Wingate Wealth Advisors Inc. Takes $59,000 Position in Veeva Systems Inc. (NYSE:VEEV)

Wingate Wealth Advisors Inc. bought a new stake in shares of Veeva Systems Inc. (NYSE:VEEV) in the fourth quarter, Holdings Channel reports. The institutional investor bought 282 shares of the technology company’s stock, valued at approximately $59,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB lifted its position in Veeva Systems by 72.5% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock worth $25,000 after buying an additional 50 shares during the last quarter. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Veeva Systems in the third quarter worth $26,000. True Wealth Design LLC increased its stake in Veeva Systems by 3,375.0% in the third quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock worth $29,000 after purchasing an additional 135 shares during the period. Retirement Wealth Solutions LLC purchased a new stake in Veeva Systems in the fourth quarter worth $31,000. Finally, Harvest Fund Management Co. Ltd purchased a new stake in Veeva Systems in the third quarter worth $49,000. 88.20% of the stock is currently owned by institutional investors.

Veeva Systems Price Performance

Shares of VEEV stock opened at $237.38 on Tuesday. The company has a market cap of $38.54 billion, a P/E ratio of 58.61, a PEG ratio of 1.97 and a beta of 0.85. The stock’s 50-day moving average is $224.48 and its 200 day moving average is $214.76. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Canaccord Genuity Group increased their target price on Veeva Systems from $210.00 to $270.00 and gave the stock a “hold” rating in a research note on Friday, December 6th. Citigroup increased their target price on Veeva Systems from $281.00 to $307.00 and gave the stock a “buy” rating in a research note on Monday, December 9th. Scotiabank increased their target price on Veeva Systems from $235.00 to $240.00 and gave the stock a “sector perform” rating in a research note on Friday, December 6th. Robert W. Baird increased their target price on Veeva Systems from $275.00 to $283.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Finally, Needham & Company LLC restated a “buy” rating and set a $270.00 price target on shares of Veeva Systems in a research note on Friday, January 17th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Veeva Systems presently has a consensus rating of “Moderate Buy” and an average target price of $253.96.

Insiders Place Their Bets

In other Veeva Systems news, SVP Jonathan Faddis sold 1,694 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $230.30, for a total value of $390,128.20. Following the completion of the sale, the senior vice president now owns 8,061 shares of the company’s stock, valued at approximately $1,856,448.30. This trade represents a 17.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 10.50% of the company’s stock.

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.