Northwestern Mutual Wealth Management Co. Purchases 10,081 Shares of Veeva Systems Inc. $VEEV

Key Points

• Northwestern Mutual Wealth Management Co. increased its stake in Veeva Systems Inc. by 118.6%, owning 18,579 shares worth approximately $4.3 million after acquiring an additional 10,081 shares in the first quarter.
• Analysts have raised their price targets for Veeva Systems, with Wells Fargo increasing its target from $300 to $326 and giving it an "overweight" rating, while the stock holds a consensus rating of "Moderate Buy."
• Veeva Systems reported a significant quarterly performance, with earnings per share at $1.97, exceeding estimates and a revenue increase of 16.7% year-over-year, totaling $759.04 million.

Northwestern Mutual Wealth Management Co. raised its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 118.6% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 18,579 shares of the technology company's stock after purchasing an additional 10,081 shares during the quarter. Northwestern Mutual Wealth Management Co.'s holdings in Veeva Systems were worth $4,303,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Abound Financial LLC bought a new stake in Veeva Systems during the 1st quarter valued at about $25,000. ORG Partners LLC purchased a new stake in shares of Veeva Systems during the 1st quarter valued at about $26,000. Golden State Wealth Management LLC boosted its holdings in shares of Veeva Systems by 152.9% during the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock valued at $30,000 after acquiring an additional 78 shares during the last quarter. Wayfinding Financial LLC purchased a new stake in shares of Veeva Systems during the 1st quarter valued at about $32,000. Finally, Key Financial Inc boosted its holdings in shares of Veeva Systems by 161.0% during the 1st quarter. Key Financial Inc now owns 154 shares of the technology company's stock valued at $36,000 after acquiring an additional 95 shares during the last quarter. 88.20% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on VEEV shares. Wells Fargo & Company raised their price target on shares of Veeva Systems from $300.00 to $326.00 and gave the company an "overweight" rating in a report on Tuesday. Wall Street Zen raised shares of Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. UBS Group raised their price target on shares of Veeva Systems from $250.00 to $285.00 and gave the company a "neutral" rating in a report on Thursday, May 29th. Raymond James Financial raised their price target on shares of Veeva Systems from $285.00 to $310.00 and gave the company an "outperform" rating in a report on Thursday, May 29th. Finally, Stifel Nicolaus raised their price target on shares of Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Fourteen analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $275.25.

Insider Activity

In related news, Director Priscilla Hung sold 171 shares of the business's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $284.40, for a total value of $48,632.40. Following the sale, the director 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Jonathan Faddis sold 720 shares of the business's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $285.62, for a total transaction of $205,646.40. Following the completion of the sale, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. This represents a 8.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,378 shares of company stock worth $394,217 over the last quarter. Insiders own 10.30% of the company's stock.

Veeva Systems Price Performance

Shares of NYSE:VEEV opened at $295.23 on Thursday. Veeva Systems Inc. has a 1-year low of $198.12 and a 1-year high of $296.72. The company has a market capitalization of $48.24 billion, a P/E ratio of 62.55, a P/E/G ratio of 2.27 and a beta of 0.95. The firm's 50 day simple moving average is $282.76 and its two-hundred day simple moving average is $253.55.

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

Veeva Systems Company 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.

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