Hedge Funds Keep Buying Veeva Systems Inc (VEEV)

With general bullishness amongst the heavyweights, some big names have been driving this bullishness. White Elm Capital, managed by Matthew Iorio, created the largest position in Veeva Systems Inc (NYSE:VEEV). White Elm Capital had $11.8 million invested in the company at the end of the quarter. D E Shaw also made an $11.1 million investment in the stock during the quarter. The following funds were also among the new VEEV investors: Ken Griffin’s Citadel Investment Group, Louis Navellier’s Navellier & Associates, and Cliff Asness’ AQR Capital Management.

Let’s now take a look at hedge fund activity in other stocks similar to Veeva Systems Inc (NYSE:VEEV). These stocks are Erie Indemnity Company (NASDAQ:ERIE), Blue Buffalo Pet Products Inc (NASDAQ:BUFF), Donaldson Company, Inc. (NYSE:DCI), and Equity One, Inc. (NYSE:EQY). This group of stocks’ market caps are closest to VEEV’s market cap.

As you can see these stocks had an average of 15 hedge funds with bullish positions and the average amount invested in these stocks was $148 million. That figure was $254 million in VEEV’s case. Blue Buffalo Pet Products Inc (NASDAQ:BUFF) is the most popular stock in this table. On the other hand Erie Indemnity Company (NASDAQ:ERIE) is the least popular one with only 9 bullish hedge fund positions. Veeva Systems Inc (NYSE:VEEV) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard BUFF might be a better candidate to consider for a long position.

Disclosure: None