Sumitomo Mitsui Trust Group Inc. Acquires 902 Shares of Veeva Systems Inc. (NYSE:VEEV)

Sumitomo Mitsui Trust Group Inc. grew its holdings in Veeva Systems Inc. (NYSE:VEEV) by 0.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 363,192 shares of the technology company’s stock after acquiring an additional 902 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Veeva Systems were worth $76,361,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. MassMutual Private Wealth & Trust FSB boosted its holdings in Veeva Systems by 72.5% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 119 shares of the technology company’s stock valued at $25,000 after purchasing an additional 50 shares during the period. Mowery & Schoenfeld Wealth Management LLC bought a new stake in shares of Veeva Systems in the third quarter valued at about $26,000. True Wealth Design LLC lifted its stake in shares of Veeva Systems by 3,375.0% in the third quarter. True Wealth Design LLC now owns 139 shares of the technology company’s stock valued at $29,000 after buying an additional 135 shares during the period. Retirement Wealth Solutions LLC acquired a new stake in Veeva Systems during the fourth quarter worth about $31,000. Finally, Harvest Fund Management Co. Ltd bought a new position in Veeva Systems during the third quarter valued at about $49,000. Institutional investors and hedge funds own 88.20% of the company’s stock.

Insider Buying and Selling

In other news, SVP Jonathan Faddis sold 1,694 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total value of $390,128.20. Following the transaction, the senior vice president now owns 8,061 shares of the company’s stock, valued at approximately $1,856,448.30. This trade represents a 17.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 10.50% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on VEEV. Mizuho started coverage on Veeva Systems in a report on Wednesday, December 4th. They set an “outperform” rating and a $275.00 price objective on the stock. Stifel Nicolaus lifted their price target on shares of Veeva Systems from $240.00 to $272.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Evercore ISI increased their price objective on shares of Veeva Systems from $220.00 to $245.00 and gave the company an “in-line” rating in a research note on Friday, December 6th. The Goldman Sachs Group lowered shares of Veeva Systems from a “buy” rating to a “sell” rating and decreased their target price for the company from $261.00 to $200.00 in a research report on Thursday, January 23rd. Finally, Royal Bank of Canada increased their price target on shares of Veeva Systems from $275.00 to $285.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $253.96.

Veeva Systems Trading Down 0.9 %

Shares of VEEV stock opened at $237.16 on Monday. Veeva Systems Inc. has a 1 year low of $170.25 and a 1 year high of $258.93. The firm’s 50 day moving average is $224.48 and its 200-day moving average is $214.55. The firm has a market capitalization of $38.50 billion, a price-to-earnings ratio of 58.56, a PEG ratio of 1.97 and a beta of 0.85.

Veeva Systems 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.