Sumitomo Mitsui Trust Group Inc. Cuts Stock Holdings in Veeva Systems Inc. $VEEV

Key Points

• Sumitomo Mitsui Trust Group trimmed its stake in Veeva by 3.0% in Q4, selling 10,904 shares and leaving it with 352,728 shares (about 0.21% of the company) valued at roughly $78.74 million.
• Veeva beat Q4 estimates with $2.06 EPS vs. $1.94 expected and $835.95M revenue (up 16% YoY), and its board approved a $2.0 billion share buyback to repurchase up to ~5.5% of outstanding shares.
• The stock trades around $159 (52-week range $148.05–$310.50) with a $25.98B market cap; analysts show a consensus "Moderate Buy" and an average target price of $278.70 (16 Buys, 8 Holds, 1 Sell).

Sumitomo Mitsui Trust Group Inc. lessened its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 3.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 352,728 shares of the technology company's stock after selling 10,904 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.21% of Veeva Systems worth $78,739,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Brown Lisle Cummings Inc. boosted its stake in shares of Veeva Systems by 2.9% in the fourth quarter. Brown Lisle Cummings Inc. now owns 18,763 shares of the technology company's stock valued at $4,188,000 after buying an additional 525 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its position in Veeva Systems by 11.3% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 892,070 shares of the technology company's stock worth $199,137,000 after acquiring an additional 90,703 shares in the last quarter. Trilogy Capital Inc. raised its position in Veeva Systems by 51.3% in the fourth quarter. Trilogy Capital Inc. now owns 16,914 shares of the technology company's stock worth $3,776,000 after acquiring an additional 5,734 shares in the last quarter. V Square Quantitative Management LLC acquired a new stake in Veeva Systems in the fourth quarter valued at $473,000. Finally, Personal CFO Solutions LLC boosted its position in shares of Veeva Systems by 4.3% during the 4th quarter. Personal CFO Solutions LLC now owns 1,213 shares of the technology company's stock worth $271,000 after purchasing an additional 50 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Veeva Systems Stock Up 0.4%

NYSE:VEEV opened at $159.09 on Wednesday. Veeva Systems Inc. has a 52-week low of $148.05 and a 52-week high of $310.50. The stock has a fifty day simple moving average of $179.00 and a 200-day simple moving average of $227.50. The company has a market capitalization of $25.98 billion, a PE ratio of 29.41, a price-to-earnings-growth ratio of 1.04 and a beta of 1.10.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings data on Wednesday, March 4th. The technology company reported $2.06 EPS for the quarter, beating analysts' consensus estimates of $1.94 by $0.12. Veeva Systems had a net margin of 28.44% and a return on equity of 13.80%. The firm had revenue of $835.95 million for the quarter, compared to analysts' expectations of $810.95 million. During the same period in the prior year, the company earned $1.74 EPS. The firm's revenue was up 16.0% on a year-over-year basis. 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, equities analysts anticipate that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Veeva Systems announced that its Board of Directors has approved a share repurchase plan on Monday, January 5th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 5.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on VEEV. William Blair reaffirmed an "outperform" rating on shares of Veeva Systems in a research note on Tuesday, March 10th. TD Cowen decreased their price objective on shares of Veeva Systems from $380.00 to $300.00 and set a "buy" rating on the stock in a report on Thursday, March 5th. Barclays lowered their target price on shares of Veeva Systems from $305.00 to $250.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 25th. Truist Financial reaffirmed a "buy" rating and issued a $262.00 target price (down from $275.00) on shares of Veeva Systems in a report on Thursday, March 5th. Finally, Morgan Stanley lifted their price target on shares of Veeva Systems from $205.00 to $215.00 and gave the company an "equal weight" rating in a research report on Thursday, March 5th. Sixteen research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Veeva Systems has an average rating of "Moderate Buy" and an average target price of $278.70.

Insider Activity at Veeva Systems

In other news, Director Priscilla Hung sold 750 shares of the firm's stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $153.50, for a total transaction of $115,125.00. Following the completion of the transaction, the director directly owned 4,003 shares of the company's stock, valued at $614,460.50. This trade represents a 15.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.30% of the stock is owned by corporate insiders.

About Veeva Systems

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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