Sumitomo Mitsui DS Asset Management Company Ltd Buys 1,892 Shares of Veeva Systems Inc. (NYSE:VEEV)

Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in Veeva Systems Inc. (NYSE:VEEV) by 14.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,560 shares of the technology company’s stock after acquiring an additional 1,892 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Veeva Systems were worth $3,061,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA lifted its position in shares of Veeva Systems by 64.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,545,451 shares of the technology company’s stock worth $744,084,000 after purchasing an additional 1,392,256 shares during the period. Principal Financial Group Inc. boosted its position in Veeva Systems by 138.9% during the 3rd quarter. Principal Financial Group Inc. now owns 2,179,284 shares of the technology company’s stock valued at $457,366,000 after acquiring an additional 1,267,061 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Veeva Systems by 73.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock worth $536,972,000 after acquiring an additional 1,081,501 shares during the period. FMR LLC lifted its stake in shares of Veeva Systems by 25.7% in the 3rd quarter. FMR LLC now owns 2,981,244 shares of the technology company’s stock valued at $625,674,000 after purchasing an additional 610,021 shares during the period. Finally, Seilern Investment Management Ltd bought a new stake in shares of Veeva Systems during the fourth quarter valued at approximately $94,957,000. 88.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on VEEV shares. Truist Financial lowered their price objective on Veeva Systems from $261.00 to $210.00 and set a “hold” rating for the company in a research report on Monday, January 13th. Stephens started coverage on shares of Veeva Systems in a research note on Friday, December 20th. They set an “overweight” rating and a $280.00 price objective on the stock. Canaccord Genuity Group raised their target price on shares of Veeva Systems from $210.00 to $270.00 and gave the company a “hold” rating in a research note on Friday, December 6th. Robert W. Baird boosted their price target on Veeva Systems from $275.00 to $283.00 and gave the stock an “outperform” rating in a research report on Friday, December 6th. Finally, The Goldman Sachs Group downgraded Veeva Systems from a “buy” rating to a “sell” rating and cut their price target for the stock from $261.00 to $200.00 in a research note on Thursday, January 23rd. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, Veeva Systems presently has a consensus rating of “Moderate Buy” and a consensus target price of $253.96.

Insider Buying and Selling

In related news, SVP Jonathan Faddis sold 1,694 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $230.30, for a total value of $390,128.20. Following the completion of the sale, the senior vice president now directly owns 8,061 shares of the company’s stock, valued at approximately $1,856,448.30. This represents a 17.37 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 10.50% of the stock is owned by insiders.

Veeva Systems Trading Down 0.9 %

VEEV 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 simple moving average is $224.48 and its two-hundred day simple moving average is $214.55. The company has a market capitalization of $38.50 billion, a PE ratio of 58.56, a PEG ratio of 1.97 and a beta of 0.85.

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.