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

Sumitomo Mitsui Trust Group Inc. reduced its holdings in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 2.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 354,729 shares of the technology company's stock after selling 8,463 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.22% of Veeva Systems worth $82,166,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in VEEV. Leigh Baldwin & CO. LLC acquired a new position in shares of Veeva Systems in the 4th quarter valued at $685,355,000. Norges Bank acquired a new position in shares of Veeva Systems in the 4th quarter valued at $294,785,000. Wealthfront Advisers LLC lifted its stake in shares of Veeva Systems by 29,760.5% in the 4th quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company's stock valued at $220,489,000 after purchasing an additional 1,045,188 shares during the period. Stockbridge Partners LLC acquired a new position in shares of Veeva Systems in the 4th quarter valued at $137,260,000. Finally, Marshall Wace LLP lifted its stake in shares of Veeva Systems by 413.3% in the 4th quarter. Marshall Wace LLP now owns 638,380 shares of the technology company's stock valued at $134,219,000 after purchasing an additional 514,004 shares during the period. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Price Performance

Shares of VEEV traded down $5.03 during mid-day trading on Tuesday, reaching $282.95. The stock had a trading volume of 1,470,913 shares, compared to its average volume of 1,155,934. Veeva Systems Inc. has a 52-week low of $177.41 and a 52-week high of $291.69. The business's fifty day moving average is $256.65 and its 200 day moving average is $235.97. The firm has a market cap of $46.24 billion, a price-to-earnings ratio of 59.95, a P/E/G ratio of 2.24 and a beta of 0.99.

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

Analyst Ratings Changes

VEEV has been the subject of a number of research analyst reports. Wall Street Zen upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Wells Fargo & Company upped their price objective on shares of Veeva Systems from $285.00 to $300.00 and gave the stock an "overweight" rating in a research report on Thursday, May 29th. JPMorgan Chase & Co. upped their price objective on shares of Veeva Systems from $218.00 to $249.00 and gave the stock a "neutral" rating in a research report on Thursday, March 20th. Citigroup upped their price objective on shares of Veeva Systems from $265.00 to $329.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Finally, Stifel Nicolaus upped their price objective on shares of Veeva Systems from $272.00 to $295.00 and gave the stock a "buy" rating in a research report on Thursday, May 29th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $269.80.

Insider Activity at Veeva Systems

In related news, insider Thomas D. Schwenger sold 1,200 shares of the company's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $220.97, for a total value of $265,164.00. Following the completion of the sale, the insider owned 25,889 shares of the company's stock, valued at approximately $5,720,692.33. This represents a 4.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Timothy S. Cabral sold 315 shares of the company's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $289.72, for a total transaction of $91,261.80. Following the completion of the sale, the director directly owned 5,500 shares of the company's stock, valued at $1,593,460. This represents a 5.42% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 6,184 shares of company stock valued at $1,376,179. 10.30% of the stock is owned by company insiders.

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.