Cullen Investment Group LTD. Purchases New Position in Veeva Systems Inc. (NYSE:VEEV)

Cullen Investment Group LTD. acquired a new stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 7,445 shares of the technology company's stock, valued at approximately $1,724,000.

Other large investors also recently added to or reduced their stakes in the company. Centricity Wealth Management LLC acquired a new stake in shares of Veeva Systems in the fourth quarter worth $25,000. Smithfield Trust Co lifted its stake in shares of Veeva Systems by 145.5% in the fourth quarter. Smithfield Trust Co now owns 135 shares of the technology company's stock worth $27,000 after buying an additional 80 shares during the last quarter. Avion Wealth lifted its stake in shares of Veeva Systems by 635.0% in the fourth quarter. Avion Wealth now owns 147 shares of the technology company's stock worth $30,000 after buying an additional 127 shares during the last quarter. Venturi Wealth Management LLC lifted its stake in shares of Veeva Systems by 2,716.7% in the fourth quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock worth $36,000 after buying an additional 163 shares during the last quarter. Finally, Promus Capital LLC acquired a new position in Veeva Systems during the 4th quarter valued at $36,000. 88.20% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. UBS Group upped their target price on shares of Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a research note on Thursday. Wells Fargo & Company upped their target price on shares of Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research note on Thursday. Wall Street Zen upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a research note on Friday. Truist Financial upped their target price on shares of Veeva Systems from $217.00 to $230.00 and gave the company a "hold" rating in a research note on Thursday. Finally, Needham & Company LLC upped their target price on shares of Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a research note on Thursday. Two analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $269.00.

Veeva Systems Price Performance

Shares of VEEV traded up $0.99 during trading hours on Friday, hitting $280.03. The stock had a trading volume of 3,578,987 shares, compared to its average volume of 1,132,660. The company's fifty day moving average is $230.48 and its two-hundred day moving average is $227.83. Veeva Systems Inc. has a 52 week low of $171.10 and a 52 week high of $285.70. The stock has a market capitalization of $45.56 billion, a price-to-earnings ratio of 69.14, a P/E/G ratio of 1.89 and a beta of 0.96.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, topping analysts' consensus estimates of $1.74 by $0.23. Veeva Systems had a net margin of 25.07% and a return on equity of 13.56%. The firm had revenue of $759.04 million for the quarter, compared to analyst estimates of $728.38 million. During the same quarter in the prior year, the firm earned $1.50 EPS. The company's revenue was up 16.7% on a year-over-year basis. Equities analysts predict that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Jonathan Faddis sold 787 shares of the firm's stock in a transaction dated Wednesday, April 2nd. The shares were sold at an average price of $226.20, for a total value of $178,019.40. Following the transaction, the senior vice president now owns 8,668 shares of the company's stock, valued at approximately $1,960,701.60. This trade represents a 8.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Thomas D. Schwenger sold 1,200 shares of the firm's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $220.97, for a total transaction of $265,164.00. Following the completion of the transaction, the insider now directly owns 25,889 shares in the company, valued at $5,720,692.33. This trade represents a 4.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,869 shares of company stock valued at $1,284,917 in the last 90 days. 10.30% of the stock is currently owned by insiders.

About Veeva Systems

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.