Veeva Systems Inc. $VEEV Stock: Sumitomo Mitsui Trust Group Inc. Trims Stake

Key Points

• Sumitomo Mitsui Trust Group reduced its Veeva Systems stake by 10.2% in the third quarter, selling 34,421 shares and retaining 302,770 shares valued at approximately $86.4 million.
• Analysts remain broadly positive, with 19 Buy ratings, eight Holds and one Sell rating; Veeva has a consensus rating of “Moderate Buy” and an average price target of $293.21.
• Veeva reported quarterly earnings of $2.35 per share, exceeding expectations, while revenue rose 17.6% year over year to $927.96 million. Shares opened at $307.30, near their 52-week high of $325.99.

Sumitomo Mitsui Trust Group Inc. lessened its stake in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 10.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 302,770 shares of the technology company's stock after selling 34,421 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.19% of Veeva Systems worth $86,426,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently modified their holdings of the company. Investment Research & Advisory Group Inc. grew its position in Veeva Systems by 0.4% during the 3rd quarter. Investment Research & Advisory Group Inc. now owns 12,942 shares of the technology company's stock valued at $3,699,000 after purchasing an additional 51 shares during the last quarter. Lodestone Wealth Management LLC lifted its stake in shares of Veeva Systems by 68.3% in the third quarter. Lodestone Wealth Management LLC now owns 138 shares of the technology company's stock worth $39,000 after buying an additional 56 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors lifted its stake in shares of Veeva Systems by 1.2% in the third quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 4,664 shares of the technology company's stock worth $1,331,000 after buying an additional 57 shares in the last quarter. Farmers & Merchants Investments Inc. lifted its stake in shares of Veeva Systems by 181.8% in the third quarter. Farmers & Merchants Investments Inc. now owns 93 shares of the technology company's stock worth $27,000 after buying an additional 60 shares in the last quarter. Finally, BOKF NA grew its holdings in shares of Veeva Systems by 1.0% during the third quarter. BOKF NA now owns 6,309 shares of the technology company's stock valued at $1,801,000 after buying an additional 63 shares during the last quarter. Hedge funds and other institutional investors own 88.20% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on VEEV shares. Morgan Stanley raised their price target on shares of Veeva Systems from $215.00 to $275.00 and gave the company an "equal weight" rating in a research report on Thursday, August 27th. Robert W. Baird upped their price objective on Veeva Systems from $300.00 to $350.00 and gave the company an "outperform" rating in a research report on Monday, October 26th. Wall Street Zen upgraded Veeva Systems from a "hold" rating to a "buy" rating in a research note on Saturday, October 10th. Piper Sandler lifted their target price on Veeva Systems from $295.00 to $320.00 and gave the stock an "overweight" rating in a report on Thursday, August 27th. Finally, Guggenheim lifted their target price on Veeva Systems from $276.00 to $310.00 and gave the stock a "buy" rating in a report on Thursday, August 27th. Nineteen investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Veeva Systems currently has an average rating of "Moderate Buy" and a consensus price target of $293.21.

Insider Transactions at Veeva Systems

In other Veeva Systems news, insider Thomas Schwenger sold 10,000 shares of the stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $281.33, for a total value of $2,813,300.00. Following the transaction, the insider owned 19,449 shares of the company's stock, valued at approximately $5,471,587.17. This represents a 33.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Daniel Rizzo sold 4,841 shares of the firm's stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $276.51, for a total value of $1,338,584.91. Following the completion of the transaction, the executive vice president directly owned 7,665 shares in the company, valued at $2,119,449.15. The trade was a 38.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 56,789 shares of company stock worth $14,913,889. 10.60% of the stock is currently owned by insiders.

Veeva Systems Stock Down 1.8%

Shares of NYSE VEEV opened at $307.30 on Tuesday. The firm's 50-day moving average price is $285.16 and its 200-day moving average price is $210.19. The company has a market cap of $49.75 billion, a PE ratio of 50.54, a PEG ratio of 1.36 and a beta of 0.93. Veeva Systems Inc. has a 52-week low of $148.05 and a 52-week high of $325.99.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its quarterly earnings data on Wednesday, August 26th. The technology company reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.23 by $0.12. Veeva Systems had a net margin of 29.34% and a return on equity of 14.25%. The firm had revenue of $927.96 million during the quarter, compared to analysts' expectations of $905.38 million. During the same period in the previous year, the company earned $1.99 earnings per share. The firm's quarterly revenue was up 17.6% on a year-over-year basis. Veeva Systems has set its FY 2027 guidance at 9.210-9.210 EPS and its Q3 2027 guidance at 2.330-2.340 EPS. As a group, equities research analysts anticipate that Veeva Systems Inc. will post 6.70 EPS for the current fiscal year.

About Veeva Systems

Veeva Systems Inc is a cloud software company that develops technology for the life sciences industry. Its customers include pharmaceutical, biotechnology, medical device and other healthcare companies that use Veeva's applications to manage commercial, clinical, regulatory, quality and operational processes.

The company's Veeva Vault platform provides cloud applications for areas such as clinical data management, electronic trial management, regulatory information, quality management, safety and content management.

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