Allstate Corp Acquires Shares of 4,492 Veeva Systems Inc. (NYSE:VEEV)

Allstate Corp bought a new position in shares of Veeva Systems Inc. (NYSE:VEEV) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 4,492 shares of the technology company’s stock, valued at approximately $944,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. DnB Asset Management AS boosted its stake in Veeva Systems by 7.4% during the 4th quarter. DnB Asset Management AS now owns 27,652 shares of the technology company’s stock worth $5,814,000 after purchasing an additional 1,915 shares during the period. Orion Portfolio Solutions LLC boosted its stake in shares of Veeva Systems by 438.8% during the fourth quarter. Orion Portfolio Solutions LLC now owns 44,153 shares of the technology company’s stock worth $9,283,000 after buying an additional 35,958 shares during the period. Boussard & Gavaudan Investment Management LLP purchased a new position in shares of Veeva Systems during the fourth quarter worth about $908,000. Norges Bank purchased a new stake in Veeva Systems during the 4th quarter valued at approximately $294,785,000. Finally, Blair William & Co. IL raised its stake in Veeva Systems by 0.3% during the 4th quarter. Blair William & Co. IL now owns 1,216,231 shares of the technology company’s stock valued at $255,713,000 after acquiring an additional 3,608 shares during the last quarter. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Trading Down 1.1 %

Shares of VEEV stock opened at $231.65 on Tuesday. The company has a market capitalization of $37.69 billion, a price-to-earnings ratio of 57.20, a PEG ratio of 1.89 and a beta of 0.88. The firm has a 50-day moving average price of $231.92 and a 200 day moving average price of $222.95. Veeva Systems Inc. has a twelve month low of $170.25 and a twelve month high of $258.93.

Analyst Ratings Changes

Several research firms have recently commented on VEEV. Citigroup increased their price target on Veeva Systems from $281.00 to $307.00 and gave the stock a “buy” rating in a report on Monday, December 9th. The Goldman Sachs Group downgraded shares of Veeva Systems from a “buy” rating to a “sell” rating and lowered their target price for the company from $261.00 to $200.00 in a report on Thursday, January 23rd. Evercore ISI increased their price target on shares of Veeva Systems from $220.00 to $245.00 and gave the stock an “in-line” rating in a report on Friday, December 6th. Canaccord Genuity Group lifted their price objective on Veeva Systems from $210.00 to $270.00 and gave the company a “hold” rating in a report on Friday, December 6th. Finally, Piper Sandler increased their target price on Veeva Systems from $280.00 to $290.00 and gave the stock an “overweight” rating in a research note on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $256.52.

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.