CIBC Asset Management Inc Raises Stock Position in Veeva Systems Inc. (NYSE:VEEV)

CIBC Asset Management Inc increased its stake in Veeva Systems Inc. (NYSE:VEEV) by 13.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,395 shares of the technology company’s stock after purchasing an additional 754 shares during the quarter. CIBC Asset Management Inc’s holdings in Veeva Systems were worth $1,345,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Massachusetts Financial Services Co. MA boosted its stake in shares of Veeva Systems by 64.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock worth $744,084,000 after acquiring an additional 1,392,256 shares during the last quarter. State Street Corp boosted its stake in shares of Veeva Systems by 1.5% during the 3rd quarter. State Street Corp now owns 3,293,141 shares of the technology company’s stock worth $691,132,000 after acquiring an additional 47,872 shares during the last quarter. FMR LLC boosted its stake in shares of Veeva Systems by 25.7% during the 3rd quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock worth $625,674,000 after acquiring an additional 610,021 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Veeva Systems by 36.0% during the 4th quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company’s stock worth $623,186,000 after acquiring an additional 784,741 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Veeva Systems by 5.7% during the 3rd quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company’s stock worth $579,630,000 after acquiring an additional 149,807 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Insider Transactions at Veeva Systems

In other news, SVP Jonathan Faddis sold 1,694 shares of the business’s stock in a transaction dated 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. The trade was a 17.37 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 10.50% of the company’s stock.

Veeva Systems Stock Down 1.2 %

Veeva Systems stock opened at $226.10 on Friday. The company’s 50-day moving average price is $223.76 and its 200-day moving average price is $217.39. Veeva Systems Inc. has a twelve month low of $170.25 and a twelve month high of $258.93. The company has a market cap of $36.71 billion, a PE ratio of 55.83, a price-to-earnings-growth ratio of 1.89 and a beta of 0.85.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Scotiabank lifted their price target on shares of Veeva Systems from $235.00 to $240.00 and gave the stock a “sector perform” rating in a research note on Friday, December 6th. Evercore ISI raised their price objective on shares of Veeva Systems from $220.00 to $245.00 and gave the company an “in-line” rating in a research report on Friday, December 6th. StockNews.com upgraded shares of Veeva Systems from a “hold” rating to a “buy” rating in a research report on Monday, February 17th. Citigroup raised their price objective on shares of Veeva Systems from $281.00 to $307.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Finally, Piper Sandler raised their price objective on shares of Veeva Systems from $280.00 to $290.00 and gave the company an “overweight” rating in a research report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, Veeva Systems presently has an average rating of “Moderate Buy” and a consensus target price of $255.08.

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.