Sumitomo Mitsui Trust Group Inc. Acquires 2,881 Shares of Veeva Systems Inc. $VEEV

Key Points

• Sumitomo Mitsui Trust Group Inc. increased its stake in Veeva Systems Inc. by 0.8%, now owning approximately 0.22% of the company, worth about $102.9 million.
• Several institutional investors, including Vanguard Group and AllianceBernstein, have raised their stakes in Veeva Systems, highlighting strong interest in the company's stock.
• Veeva Systems reported earnings of $1.26 EPS, missing analysts' expectations, while revenue increased by 16.7% year-over-year to $789.08 million.

Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 0.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 357,610 shares of the technology company's stock after purchasing an additional 2,881 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.22% of Veeva Systems worth $102,985,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Veeva Systems by 2.2% during the first quarter. Vanguard Group Inc. now owns 14,760,566 shares of the technology company's stock valued at $3,418,990,000 after buying an additional 315,421 shares during the period. Alliancebernstein L.P. grew its holdings in shares of Veeva Systems by 10.7% during the 1st quarter. Alliancebernstein L.P. now owns 5,499,651 shares of the technology company's stock worth $1,273,884,000 after acquiring an additional 532,269 shares during the period. T. Rowe Price Investment Management Inc. raised its position in shares of Veeva Systems by 0.7% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,203,867 shares of the technology company's stock worth $1,205,372,000 after acquiring an additional 34,169 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Veeva Systems by 20.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,992,372 shares of the technology company's stock valued at $924,754,000 after purchasing an additional 689,700 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Veeva Systems by 7.5% during the first quarter. JPMorgan Chase & Co. now owns 3,230,758 shares of the technology company's stock valued at $748,341,000 after purchasing an additional 225,125 shares in the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on VEEV shares. Needham & Company LLC reissued a "buy" rating and set a $355.00 price objective on shares of Veeva Systems in a research report on Friday, October 17th. Mizuho boosted their price objective on shares of Veeva Systems from $295.00 to $325.00 and gave the stock an "outperform" rating in a research note on Friday, August 29th. JPMorgan Chase & Co. raised shares of Veeva Systems from a "neutral" rating to an "overweight" rating and raised their target price for the company from $290.00 to $330.00 in a research note on Monday, September 8th. Stifel Nicolaus upped their price target on Veeva Systems from $295.00 to $320.00 and gave the stock a "buy" rating in a research note on Thursday, August 28th. Finally, BTIG Research reaffirmed a "buy" rating and set a $340.00 price objective on shares of Veeva Systems in a research report on Friday, October 17th. Seventeen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $307.58.

Veeva Systems Trading Up 0.6%

VEEV stock opened at $293.11 on Friday. The stock's 50 day simple moving average is $284.70 and its 200 day simple moving average is $269.66. Veeva Systems Inc. has a 12-month low of $201.54 and a 12-month high of $310.50. The stock has a market capitalization of $48.04 billion, a PE ratio of 60.19, a price-to-earnings-growth ratio of 2.27 and a beta of 0.98.

Veeva Systems (NYSE:VEEV - Get Free Report) last posted its earnings results on Wednesday, August 27th. The technology company reported $1.26 EPS for the quarter, missing analysts' consensus estimates of $1.90 by ($0.64). The business had revenue of $789.08 million during the quarter, compared to the consensus estimate of $768.49 million. Veeva Systems had a return on equity of 13.72% and a net margin of 27.29%.The firm's revenue for the quarter was up 16.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.62 EPS. Veeva Systems has set its Q3 2026 guidance at 1.940-1.950 EPS. FY 2026 guidance at 7.780-7.780 EPS. On average, research analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Insider Activity

In other news, insider Eleni Nitsa Zuppas sold 6,000 shares of the business's stock in a transaction that occurred on Tuesday, October 7th. The shares were sold at an average price of $306.62, for a total transaction of $1,839,720.00. Following the completion of the transaction, the insider directly owned 25,325 shares of the company's stock, valued at $7,765,151.50. The trade was a 19.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas D. Schwenger sold 3,350 shares of the firm's stock in a transaction that occurred on Thursday, October 2nd. The stock was sold at an average price of $300.04, for a total transaction of $1,005,134.00. Following the completion of the sale, the insider owned 23,773 shares in the company, valued at $7,132,850.92. This represents a 12.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,665 shares of company stock valued at $7,438,000 over the last three months. Insiders own 10.30% of the company's stock.

Veeva Systems Company 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.

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