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

Sumitomo Mitsui Trust Group Inc. cut its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 1.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 362,290 shares of the technology company's stock after selling 4,004 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.22% of Veeva Systems worth $76,034,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of VEEV. Mowery & Schoenfeld Wealth Management LLC acquired a new position in shares of Veeva Systems in the third quarter valued at approximately $26,000. Advisors Asset Management Inc. acquired a new position in shares of Veeva Systems during the first quarter worth about $28,000. Blue Trust Inc. boosted its holdings in Veeva Systems by 3,460.0% in the 2nd quarter. Blue Trust Inc. now owns 178 shares of the technology company's stock worth $33,000 after acquiring an additional 173 shares during the period. DT Investment Partners LLC acquired a new position in shares of Veeva Systems during the second quarter worth $35,000. Finally, Mather Group LLC. grew its stake in Veeva Systems by 166.3% during the 2nd quarter. Mather Group LLC. now owns 253 shares of the technology company's stock valued at $46,000 after purchasing an additional 158 shares in the last quarter. 88.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Veeva Systems

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

Analysts Set New Price Targets

VEEV has been the topic of a number of recent research reports. BNP Paribas initiated coverage on Veeva Systems in a report on Tuesday, October 8th. They issued an "outperform" rating and a $286.00 target price on the stock. Barclays upped their price target on shares of Veeva Systems from $240.00 to $260.00 and gave the company an "overweight" rating in a report on Friday, November 8th. TD Cowen lifted their target price on Veeva Systems from $180.00 to $192.00 and gave the stock a "hold" rating in a research report on Thursday, August 29th. StockNews.com upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a research note on Saturday, November 9th. Finally, Truist Financial upped their target price on shares of Veeva Systems from $197.00 to $207.00 and gave the stock a "hold" rating in a report on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, Veeva Systems has an average rating of "Moderate Buy" and an average price target of $237.00.

Veeva Systems Price Performance

NYSE:VEEV traded down $16.42 during trading hours on Friday, reaching $213.29. The company's stock had a trading volume of 1,859,876 shares, compared to its average volume of 947,625. The business's 50-day moving average is $215.42 and its 200-day moving average is $200.69. Veeva Systems Inc. has a one year low of $165.12 and a one year high of $240.68. The company has a market cap of $34.54 billion, a price-to-earnings ratio of 59.39, a price-to-earnings-growth ratio of 2.25 and a beta of 0.81.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings data on Wednesday, August 28th. The technology company reported $1.07 EPS for the quarter, topping analysts' consensus estimates of $1.04 by $0.03. The firm had revenue of $676.18 million for the quarter, compared to analyst estimates of $667.21 million. Veeva Systems had a net margin of 23.91% and a return on equity of 13.30%. On average, sell-side analysts predict 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.