Allstate Corp Acquires 1,065 Shares of Veeva Systems Inc. $VEEV

Key Points

• Allstate Corp has increased its stake in Veeva Systems Inc. by 23.7% during the 1st quarter, bringing its total ownership to 5,557 shares valued at approximately $1.29 million.
• Several brokerages have upgraded Veeva Systems' stock ratings, with 14 analysts rating it as a "Buy" and an average price target of $274.17.
• The company's recent earnings report showed an EPS of $1.97, surpassing estimates, and quarterly revenue growth of 16.7% year-over-year, totaling $759.04 million.

Allstate Corp grew its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 23.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,557 shares of the technology company's stock after buying an additional 1,065 shares during the quarter. Allstate Corp's holdings in Veeva Systems were worth $1,287,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Abound Financial LLC acquired a new stake in Veeva Systems during the 1st quarter valued at $25,000. ORG Partners LLC bought a new stake in shares of Veeva Systems during the first quarter worth $26,000. Golden State Wealth Management LLC lifted its stake in shares of Veeva Systems by 152.9% during the first 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 period. Wayfinding Financial LLC bought a new position in Veeva Systems in the first quarter valued at about $32,000. Finally, Key Financial Inc boosted its holdings in Veeva Systems by 161.0% in the first 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 owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on VEEV. Mizuho upped their target price on shares of Veeva Systems from $280.00 to $295.00 and gave the company an "outperform" rating in a research report on Monday, June 2nd. Barclays raised their price objective on shares of Veeva Systems from $300.00 to $325.00 and gave the company an "overweight" rating in a research note on Thursday. Evercore ISI lifted their target price on shares of Veeva Systems from $285.00 to $295.00 and gave the stock an "in-line" rating in a report on Thursday. Wells Fargo & Company raised their price target on Veeva Systems from $300.00 to $326.00 and gave the stock an "overweight" rating in a research report on Tuesday. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $340.00 price objective (up from $310.00) on shares of Veeva Systems in a research note on Thursday. Sixteen investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Veeva Systems currently has a consensus rating of "Moderate Buy" and an average price target of $293.81.

Insider Transactions at Veeva Systems

In other news, Director Priscilla Hung sold 172 shares of the company's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $283.00, for a total value of $48,676.00. Following the sale, the director directly owned 4,137 shares of the company's stock, valued at approximately $1,170,771. This represents a 3.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jonathan Faddis sold 720 shares of the stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $285.62, for a total value of $205,646.40. Following the completion of the sale, the senior vice president owned 7,902 shares in the company, valued at approximately $2,256,969.24. This trade represents a 8.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,378 shares of company stock worth $394,217 in the last ninety days. Insiders own 10.30% of the company's stock.

Veeva Systems Stock Down 7.2%

Shares of NYSE:VEEV traded down $21.08 during midday trading on Thursday, reaching $272.51. 4,459,777 shares of the company were exchanged, compared to its average volume of 1,319,213. The firm has a market cap of $44.53 billion, a PE ratio of 57.73, a P/E/G ratio of 2.27 and a beta of 0.95. Veeva Systems Inc. has a fifty-two week low of $200.30 and a fifty-two week high of $296.72. The stock has a fifty day simple moving average of $282.76 and a two-hundred day simple moving average of $253.55.

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