Allstate Corp Takes $944,000 Position in Veeva Systems Inc. (NYSE:VEEV)

Allstate Corp bought a new stake in Veeva Systems Inc. (NYSE:VEEV) in the 4th quarter, Holdings Channel.com reports. The fund bought 4,492 shares of the technology company’s stock, valued at approximately $944,000.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Veeva Systems during the 4th quarter valued at $294,785,000. Principal Financial Group Inc. boosted its holdings in Veeva Systems by 138.9% in the third 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 during the last quarter. JPMorgan Chase & Co. grew its position in Veeva Systems by 73.2% during the third quarter. JPMorgan Chase & Co. now owns 2,558,592 shares of the technology company’s stock valued at $536,972,000 after acquiring an additional 1,081,501 shares during the period. Wealthfront Advisers LLC increased its stake in Veeva Systems by 29,760.5% during the fourth quarter. Wealthfront Advisers LLC now owns 1,048,700 shares of the technology company’s stock worth $220,489,000 after acquiring an additional 1,045,188 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Veeva Systems during the fourth quarter worth about $95,710,000. 88.20% of the stock is currently owned by hedge funds and other institutional investors.

Veeva Systems Stock Down 1.1 %

Shares of NYSE VEEV opened at $231.65 on Tuesday. The stock’s 50 day moving average price is $231.92 and its two-hundred day moving average price is $222.95. Veeva Systems Inc. has a 52-week low of $170.25 and a 52-week high of $258.93. The stock has a market capitalization of $37.69 billion, a P/E ratio of 57.20, a PEG ratio of 1.89 and a beta of 0.88.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on VEEV shares. Evercore ISI lifted their price objective on Veeva Systems from $220.00 to $245.00 and gave the company an “in-line” rating in a research note on Friday, December 6th. Citigroup lifted their price target on shares of Veeva Systems from $281.00 to $307.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Barclays increased their price objective on shares of Veeva Systems from $260.00 to $275.00 and gave the stock an “overweight” rating in a research report on Friday, December 6th. Piper Sandler lifted their target price on shares of Veeva Systems from $280.00 to $290.00 and gave the company an “overweight” rating in a report on Friday, December 6th. Finally, Royal Bank of Canada increased their price target on Veeva Systems from $275.00 to $285.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Two investment 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, the company currently has an average rating of “Moderate Buy” and a consensus target price of $256.52.

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.