Sumitomo Mitsui DS Asset Management Company Ltd Trims Position in Veeva Systems Inc. $VEEV

Sumitomo Mitsui DS Asset Management Company Ltd lessened its stake in shares of Veeva Systems Inc. (NYSE:VEEV) by 22.5% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 15,984 shares of the technology company’s stock after selling 4,647 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Veeva Systems were worth $3,568,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. GPS Wealth Strategies Group LLC grew its holdings in Veeva Systems by 196.4% during the third quarter. GPS Wealth Strategies Group LLC now owns 83 shares of the technology company’s stock valued at $25,000 after purchasing an additional 55 shares during the period. Raiffeisen Bank International AG purchased a new stake in shares of Veeva Systems during the third quarter worth about $28,000. Board of the Pension Protection Fund purchased a new stake in shares of Veeva Systems during the fourth quarter worth about $27,000. Newbridge Financial Services Group Inc. grew its position in shares of Veeva Systems by 322.6% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 131 shares of the technology company’s stock worth $29,000 after purchasing an additional 100 shares in the last quarter. Finally, Activest Wealth Management grew its position in shares of Veeva Systems by 3,175.0% during the fourth quarter. Activest Wealth Management now owns 131 shares of the technology company’s stock worth $29,000 after purchasing an additional 127 shares in the last quarter. Institutional investors own 88.20% of the company’s stock.

Analysts Set New Price Targets

VEEV has been the subject of several research analyst reports. The Goldman Sachs Group initiated coverage on Veeva Systems in a research report on Tuesday, January 13th. They set a “sell” rating and a $215.00 target price for the company. UBS Group increased their target price on Veeva Systems from $200.00 to $220.00 and gave the stock a “neutral” rating in a research report on Thursday, March 5th. Wells Fargo & Company cut their target price on Veeva Systems from $333.00 to $317.00 and set an “overweight” rating for the company in a research report on Thursday, March 5th. Citigroup cut Veeva Systems from a “buy” rating to a “neutral” rating and cut their target price for the stock from $291.00 to $176.00 in a research report on Friday, April 10th. Finally, Oppenheimer cut their target price on Veeva Systems from $325.00 to $275.00 and set an “outperform” rating for the company in a research report on Tuesday, February 24th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $278.70.

Insider Activity

In other news, Director Priscilla Hung sold 750 shares of the firm’s stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $155.64, for a total value of $116,730.00. Following the completion of the sale, the director directly owned 3,253 shares of the company’s stock, valued at $506,296.92. This trade represents a 18.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 10.30% of the stock is owned by insiders.

Veeva Systems Price Performance

NYSE:VEEV opened at $166.21 on Friday. The firm has a market capitalization of $27.15 billion, a price-to-earnings ratio of 30.72, a PEG ratio of 0.75 and a beta of 0.92. Veeva Systems Inc. has a 1 year low of $148.05 and a 1 year high of $310.50. The business has a 50 day simple moving average of $174.27 and a 200-day simple moving average of $213.74.

Veeva Systems (NYSE:VEEV) last posted its quarterly earnings data on Wednesday, March 4th. The technology company reported $2.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.94 by $0.12. The business had revenue of $835.95 million during the quarter, compared to analyst estimates of $810.95 million. Veeva Systems had a return on equity of 13.80% and a net margin of 28.44%.The company’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same period last year, the company earned $1.74 EPS. 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, analysts expect that Veeva Systems Inc. will post 6.41 earnings per share for the current fiscal year.

Veeva Systems Company Profile

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.