CIBC Private Wealth Group LLC Makes New $549,000 Investment in Veeva Systems Inc (NYSE:VEEV)

CIBC Private Wealth Group LLC bought a new stake in Veeva Systems Inc (NYSE:VEEV) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 4,329 shares of the technology company’s stock, valued at approximately $549,000.

Other hedge funds have also bought and sold shares of the company. Arizona State Retirement System bought a new stake in Veeva Systems in the 4th quarter worth approximately $1,207,000. Rhumbline Advisers increased its position in shares of Veeva Systems by 3.8% during the 4th quarter. Rhumbline Advisers now owns 128,321 shares of the technology company’s stock valued at $11,462,000 after purchasing an additional 4,711 shares during the last quarter. Benjamin F. Edwards & Company Inc. increased its position in shares of Veeva Systems by 7.8% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 1,402 shares of the technology company’s stock valued at $125,000 after purchasing an additional 102 shares during the last quarter. State Board of Administration of Florida Retirement System increased its position in shares of Veeva Systems by 4.4% during the 4th quarter. State Board of Administration of Florida Retirement System now owns 161,405 shares of the technology company’s stock valued at $14,417,000 after purchasing an additional 6,745 shares during the last quarter. Finally, M&T Bank Corp increased its position in shares of Veeva Systems by 3.9% during the 4th quarter. M&T Bank Corp now owns 25,224 shares of the technology company’s stock valued at $2,252,000 after purchasing an additional 952 shares during the last quarter. 77.65% of the stock is owned by hedge funds and other institutional investors.

A number of research firms recently issued reports on VEEV. SunTrust Banks boosted their price objective on Veeva Systems to $150.00 and gave the company a “buy” rating in a report on Thursday, May 30th. KeyCorp boosted their price objective on Veeva Systems from $133.00 to $172.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. DA Davidson upped their target price on Veeva Systems to $165.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Canaccord Genuity upped their target price on Veeva Systems from $115.00 to $135.00 and gave the stock a “hold” rating in a report on Thursday, May 30th. Finally, Barclays upped their target price on Veeva Systems from $144.00 to $151.00 and gave the stock an “equal weight” rating in a report on Thursday, May 30th. Seven equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Veeva Systems currently has a consensus rating of “Buy” and an average price target of $147.00.

In related news, Director Timothy C. Barabe sold 727 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $127.41, for a total transaction of $92,627.07. Following the sale, the director now directly owns 8,619 shares of the company’s stock, valued at $1,098,146.79. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Jonathan Faddis sold 1,667 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $127.29, for a total value of $212,192.43. Following the sale, the senior vice president now directly owns 2,740 shares in the company, valued at $348,774.60. The disclosure for this sale can be found here. Insiders have sold a total of 100,828 shares of company stock worth $15,085,434 over the last ninety days. 14.38% of the stock is currently owned by corporate insiders.

Shares of NYSE VEEV traded up $1.36 during mid-day trading on Monday, reaching $163.47. 1,078,664 shares of the company were exchanged, compared to its average volume of 1,396,928. The company has a current ratio of 3.73, a quick ratio of 3.73 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $23.87 billion, a PE ratio of 131.83, a price-to-earnings-growth ratio of 6.64 and a beta of 1.41. Veeva Systems Inc has a 1 year low of $73.47 and a 1 year high of $173.65. The business has a 50-day simple moving average of $154.80.

Veeva Systems (NYSE:VEEV) last issued its quarterly earnings data on Wednesday, May 29th. The technology company reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.08). Veeva Systems had a return on equity of 17.61% and a net margin of 28.41%. The company had revenue of $244.75 million for the quarter, compared to analysts’ expectations of $238.69 million. During the same quarter last year, the company earned $0.33 earnings per share. The company’s revenue for the quarter was up 25.2% compared to the same quarter last year. Analysts anticipate that Veeva Systems Inc will post 1.6 earnings per share for the current year.

About Veeva Systems

Veeva Systems Inc provides cloud-based software for the life sciences industry in North America, Europe, the Asia Pacific, and internationally. The company offers Veeva Commercial Cloud, a suite of multichannel customer relationship management applications, data solutions, and master data management solutions; and Veeva Vault, a cloud-based enterprise content and data management applications for managing commercial functions, including medical, sales, and marketing, as well as research and development functions, such as clinical, regulatory, quality, and safety.

See Also: How does a reverse stock split work?

Institutional Ownership by Quarter for Veeva Systems (NYSE:VEEV)

Receive News & Ratings for Veeva Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Veeva Systems and related companies with MarketBeat.com's FREE daily email newsletter.