Sumitomo Mitsui Trust Group Inc. Reduces Position in Veeva Systems Inc. (NYSE:VEEV)

Sumitomo Mitsui Trust Group Inc. cut its holdings in shares of Veeva Systems Inc. (NYSE:VEEV) by 1.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 362,290 shares of the technology company’s stock after selling 4,004 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.22% of Veeva Systems worth $76,034,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of VEEV. Advisors Asset Management Inc. bought a new position in Veeva Systems in the first quarter valued at about $28,000. Mowery & Schoenfeld Wealth Management LLC bought a new position in Veeva Systems in the third quarter valued at about $26,000. Blue Trust Inc. lifted its holdings in Veeva Systems by 3,460.0% in the second quarter. Blue Trust Inc. now owns 178 shares of the technology company’s stock valued at $33,000 after acquiring an additional 173 shares during the period. DT Investment Partners LLC bought a new position in Veeva Systems in the second quarter valued at about $35,000. Finally, Fairscale Capital LLC bought a new position in Veeva Systems in the second quarter valued at about $46,000. 88.20% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Veeva Systems

In other news, insider Thomas D. Schwenger sold 1,126 shares of Veeva Systems stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $240.01, for a total value of $270,251.26. Following the completion of the transaction, the insider now owns 27,013 shares in the company, valued at approximately $6,483,390.13. The trade was a 4.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jonathan Faddis sold 2,353 shares of Veeva Systems stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $200.00, for a total value of $470,600.00. Following the completion of the transaction, the senior vice president now owns 9,035 shares of the company’s stock, valued at approximately $1,807,000. This trade represents a 20.66 % decrease in their position. The disclosure for this sale can be found here. 10.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on VEEV shares. JPMorgan Chase & Co. increased their target price on Veeva Systems from $203.00 to $208.00 and gave the company a “neutral” rating in a report on Monday, September 9th. Barclays raised their price objective on Veeva Systems from $240.00 to $260.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. TD Cowen raised their price objective on Veeva Systems from $180.00 to $192.00 and gave the stock a “hold” rating in a research note on Thursday, August 29th. Royal Bank of Canada raised their price objective on Veeva Systems from $250.00 to $275.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $260.00 price objective on shares of Veeva Systems in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, Veeva Systems presently has an average rating of “Moderate Buy” and a consensus target price of $237.00.

Veeva Systems Price Performance

NYSE VEEV opened at $229.71 on Friday. The stock has a market capitalization of $37.20 billion, a PE ratio of 61.26, a P/E/G ratio of 2.28 and a beta of 0.81. The business has a 50 day simple moving average of $215.14 and a two-hundred day simple moving average of $200.49. Veeva Systems Inc. has a 1-year low of $165.12 and a 1-year high of $240.68.

Veeva Systems (NYSE:VEEV) last released its quarterly earnings results on Wednesday, August 28th. The technology company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.03. The business had revenue of $676.18 million during the quarter, compared to analysts’ expectations of $667.21 million. Veeva Systems had a return on equity of 13.30% and a net margin of 23.91%. On average, analysts anticipate that Veeva Systems Inc. will post 4.21 EPS for the current fiscal year.

About Veeva Systems

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.