Cannon Global Investment Management LLC Invests $778,000 in Veeva Systems Inc. (NYSE:VEEV)

Cannon Global Investment Management LLC purchased a new position in shares of Veeva Systems Inc. (NYSE:VEEV) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 3,700 shares of the technology company’s stock, valued at approximately $778,000. Veeva Systems comprises approximately 1.7% of Cannon Global Investment Management LLC’s portfolio, making the stock its 17th largest position.

Other large investors have also bought and sold shares of the company. Stevens Capital Management LP acquired a new stake in Veeva Systems in the 4th quarter valued at about $359,000. LPL Financial LLC grew its stake in shares of Veeva Systems by 13.6% during the fourth quarter. LPL Financial LLC now owns 131,341 shares of the technology company’s stock valued at $27,614,000 after purchasing an additional 15,727 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Veeva Systems in the fourth quarter valued at approximately $11,311,000. Umpqua Bank raised its position in Veeva Systems by 4.9% in the 4th quarter. Umpqua Bank now owns 3,859 shares of the technology company’s stock worth $814,000 after purchasing an additional 180 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in Veeva Systems during the 4th quarter worth $3,323,000. 88.20% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on VEEV. Royal Bank of Canada lifted their target price on Veeva Systems from $275.00 to $285.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Barclays boosted their price objective on Veeva Systems from $260.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, December 6th. JPMorgan Chase & Co. lifted their price target on shares of Veeva Systems from $218.00 to $249.00 and gave the stock a “neutral” rating in a research report on Thursday. Citigroup boosted their price target on shares of Veeva Systems from $281.00 to $307.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Finally, Truist Financial raised their price objective on shares of Veeva Systems from $210.00 to $217.00 and gave the company a “hold” rating in a research note on Thursday, March 6th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, Veeva Systems presently has an average rating of “Moderate Buy” and a consensus price target of $256.52.

Veeva Systems Stock Up 0.5 %

Shares of VEEV stock opened at $236.98 on Monday. The firm has a 50 day moving average price of $229.24 and a two-hundred day moving average price of $222.25. The company has a market capitalization of $38.47 billion, a PE ratio of 58.51, a price-to-earnings-growth ratio of 1.89 and a beta of 0.88. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93.

Veeva Systems Company 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.