Ken Griffin and Citadel Are Bullish on Veeva Systems Inc (VEEV)

Ken Griffin‘s Citadel Investment Group is bullish on Veeva Systems Inc (NYSE:VEEV). In a recent filing with the Securities and Exchange Commission, Citadel reported an increase in their holding of the stock to 812,300 shares, which account for 5.4% of the company’s common stock. This represents an addition of 573,100 shares to the position reported by the fund in their latest 13F filing.

CITADEL INVESTMENT GROUP

Empire Capital Management, run by Scott Fine and Peter Richards, is also betting big on Veeva Systems Inc (NYSE:VEEV). According to their latest 13F, the fund has initiated a new position and has accumulated 911,400 shares, valued in aggregate at $29.2 million. This position accounts for approximately 4% of the fund’s equity portfolio. Christopher Lord is also a fan of Veeva Systems, with his fund, Criterion Capital, also initiating a new position during Q4 of 2013. Lord has acquired 635,500 shares, worth $20.4 million.

Veeva Systems Inc (NYSE:VEEV) is offering cloud-based software services in North America, Europe and Asia Pacific. The company went public on October 16, 2013. 13 million shares were offered at a price of $20.00 apiece. On October 21 the stock reached an all-time high of $49 and has been in a downtrend ever since. Veeva Systems has a market cap of $3.91 billion and does not pay a dividend. The company is expected to release fourth quarter results for 2013 on March 4, 2014. Analysts expect revenues of $58 million and earnings of $0.06 per share.

During the 4th quarter of 2013, Griffin had been busy buying tech stocks. Citadel has made Apple Inc. (NASDAQ:AAPL) its biggest holding in terms of value, with Google Inc (NASDAQ:GOOG) not far behind. Citadel holds 1.59 million Apple Inc. (NASDAQ:AAPL) shares valued at $894.14 million and 710,628 Google Inc (NASDAQ:GOOG) shares reportedly worth $796.41 million.

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