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.95 by $0.09. The business had revenue of $0.81 million during the quarter, compared to the consensus estimate of $792.37 million. Veeva Systems had a net margin of 27.93% and a return on equity of 13.68%. The business’s revenue was up 16.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.75 EPS. On average, sell-side analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current fiscal year.

Veeva Systems declared that its board has authorized a stock repurchase plan on Monday, January 5th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the technology company to purchase up to 5.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Veeva Systems Company Profile

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.