5,862 Shares in Veeva Systems Inc. $VEEV Acquired by Allstate Corp

Allstate Corp purchased a new stake in Veeva Systems Inc. (NYSE:VEEV) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,862 shares of the technology company’s stock, valued at approximately $1,746,000.

Several other hedge funds have also modified their holdings of VEEV. Norges Bank acquired a new stake in Veeva Systems during the 2nd quarter worth about $384,265,000. Durable Capital Partners LP acquired a new position in shares of Veeva Systems in the second quarter worth about $281,351,000. AQR Capital Management LLC grew its position in Veeva Systems by 111.7% during the 2nd quarter. AQR Capital Management LLC now owns 1,838,046 shares of the technology company’s stock worth $526,508,000 after purchasing an additional 969,905 shares in the last quarter. Schroder Investment Management Group raised its stake in Veeva Systems by 1,039.4% during the 2nd quarter. Schroder Investment Management Group now owns 1,014,974 shares of the technology company’s stock valued at $292,292,000 after purchasing an additional 925,896 shares during the period. Finally, Los Angeles Capital Management LLC raised its stake in Veeva Systems by 423.8% during the 2nd quarter. Los Angeles Capital Management LLC now owns 841,303 shares of the technology company’s stock valued at $242,278,000 after purchasing an additional 680,702 shares during the period. 88.20% of the stock is owned by hedge funds and other institutional investors.

Veeva Systems Trading Down 2.8%

Shares of Veeva Systems stock opened at $216.00 on Wednesday. The firm has a fifty day simple moving average of $236.89 and a 200-day simple moving average of $268.07. The stock has a market capitalization of $35.51 billion, a price-to-earnings ratio of 42.02, a PEG ratio of 1.64 and a beta of 1.07. Veeva Systems Inc. has a 1-year low of $201.54 and a 1-year high of $310.50.

Veeva Systems (NYSE:VEEV) last announced its earnings results on Thursday, November 20th. The technology company reported $2.04 EPS for the quarter, topping the consensus estimate of $1.95 by $0.09. Veeva Systems had a net margin of 27.93% and a return on equity of 13.68%. The firm had revenue of $0.81 million for the quarter, compared to the consensus estimate of $792.37 million. During the same quarter last year, the firm posted $1.75 EPS. The business’s quarterly revenue was up 16.0% on a year-over-year basis. Veeva Systems has set its FY 2026 guidance at 7.930-7.93 EPS and its Q4 2026 guidance at 1.920-1.920 EPS. As a group, research analysts predict that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Veeva Systems announced that its Board of Directors has authorized a share repurchase plan on Monday, January 5th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the technology company to purchase up to 5.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on VEEV shares. Weiss Ratings cut Veeva Systems from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, January 12th. BMO Capital Markets started coverage on shares of Veeva Systems in a report on Thursday, November 13th. They set a “market perform” rating and a $300.00 price target for the company. Jefferies Financial Group reaffirmed a “buy” rating and set a $330.00 price objective on shares of Veeva Systems in a research report on Monday, November 24th. KeyCorp reiterated a “sector weight” rating on shares of Veeva Systems in a research report on Friday, December 12th. Finally, Citigroup decreased their target price on shares of Veeva Systems from $349.00 to $319.00 and set a “buy” rating for the company in a research note on Monday, November 24th. Eighteen research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $308.04.

Insiders Place Their Bets

In other news, insider Thomas D. Schwenger sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 13th. The stock was sold at an average price of $231.43, for a total transaction of $231,430.00. Following the completion of the transaction, the insider directly owned 23,204 shares in the company, valued at $5,370,101.72. The trade was a 4.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.30% of the stock is currently owned by insiders.

About Veeva Systems

Veeva Systems (NYSE: VEEV) is a cloud software company that develops industry-specific applications and data solutions for the global life sciences sector. Founded in 2007 and headquartered in Pleasanton, California, Veeva focuses on helping pharmaceutical, biotechnology, medical device and consumer health companies manage regulated content, clinical and regulatory processes, quality systems, and commercial operations in a compliant, cloud-native environment. The company completed its initial public offering in 2013 and has since expanded its product suite and international footprint.

Veeva’s product portfolio centers on its Vault platform and related application suites, which provide content and data management, clinical trial and regulatory workflows, quality management, and structured commercial capabilities such as customer relationship management and promotional content management.