Sumitomo Mitsui DS Asset Management Company Ltd Grows Stake in Veeva Systems Inc. $VEEV

Key Points

• Sumitomo Mitsui DS Asset Management raised its stake in Veeva Systems Inc. by 12.1%, holding 19,791 shares valued at approximately $5.7 million at the end of the second quarter.
• A number of analysts have upgraded their ratings and price targets for Veeva Systems, with Needham & Company LLC raising its target to $355.00 and JPMorgan Chase & Co. moving from a "neutral" to "overweight" rating with a target of $330.00.
• Insider sales include a transaction from Director Priscilla Hung and SVP Jonathan Faddis, collectively selling 891 shares valued at over $254,000 in recent months.

Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 12.1% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 19,791 shares of the technology company's stock after buying an additional 2,131 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Veeva Systems were worth $5,699,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Abound Financial LLC acquired a new stake in shares of Veeva Systems during the first quarter worth $25,000. ORG Partners LLC acquired a new position in Veeva Systems in the first quarter valued at about $26,000. Golden State Wealth Management LLC raised its stake in Veeva Systems by 152.9% in the first quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock valued at $30,000 after purchasing an additional 78 shares in the last quarter. Wayfinding Financial LLC acquired a new position in Veeva Systems in the first quarter valued at about $32,000. Finally, Key Financial Inc raised its stake in Veeva Systems by 161.0% in the first quarter. Key Financial Inc now owns 154 shares of the technology company's stock valued at $36,000 after purchasing an additional 95 shares in the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on VEEV shares. Needham & Company LLC lifted their target price on Veeva Systems from $300.00 to $355.00 and gave the company a "buy" rating in a research report on Thursday, August 28th. Oppenheimer restated an "outperform" rating and set a $325.00 price target on shares of Veeva Systems in a report on Thursday, August 28th. Barclays lifted their price objective on Veeva Systems from $300.00 to $325.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Piper Sandler lifted their price objective on Veeva Systems from $325.00 to $355.00 and gave the stock an "overweight" rating in a research note on Thursday, August 28th. Finally, Stifel Nicolaus boosted their price target on Veeva Systems from $295.00 to $320.00 and gave the company a "buy" rating in a research note on Thursday, August 28th. Seventeen analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Veeva Systems presently has an average rating of "Moderate Buy" and an average price target of $301.48.

Veeva Systems Trading Down 0.8%

Shares of VEEV stock traded down $2.10 during trading hours on Friday, reaching $276.98. The company's stock had a trading volume of 2,339,568 shares, compared to its average volume of 1,477,733. The stock has a market capitalization of $45.40 billion, a P/E ratio of 56.87, a P/E/G ratio of 2.16 and a beta of 0.95. Veeva Systems Inc. has a one year low of $200.30 and a one year high of $296.72. The firm's fifty day simple moving average is $280.65 and its 200 day simple moving average is $259.25.

Insider Buying and Selling

In other news, SVP Jonathan Faddis sold 720 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the completion of the transaction, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. This trade represents a 8.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Priscilla Hung sold 172 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total value of $48,676.00. Following the completion of the transaction, the director owned 4,137 shares of the company's stock, valued at approximately $1,170,771. The trade was a 3.99% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,063 shares of company stock valued at $302,955. 10.30% of the stock is currently owned by company insiders.

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.