Veeva Systems Inc. (NYSE:VEEV) Shares Sold by Cumberland Partners Ltd

Key Points

• Cumberland Partners Ltd has reduced its position in Veeva Systems by 11.5%, selling 1,500 shares and now holding 11,500 shares valued at approximately $2.66 million.
• Several large investors have increased their stakes in Veeva Systems, with T. Rowe Price and FMR LLC among those boosting their shareholdings significantly in the last quarter.
• Analysts have raised price targets for Veeva Systems, with multiple firms adjusting their targets to between $230.00 and $310.00, indicating a general consensus of a "Moderate Buy" rating.

Cumberland Partners Ltd decreased its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 11.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,500 shares of the technology company's stock after selling 1,500 shares during the period. Cumberland Partners Ltd's holdings in Veeva Systems were worth $2,664,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Johnson Financial Group Inc. grew its stake in Veeva Systems by 22.7% in the 4th quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company's stock worth $56,000 after buying an additional 44 shares in the last quarter. Marks Group Wealth Management Inc lifted its holdings in shares of Veeva Systems by 3.3% in the 1st quarter. Marks Group Wealth Management Inc now owns 1,427 shares of the technology company's stock worth $331,000 after acquiring an additional 46 shares during the last quarter. Colonial Trust Co SC lifted its holdings in shares of Veeva Systems by 30.3% in the 4th quarter. Colonial Trust Co SC now owns 241 shares of the technology company's stock worth $51,000 after acquiring an additional 56 shares during the last quarter. Harbour Investments Inc. lifted its holdings in shares of Veeva Systems by 7.6% in the 1st quarter. Harbour Investments Inc. now owns 789 shares of the technology company's stock worth $183,000 after acquiring an additional 56 shares during the last quarter. Finally, CoreCap Advisors LLC lifted its holdings in shares of Veeva Systems by 31.7% in the 4th quarter. CoreCap Advisors LLC now owns 249 shares of the technology company's stock worth $52,000 after acquiring an additional 60 shares during the last quarter. Institutional investors own 88.20% of the company's stock.

Insider Activity

In other news, SVP Jonathan Faddis sold 720 shares of the company's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $285.62, for a total transaction of $205,646.40. Following the transaction, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Timothy S. Cabral sold 315 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the transaction, the director owned 5,500 shares in the company, valued at approximately $1,593,460. This trade represents a 5.42% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,378 shares of company stock worth $394,217 over the last 90 days. 10.30% of the stock is currently owned by corporate insiders.

Veeva Systems Price Performance

Veeva Systems stock traded down $3.15 during trading hours on Friday, reaching $281.05. The stock had a trading volume of 996,717 shares, compared to its average volume of 1,295,945. The company has a market cap of $45.93 billion, a price-to-earnings ratio of 59.54, a PEG ratio of 2.23 and a beta of 0.95. The business's 50 day moving average price is $280.01 and its 200-day moving average price is $247.20. Veeva Systems Inc. has a 52 week low of $177.41 and a 52 week high of $296.72.

Veeva Systems (NYSE:VEEV - Get Free Report) last announced its earnings results on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, topping analysts' consensus estimates of $1.74 by $0.23. The business had revenue of $759.04 million during the quarter, compared to the consensus estimate of $728.38 million. Veeva Systems had a net margin of 27.34% and a return on equity of 13.96%. The firm's revenue was up 16.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.50 earnings per share. On average, sell-side analysts forecast that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company boosted their price objective on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. Truist Financial boosted their price objective on shares of Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a report on Thursday, May 29th. Citigroup boosted their price objective on shares of Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a report on Friday, May 30th. UBS Group upped their price target on shares of Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a report on Thursday, May 29th. Finally, Needham & Company LLC upped their price target on shares of Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $274.17.

Veeva Systems 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.