Mitsubishi UFJ Asset Management Co. Ltd. Increases Holdings in Veeva Systems Inc. $VEEV

Key Points

• Mitsubishi UFJ Asset Management increased its Veeva Systems stake by 4.2% in the fourth quarter, adding 6,059 shares to reach 148,972 shares valued at about $32.7 million.
• Analyst sentiment is mixed but still generally positive: Citigroup downgraded Veeva to neutral and cut its target sharply, while Zacks upgraded it to strong buy. The consensus rating remains Moderate Buy with an average price target of $278.70.
• Veeva reported better-than-expected quarterly results, with EPS of $2.06 and revenue of $835.95 million, both above estimates. The stock was trading down about 1.2% at $166.21, well below its 52-week high of $310.50.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 4.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 148,972 shares of the technology company's stock after purchasing an additional 6,059 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.09% of Veeva Systems worth $32,698,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. GPS Wealth Strategies Group LLC lifted its position in shares of Veeva Systems by 196.4% in the 3rd quarter. GPS Wealth Strategies Group LLC now owns 83 shares of the technology company's stock worth $25,000 after purchasing an additional 55 shares during the period. Board of the Pension Protection Fund purchased a new stake in shares of Veeva Systems in the 4th quarter worth approximately $27,000. Raiffeisen Bank International AG purchased a new stake in shares of Veeva Systems in the 3rd quarter worth approximately $28,000. Newbridge Financial Services Group Inc. lifted its position in shares of Veeva Systems by 322.6% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 131 shares of the technology company's stock worth $29,000 after purchasing an additional 100 shares during the period. Finally, Activest Wealth Management lifted its position in shares of Veeva Systems by 3,175.0% in the 4th quarter. Activest Wealth Management now owns 131 shares of the technology company's stock worth $29,000 after purchasing an additional 127 shares during the period. Hedge funds and other institutional investors own 88.20% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Citigroup cut shares of Veeva Systems from a "buy" rating to a "neutral" rating and lowered their price target for the stock from $291.00 to $176.00 in a research report on Friday, April 10th. UBS Group upped their price target on shares of Veeva Systems from $200.00 to $220.00 and gave the stock a "neutral" rating in a research report on Thursday, March 5th. Stifel Nicolaus upped their price target on shares of Veeva Systems from $212.00 to $245.00 and gave the stock a "buy" rating in a research report on Thursday, March 5th. Zacks Research raised shares of Veeva Systems from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, April 15th. Finally, Barclays lowered their price target on shares of Veeva Systems from $305.00 to $250.00 and set an "overweight" rating for the company in a research report on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $278.70.

Insider Activity

In other Veeva Systems news, Director Priscilla Hung sold 750 shares of the firm's stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $155.64, for a total value of $116,730.00. Following the completion of the transaction, the director owned 3,253 shares of the company's stock, valued at approximately $506,296.92. This trade represents a 18.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 10.30% of the company's stock.

Veeva Systems Trading Down 1.2%

NYSE VEEV opened at $166.21 on Friday. The company has a fifty day simple moving average of $174.27 and a two-hundred day simple moving average of $213.74. The stock has a market cap of $27.15 billion, a P/E ratio of 30.72, a P/E/G ratio of 0.74 and a beta of 0.92. Veeva Systems Inc. has a 12-month low of $148.05 and a 12-month high of $310.50.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its quarterly earnings results on Wednesday, March 4th. The technology company reported $2.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.94 by $0.12. The business had revenue of $835.95 million during the quarter, compared to analysts' expectations of $810.95 million. Veeva Systems had a net margin of 28.44% and a return on equity of 13.80%. The business's quarterly revenue was up 16.0% on a year-over-year basis. During the same quarter last year, the company posted $1.74 earnings per share. Veeva Systems has set its FY 2027 guidance at 8.850- EPS and its Q1 2027 guidance at 2.130-2.14 EPS. As a group, sell-side analysts forecast that Veeva Systems Inc. will post 6.41 earnings per share for the current year.

Veeva Systems Profile

Veeva Systems NYSE: VEEV is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva's product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.

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