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Criterion Capital Ups Stake in Veeva Systems Inc (VEEV)

Christopher Lord‘s Criterion Capital  increased its exposure to Veeva Systems Inc (NYSE:VEEV). The fund currently owns 4.40 million shares, which amount to 15.80% of the company’s total Class A common stock outstanding. Previously, Criterion held a significantly lower position with 635,000 shares.

Veeva Systems

Founded in 2007 and having over 190 customers in more than 75 countries, Veeva Systems Inc (NYSE:VEEV) is a global provider of cloud-based software solutions, and customer relationship & regulated content management products. The company’s customers range from emerging biotechnology firms to large pharmaceutical companies, 33 of which are among the 50 largest pharmaceutical companies in the world. Last Month, Veeva Systems announced that it expanded its multichannel capabilities for life sciences companies, introducing Veeva CRM Engage – a cloud-based application that would enable life sciences organizations to interact with healthcare professionals. In another recent press release, Veeva Systems Inc (NYSE:VEEV) announced the closing of its Seasoned Equity Offering, in which it sold 1.39 million shares at a price of $26.35, and the full exercise of its underwriters’ option to purchase additional shares. The company generated net income of nearly $18.20 million ($0.17 per share) in 2013 and is expected to generate earnings of $0.25 per share in 2014. In the last month the average analyst recommendation for Veeva’s stock has been downgraded from “Overweight” to “Buy”, the company trading at a price to earnings ratio of nearly 140.xx.

Zweig Dimenna Partners, managed by Joe Dimenna, owns 635,000 shares of Veeva Systems Inc (NYSE:VEEV), with an aggregate value of the position $20.40 million. Another considerable shareholder at Veeva is Scott Fine And Peter Richards‘ Empire Capital Management, which holds approximately 910,000 shares worth almost $30.00 million.

Worth $3.17 billion, around 60% of Criterion Capital’s equity portfolio is invested in Technology stocks. Palo Alto Networks Inc (NYSE:PANW) represents the largest share in the fund’s portfolio, with 4.23 million shares worth $243.00 million.

Disclosure: None

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