Bestgate Wealth Advisors LLC Invests $238,000 in Veeva Systems Inc. (NYSE:VEEV)

Bestgate Wealth Advisors LLC acquired a new position in shares of Veeva Systems Inc. (NYSE:VEEV) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 1,133 shares of the technology company’s stock, valued at approximately $238,000.

Several other large investors have also made changes to their positions in the company. Cardinal Capital Management raised its position in shares of Veeva Systems by 0.3% in the 4th quarter. Cardinal Capital Management now owns 15,727 shares of the technology company’s stock worth $3,307,000 after buying an additional 44 shares during the period. MassMutual Private Wealth & Trust FSB raised its position in shares of Veeva Systems by 72.5% in the 4th 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 period. Patriot Financial Group Insurance Agency LLC raised its position in shares of Veeva Systems by 0.7% in the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 6,975 shares of the technology company’s stock worth $1,467,000 after buying an additional 51 shares during the period. CHICAGO TRUST Co NA raised its position in Veeva Systems by 2.9% in the fourth quarter. CHICAGO TRUST Co NA now owns 1,880 shares of the technology company’s stock valued at $395,000 after purchasing an additional 53 shares during the period. Finally, Old North State Wealth Management LLC raised its position in Veeva Systems by 0.4% in the fourth quarter. Old North State Wealth Management LLC now owns 15,351 shares of the technology company’s stock valued at $3,228,000 after purchasing an additional 55 shares during the period. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Stock Performance

NYSE:VEEV opened at $236.05 on Wednesday. The stock has a 50-day simple moving average of $228.10 and a 200 day simple moving average of $221.83. Veeva Systems Inc. has a one year low of $170.25 and a one year high of $258.93. The company has a market capitalization of $38.32 billion, a price-to-earnings ratio of 58.28, a price-to-earnings-growth ratio of 1.89 and a beta of 0.88.

Wall Street Analyst Weigh In

VEEV has been the topic of several research reports. The Goldman Sachs Group lowered Veeva Systems from a “buy” rating to a “sell” rating and cut their price objective for the company from $261.00 to $200.00 in a research report on Thursday, January 23rd. Robert W. Baird raised their price objective on Veeva Systems from $283.00 to $285.00 and gave the company an “outperform” rating in a research report on Thursday, March 6th. Scotiabank raised their price objective on Veeva Systems from $240.00 to $245.00 and gave the company a “sector perform” rating in a research report on Thursday, March 6th. Stifel Nicolaus raised their price objective on Veeva Systems from $240.00 to $272.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Finally, Evercore ISI raised their price objective on Veeva Systems from $220.00 to $245.00 and gave the company an “in-line” rating in a research report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $255.28.

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.