Cannon Global Investment Management LLC Takes Position in Veeva Systems Inc. (NYSE:VEEV)

Cannon Global Investment Management LLC purchased a new stake in Veeva Systems Inc. (NYSE:VEEV) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 3,700 shares of the technology company’s stock, valued at approximately $778,000. Veeva Systems accounts for about 1.7% of Cannon Global Investment Management LLC’s investment portfolio, making the stock its 17th biggest holding.

A number of other institutional investors and hedge funds also recently made changes to their positions in VEEV. Toronto Dominion Bank grew its position in shares of Veeva Systems by 39.1% during the 3rd quarter. Toronto Dominion Bank now owns 20,180 shares of the technology company’s stock valued at $4,235,000 after acquiring an additional 5,673 shares during the period. Principal Financial Group Inc. raised its stake in Veeva Systems by 138.9% in the third quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock valued at $457,366,000 after purchasing an additional 1,267,061 shares in the last quarter. Smith Group Asset Management LLC lifted its holdings in shares of Veeva Systems by 2.2% during the 4th quarter. Smith Group Asset Management LLC now owns 82,567 shares of the technology company’s stock worth $17,360,000 after acquiring an additional 1,749 shares during the last quarter. Everence Capital Management Inc. purchased a new stake in Veeva Systems in the fourth quarter worth approximately $816,000. Finally, Venturi Wealth Management LLC increased its holdings 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 period. Institutional investors and hedge funds own 88.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on VEEV shares. StockNews.com upgraded Veeva Systems from a “hold” rating to a “buy” rating in a report on Monday, February 17th. Canaccord Genuity Group upped their price target on Veeva Systems from $210.00 to $270.00 and gave the company a “hold” rating in a report on Friday, December 6th. Royal Bank of Canada lifted their price target on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Wells Fargo & Company upped their price objective on Veeva Systems from $275.00 to $285.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Finally, Needham & Company LLC restated a “buy” rating and set a $270.00 price objective on shares of Veeva Systems in a research report on Thursday, March 6th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have given a buy rating to the company. According to MarketBeat.com, Veeva Systems presently has an average rating of “Moderate Buy” and a consensus price target of $256.52.

Veeva Systems Price Performance

Shares of VEEV stock opened at $236.98 on Monday. The firm has a market cap of $38.47 billion, a P/E ratio of 58.51, a P/E/G ratio of 1.89 and a beta of 0.88. The firm has a fifty day moving average of $229.24 and a two-hundred day moving average of $222.25. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93.

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.