CIBC Asset Management Inc Buys 294 Shares of Veeva Systems Inc. (NYSE:VEEV)

CIBC Asset Management Inc raised its stake in Veeva Systems Inc. (NYSE:VEEV) by 5.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,641 shares of the technology company’s stock after acquiring an additional 294 shares during the quarter. CIBC Asset Management Inc’s holdings in Veeva Systems were worth $1,184,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. OneDigital Investment Advisors LLC grew its stake in shares of Veeva Systems by 7.3% in the third quarter. OneDigital Investment Advisors LLC now owns 1,909 shares of the technology company’s stock valued at $401,000 after acquiring an additional 130 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. grew its position in shares of Veeva Systems by 1.2% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,307 shares of the technology company’s stock worth $904,000 after purchasing an additional 50 shares in the last quarter. Metis Global Partners LLC increased its holdings in shares of Veeva Systems by 13.1% during the third quarter. Metis Global Partners LLC now owns 5,057 shares of the technology company’s stock worth $1,061,000 after purchasing an additional 584 shares during the period. Snider Financial Group raised its position in shares of Veeva Systems by 1.1% in the third quarter. Snider Financial Group now owns 14,769 shares of the technology company’s stock valued at $3,100,000 after buying an additional 160 shares in the last quarter. Finally, Huntington National Bank raised its position in shares of Veeva Systems by 19.8% in the third quarter. Huntington National Bank now owns 1,559 shares of the technology company’s stock valued at $327,000 after buying an additional 258 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Veeva Systems

In other Veeva Systems news, insider Thomas D. Schwenger sold 1,126 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $240.01, for a total transaction of $270,251.26. Following the completion of the sale, the insider now directly owns 27,013 shares in the company, valued at approximately $6,483,390.13. This trade represents a 4.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 10.50% of the company’s stock.

Analyst Upgrades and Downgrades

VEEV has been the topic of a number of recent research reports. TD Cowen raised their price objective on Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a research note on Thursday, August 29th. Barclays boosted their price target on Veeva Systems from $240.00 to $260.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. UBS Group increased their price objective on shares of Veeva Systems from $185.00 to $215.00 and gave the stock a “neutral” rating in a research note on Monday, August 26th. Needham & Company LLC reaffirmed a “buy” rating and set a $260.00 price target on shares of Veeva Systems in a report on Friday, November 8th. Finally, Robert W. Baird decreased their price objective on shares of Veeva Systems from $251.00 to $245.00 and set an “outperform” rating on the stock in a research note on Monday, October 28th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $236.92.

Veeva Systems Stock Performance

Shares of NYSE:VEEV opened at $210.63 on Thursday. Veeva Systems Inc. has a 52 week low of $165.12 and a 52 week high of $240.68. The firm has a market cap of $34.11 billion, a PE ratio of 56.17, a price-to-earnings-growth ratio of 2.06 and a beta of 0.81. The firm’s fifty day moving average is $214.68 and its 200-day moving average is $201.00.

Veeva Systems (NYSE:VEEV) last announced its earnings results on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, topping the consensus estimate of $1.04 by $0.03. The firm had revenue of $676.18 million for the quarter, compared to the consensus estimate of $667.21 million. Veeva Systems had a return on equity of 13.30% and a net margin of 23.91%. Sell-side analysts forecast that Veeva Systems Inc. will post 4.21 EPS for the current year.

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.