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

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

A number of other hedge funds have also recently modified their holdings of VEEV. Ieq Capital LLC boosted its holdings in shares of Veeva Systems by 67.5% during the fourth quarter. Ieq Capital LLC now owns 15,147 shares of the technology company's stock worth $3,185,000 after purchasing an additional 6,102 shares during the period. Cardinal Capital Management raised its position in Veeva Systems by 0.3% during the 4th 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. Kestra Investment Management LLC raised its position in Veeva Systems by 51.3% during the 4th quarter. Kestra Investment Management LLC now owns 3,498 shares of the technology company's stock valued at $735,000 after purchasing an additional 1,186 shares during the last quarter. Venturi Wealth Management LLC lifted its holdings in Veeva Systems by 2,716.7% in the 4th quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock worth $36,000 after buying an additional 163 shares during the period. Finally, D.A. Davidson & CO. grew its position in shares of Veeva Systems by 28.4% in the 4th quarter. D.A. Davidson & CO. now owns 7,230 shares of the technology company's stock worth $1,520,000 after buying an additional 1,600 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on VEEV shares. JPMorgan Chase & Co. upped their target price on Veeva Systems from $208.00 to $218.00 and gave the company a "neutral" rating in a report on Monday, December 16th. Scotiabank raised their target price on shares of Veeva Systems from $235.00 to $240.00 and gave the stock a "sector perform" rating in a research report on Friday, December 6th. Mizuho began coverage on shares of Veeva Systems in a research note on Wednesday, December 4th. They set an "outperform" rating and a $275.00 target price on the stock. KeyCorp decreased their price target on shares of Veeva Systems from $285.00 to $255.00 and set an "overweight" rating for the company in a research note on Wednesday, January 8th. Finally, Bank of America lifted their price objective on Veeva Systems from $280.00 to $290.00 and gave the company a "neutral" rating in a research report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eighteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $253.96.

Veeva Systems Price Performance

NYSE VEEV traded down $2.10 during trading hours on Friday, hitting $226.64. The company's stock had a trading volume of 485,844 shares, compared to its average volume of 965,696. Veeva Systems Inc. has a 12 month low of $170.25 and a 12 month high of $258.93. The company's 50 day simple moving average is $223.81 and its two-hundred day simple moving average is $217.11. The company has a market cap of $36.79 billion, a P/E ratio of 55.86, a price-to-earnings-growth ratio of 1.89 and a beta of 0.85.

Insider Activity

In related 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 transaction of $390,128.20. Following the transaction, the senior vice president now owns 8,061 shares in the company, valued at $1,856,448.30. This represents a 17.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 10.50% of the company's stock.

Veeva Systems 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.