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Christopher Lord’s Criterion Capital Raises Exposure To Veeva Systems Inc (VEEV)

In a new filing with the U.S. Securities and Exchange Commission, Christopher Lord’s Criterion Capital has disclosed upping its stake in Veeva Systems Inc (NYSE:VEEV). According to the filing, Criterion Capital holds 7.45 million Class A common stock shares of the company. The stake represents 14.3% of the class, and is passive by nature.

Previously, Criterion Capital reported holding 5.81 million shares of Veeva Systems Inc (NYSE:VEEV). In its recent 13F filing, the fund reported ownership of 7.29 million shares of the company.

Veeva Systems

Veeva Systems Inc (NYSE:VEEV) is a global provider of industry cloud solutions for life sciences. Based in California, the company has more than 200 customers, ranging from pharmaceutical companies to emerging biotech. For the fiscal second quarter ended July 31, 2014, the company reported an increase in total revenues to $75.7 million from $49.6 million a year ago. It posted net income of $9.6 million, compared to $6.0 million in the same quarter of 2013.

The market cap of Veeva Systems Inc (NYSE:VEEV) is $4.2 billion. The company’s stock traded down by 3.26% to $30.53 on Monday. It has a 52 week high of $49.00 and a 52 week low of $17.11. Analysts have the consensus average target price of $33.40 for the stock, and average recommendation ‘Buy.’

Other hedge funds having big stakes in Veeva Systems Inc (NYSE:VEEV) include Scge Management, run by Christopher Lyle, which holds 1.98 million shares, and Empire Capital Management, led by Scott Fine and Peter Richards, which owns 775,000 shares of the company.

Criterion Capital is a long/short investment fund that focuses on technology, media, and telecommunications investments. The fund makes fundamentals-driven investments in quality businesses, utilizing the diversity inherent in the various technology industries to diversify its portfolio, and also takes short positions to help provide absolute returns.

At the end of the second quarter of 2014, the estimated value of Criterion Capital’s equity portfolio totaled $3.4 billion. For the second quarter, the fund’s top three stocks include Palo Alto Networks Inc (NYSE:PANW), ServiceNow Inc (NYSE:NOW) and Workday Inc (NYSE:WDAY). Palo Alto Networks Inc (NYSE:PANW) was the top holding, in which the fund reported owning 4.76 million shares. Second most valuable holding was ServiceNow Inc (NYSE:NOW), in which the fund disclosed holding 3.66 million shares. In Workday Inc (NYSE:WDAY), Criterion Capital holds 2.20 million shares.

Disclosure: none

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