Sumitomo Mitsui DS Asset Management Company Ltd Increases Position in Veeva Systems Inc. (NYSE:VEEV)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 14.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 14,560 shares of the technology company's stock after acquiring an additional 1,892 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Veeva Systems were worth $3,061,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Patriot Financial Group Insurance Agency LLC raised its position in shares of Veeva Systems by 0.7% during the third quarter. Patriot Financial Group Insurance Agency LLC now owns 6,924 shares of the technology company's stock worth $1,453,000 after purchasing an additional 48 shares during the period. Tokio Marine Asset Management Co. Ltd. raised its holdings in Veeva Systems by 1.2% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,307 shares of the technology company's stock worth $904,000 after buying an additional 50 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in Veeva Systems by 72.5% during 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. CHICAGO TRUST Co NA raised its holdings in shares of Veeva Systems by 2.9% in the 4th quarter. CHICAGO TRUST Co NA now owns 1,880 shares of the technology company's stock worth $395,000 after acquiring an additional 53 shares during the last quarter. Finally, Old North State Wealth Management LLC raised its holdings in shares of Veeva Systems by 0.4% in the 4th quarter. Old North State Wealth Management LLC now owns 15,351 shares of the technology company's stock worth $3,228,000 after acquiring an additional 55 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Evercore ISI upped their target price on shares of Veeva Systems from $220.00 to $245.00 and gave the stock an "in-line" rating in a report on Friday, December 6th. Mizuho began coverage on Veeva Systems in a research report on Wednesday, December 4th. They issued an "outperform" rating and a $275.00 price target for the company. Wells Fargo & Company lifted their price objective on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an "overweight" rating in a report on Friday, December 6th. Morgan Stanley increased their target price on shares of Veeva Systems from $183.00 to $195.00 and gave the company an "underweight" rating in a report on Tuesday, December 17th. Finally, Bank of America boosted their price target on shares of Veeva Systems from $280.00 to $290.00 and gave the stock a "neutral" rating in a report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat, Veeva Systems presently has an average rating of "Moderate Buy" and a consensus target price of $253.96.

Veeva Systems Stock Performance

Veeva Systems stock traded up $0.70 during mid-day trading on Thursday, reaching $234.04. The company's stock had a trading volume of 705,335 shares, compared to its average volume of 988,163. Veeva Systems Inc. has a 12-month low of $170.25 and a 12-month high of $258.93. The company has a market capitalization of $38.00 billion, a P/E ratio of 57.79, a PEG ratio of 1.97 and a beta of 0.85. The firm's fifty day moving average price is $224.76 and its two-hundred day moving average price is $215.54.

Insider Activity

In related news, SVP Jonathan Faddis sold 1,694 shares of the business's stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total transaction of $390,128.20. Following the completion of the transaction, the senior vice president now owns 8,061 shares of the company's stock, valued at approximately $1,856,448.30. The trade was a 17.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 10.50% of the stock is owned by company insiders.

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.