Mitsubishi UFJ Asset Management Co. Ltd. Grows Stock Position in Veeva Systems Inc. (NYSE:VEEV)

Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 11.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 126,077 shares of the technology company's stock after buying an additional 12,945 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.08% of Veeva Systems worth $29,203,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Johnson Financial Group Inc. grew its stake in Veeva Systems by 22.7% in the fourth quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company's stock worth $56,000 after purchasing an additional 44 shares in the last quarter. Marks Group Wealth Management Inc grew its stake in Veeva Systems by 3.3% in the first quarter. Marks Group Wealth Management Inc now owns 1,427 shares of the technology company's stock worth $331,000 after purchasing an additional 46 shares in the last quarter. Colonial Trust Co SC grew its stake in Veeva Systems by 30.3% in the fourth quarter. Colonial Trust Co SC now owns 241 shares of the technology company's stock worth $51,000 after purchasing an additional 56 shares in the last quarter. Harbour Investments Inc. grew its stake in Veeva Systems by 7.6% in the first quarter. Harbour Investments Inc. now owns 789 shares of the technology company's stock worth $183,000 after purchasing an additional 56 shares in the last quarter. Finally, CoreCap Advisors LLC boosted its position in Veeva Systems by 31.7% during the 4th quarter. CoreCap Advisors LLC now owns 249 shares of the technology company's stock valued at $52,000 after acquiring an additional 60 shares in the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on VEEV. Piper Sandler increased their target price on Veeva Systems from $255.00 to $325.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. UBS Group increased their target price on Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a research report on Thursday, May 29th. Barclays increased their target price on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Thursday, May 29th. KeyCorp increased their target price on Veeva Systems from $285.00 to $325.00 and gave the company an "overweight" rating in a research report on Monday, July 14th. Finally, Truist Financial increased their target price on Veeva Systems from $217.00 to $230.00 and gave the company a "hold" rating in a research report on Thursday, May 29th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and fifteen have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $274.17.

Insider Buying and Selling

In other Veeva Systems news, Director Priscilla Hung sold 172 shares of Veeva Systems stock in a transaction dated Thursday, July 3rd. The stock was sold at an average price of $283.00, for a total transaction of $48,676.00. Following the completion of the transaction, the director owned 4,137 shares in the company, valued at approximately $1,170,771. This trade represents a 3.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $289.72, for a total value of $91,261.80. Following the transaction, the director owned 5,500 shares of the company's stock, valued at $1,593,460. The trade was a 5.42% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,378 shares of company stock worth $394,217 in the last 90 days. Insiders own 10.30% of the company's stock.

Veeva Systems Stock Performance

VEEV stock traded down $1.72 during midday trading on Tuesday, reaching $275.24. The stock had a trading volume of 1,267,645 shares, compared to its average volume of 1,200,095. The stock has a market cap of $44.98 billion, a PE ratio of 58.31, a P/E/G ratio of 2.19 and a beta of 0.95. The firm has a fifty day simple moving average of $282.71 and a two-hundred day simple moving average of $249.87. Veeva Systems Inc. has a 52-week low of $185.51 and a 52-week high of $296.72.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its earnings results on Wednesday, May 28th. The technology company reported $1.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.74 by $0.23. The company had revenue of $759.04 million during the quarter, compared to analyst estimates of $728.38 million. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The firm's quarterly revenue was up 16.7% on a year-over-year basis. During the same quarter last year, the business posted $1.50 EPS. On average, sell-side analysts predict that Veeva Systems Inc. will post 4.35 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.