4,492 Shares in Veeva Systems Inc. (NYSE:VEEV) Bought by Allstate Corp

Allstate Corp acquired a new stake in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,492 shares of the technology company's stock, valued at approximately $944,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Toronto Dominion Bank boosted its holdings in Veeva Systems by 39.1% in the 3rd quarter. Toronto Dominion Bank now owns 20,180 shares of the technology company's stock worth $4,235,000 after buying an additional 5,673 shares during the period. Principal Financial Group Inc. raised its position in shares of 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 buying an additional 1,267,061 shares in the last quarter. Smith Group Asset Management LLC increased its position in shares of Veeva Systems by 2.2% during the 4th quarter. Smith Group Asset Management LLC now owns 82,567 shares of the technology company's stock valued at $17,360,000 after purchasing an additional 1,749 shares during the last quarter. Everence Capital Management Inc. purchased a new stake in shares of Veeva Systems in the fourth quarter valued at $816,000. Finally, Venturi Wealth Management LLC lifted its stake in Veeva Systems by 2,716.7% in the fourth quarter. Venturi Wealth Management LLC now owns 169 shares of the technology company's stock worth $36,000 after purchasing an additional 163 shares during the last quarter. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analysts Forecast Growth

A number of brokerages have commented on VEEV. StockNews.com upgraded shares of Veeva Systems from a "hold" rating to a "buy" rating in a research note on Monday, February 17th. Evercore ISI raised their price target on shares of Veeva Systems from $220.00 to $245.00 and gave the company an "in-line" rating in a report on Friday, December 6th. Stephens reaffirmed an "overweight" rating and issued a $280.00 price target on shares of Veeva Systems in a report on Thursday, March 6th. Royal Bank of Canada raised their price objective on Veeva Systems from $275.00 to $285.00 and gave the stock an "outperform" rating in a research report on Friday, December 6th. Finally, JPMorgan Chase & Co. upped their target price on Veeva Systems from $218.00 to $249.00 and gave the company a "neutral" rating in a research report on Thursday, March 20th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $256.52.

Insider Transactions at Veeva Systems

In related news, SVP Jonathan Faddis sold 787 shares of the stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $226.20, for a total transaction of $178,019.40. Following the transaction, the senior vice president now owns 8,668 shares of the company's stock, valued at approximately $1,960,701.60. This represents a 8.32 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 10.50% of the company's stock.

Veeva Systems Trading Down 3.6 %

NYSE VEEV traded down $7.90 during trading hours on Friday, reaching $213.59. The company had a trading volume of 1,939,659 shares, compared to its average volume of 1,050,037. The stock has a market capitalization of $34.75 billion, a P/E ratio of 52.74, a price-to-earnings-growth ratio of 1.89 and a beta of 0.88. The stock has a 50-day moving average of $231.73 and a 200 day moving average of $223.06. Veeva Systems Inc. has a 1-year low of $170.25 and a 1-year high of $258.93.

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.