Deutsche Bank AG Buys 131,271 Shares of Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Deutsche Bank AG increased its holdings in Veeva Systems Inc. by 35.9% during the first quarter, acquiring an additional 131,271 shares, bringing their total ownership to approximately 496,689 shares valued at $115 million.
• Veeva Systems saw a positive reception from analysts, with multiple upgrades on its stock rating and price targets raised, including a new target of $300 by Needham & Company LLC.
• Veeva Systems reported a 16.7% year-over-year revenue increase to $759 million for the latest quarter, with earnings of $1.97 per share surpassing expectations.

Deutsche Bank AG grew its position in Veeva Systems Inc. (NYSE:VEEV - Free Report) by 35.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 496,689 shares of the technology company's stock after acquiring an additional 131,271 shares during the quarter. Deutsche Bank AG owned approximately 0.31% of Veeva Systems worth $115,048,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Johnson Financial Group Inc. grew its stake in shares of Veeva Systems by 22.7% in the fourth quarter. Johnson Financial Group Inc. now owns 238 shares of the technology company's stock worth $56,000 after purchasing an additional 44 shares in the last quarter. Marks Group Wealth Management Inc lifted its holdings in shares of Veeva Systems by 3.3% during the first quarter. Marks Group Wealth Management Inc now owns 1,427 shares of the technology company's stock valued at $331,000 after purchasing an additional 46 shares during the last quarter. Colonial Trust Co SC lifted its holdings in shares of Veeva Systems by 30.3% during the fourth quarter. Colonial Trust Co SC now owns 241 shares of the technology company's stock valued at $51,000 after purchasing an additional 56 shares during the last quarter. Harbour Investments Inc. lifted its holdings in shares of Veeva Systems by 7.6% during the first quarter. Harbour Investments Inc. now owns 789 shares of the technology company's stock valued at $183,000 after purchasing an additional 56 shares during the last quarter. Finally, CoreCap Advisors LLC lifted its holdings in shares of Veeva Systems by 31.7% during the fourth quarter. CoreCap Advisors LLC now owns 249 shares of the technology company's stock valued at $52,000 after purchasing an additional 60 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on VEEV shares. Truist Financial increased their price objective on Veeva Systems from $217.00 to $230.00 and gave the stock a "hold" rating in a research note on Thursday, May 29th. Citigroup increased their price objective on Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a report on Friday, May 30th. Needham & Company LLC raised their target price on Veeva Systems from $270.00 to $300.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Stifel Nicolaus raised their target price on Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Finally, Morgan Stanley raised their target price on Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a report on Thursday, May 29th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $274.17.

Insider Buying and Selling

In other Veeva Systems news, Director Priscilla Hung sold 171 shares of Veeva Systems stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $284.40, for a total transaction of $48,632.40. Following the transaction, the director directly owned 3,966 shares in the company, valued at approximately $1,127,930.40. The trade was a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the transaction, the senior vice president owned 7,902 shares in the company, valued at approximately $2,256,969.24. This represents a 8.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,378 shares of company stock valued at $394,217 over the last three months. Company insiders own 10.30% of the company's stock.

Veeva Systems Price Performance

Shares of NYSE VEEV traded down $1.72 during midday trading on Tuesday, hitting $275.24. The stock had a trading volume of 1,267,645 shares, compared to its average volume of 1,200,095. The company's 50-day simple moving average is $282.71 and its 200 day simple moving average is $249.87. The firm has a market cap of $44.98 billion, a P/E ratio of 58.31, a price-to-earnings-growth ratio of 2.19 and a beta of 0.95. Veeva Systems Inc. has a fifty-two week low of $185.51 and a fifty-two week high of $296.72.

Veeva Systems (NYSE:VEEV - Get Free Report) last released its earnings results on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, beating the consensus estimate of $1.74 by $0.23. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The company had revenue of $759.04 million during the quarter, compared to analysts' expectations of $728.38 million. During the same period last year, the firm earned $1.50 EPS. The business's revenue for the quarter was up 16.7% on a year-over-year basis. Equities analysts expect that Veeva Systems Inc. will post 4.35 EPS for the current fiscal year.

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.