CIBC Asset Management Inc Buys 754 Shares of Veeva Systems Inc. (NYSE:VEEV)

CIBC Asset Management Inc increased its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 13.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,395 shares of the technology company’s stock after acquiring an additional 754 shares during the quarter. CIBC Asset Management Inc’s holdings in Veeva Systems were worth $1,345,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Massachusetts Financial Services Co. MA grew its position in 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 grew its position in 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 grew its position in 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. grew its position in shares of Veeva Systems by 36.0% in the 4th quarter. Principal Financial Group Inc. now owns 2,964,025 shares of the technology company’s stock worth $623,186,000 after buying an additional 784,741 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Veeva Systems by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 2,765,236 shares of the technology company’s stock worth $579,630,000 after buying an additional 149,807 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Veeva Systems

In related news, SVP Jonathan Faddis sold 1,694 shares of the firm’s stock in a transaction that occurred on 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 owns 8,061 shares in the company, valued at approximately $1,856,448.30. This trade represents a 17.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 10.50% of the company’s stock.

Veeva Systems Price Performance

Shares of NYSE:VEEV opened at $226.10 on Friday. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93. The company has a market cap of $36.71 billion, a P/E ratio of 55.83, a PEG ratio of 1.89 and a beta of 0.85. The stock’s fifty day moving average price is $223.76 and its 200-day moving average price is $217.39.

Wall Street Analyst Weigh In

VEEV has been the topic of a number of recent analyst reports. Wells Fargo & Company lifted their price objective on Veeva Systems from $275.00 to $285.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Citigroup lifted their price objective on Veeva Systems from $281.00 to $307.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. The Goldman Sachs Group lowered Veeva Systems from a “buy” rating to a “sell” rating and cut their price objective for the stock from $261.00 to $200.00 in a research report on Thursday, January 23rd. Morgan Stanley lifted their price objective on Veeva Systems from $183.00 to $195.00 and gave the stock an “underweight” rating in a research report on Tuesday, December 17th. Finally, Evercore ISI lifted their price objective on Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a research report on Friday, December 6th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Veeva Systems presently has a consensus rating of “Moderate Buy” and an average price target 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.