Cumberland Partners Ltd Increases Stake in Veeva Systems Inc. $VEEV

Cumberland Partners Ltd boosted its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 24.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,500 shares of the technology company’s stock after buying 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 SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sivia Capital Partners LLC raised its stake in shares of Veeva Systems by 225.9% in the second quarter. Sivia Capital Partners LLC now owns 3,122 shares of the technology company’s stock valued at $899,000 after acquiring an additional 2,164 shares in the last quarter. Legacy Investment Solutions LLC purchased a new stake in Veeva Systems during the 2nd quarter worth about $32,000. Mutual of America Capital Management LLC increased its holdings in Veeva Systems by 15.5% during the 2nd quarter. Mutual of America Capital Management LLC now owns 4,131 shares of the technology company’s stock worth $1,190,000 after purchasing an additional 554 shares during the period. Chicago Partners Investment Group LLC acquired a new stake in Veeva Systems in the 2nd quarter valued at about $361,000. Finally, Phoenix Financial Ltd. purchased a new position in shares of Veeva Systems in the 2nd quarter valued at about $777,000. Hedge funds and other institutional investors own 88.20% of the company’s stock.

Veeva Systems Trading Up 2.5%

Shares of Veeva Systems stock opened at $181.19 on Thursday. The company has a fifty day simple moving average of $212.78 and a 200-day simple moving average of $255.32. The stock has a market cap of $29.78 billion, a price-to-earnings ratio of 35.25, a PEG ratio of 1.22 and a beta of 1.08. Veeva Systems Inc. has a 12-month low of $168.13 and a 12-month high of $310.50.

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

Veeva Systems declared that its Board of Directors has initiated a share repurchase program on Monday, January 5th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the technology company to purchase up to 5.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on VEEV. KeyCorp restated a “sector weight” rating on shares of Veeva Systems in a research note on Friday, December 12th. Canaccord Genuity Group reiterated a “buy” rating on shares of Veeva Systems in a research note on Tuesday, November 25th. BTIG Research reiterated a “buy” rating and set a $340.00 price target on shares of Veeva Systems in a report on Friday, November 21st. Barclays reduced their price objective on shares of Veeva Systems from $325.00 to $305.00 and set an “overweight” rating on the stock in a report on Friday, November 21st. Finally, UBS Group decreased their price objective on shares of Veeva Systems from $310.00 to $280.00 and set a “neutral” rating for the company in a research report on Friday, November 21st. Eighteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $307.33.

Insider Activity at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,000 shares of the company’s stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $231.43, for a total value of $231,430.00. Following the completion of the sale, the insider directly owned 23,204 shares of the company’s stock, valued at $5,370,101.72. This represents a 4.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 10.30% of the company’s stock.

About Veeva Systems

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.