Did Veeva Systems (VEEV) Decline on Reduced Guidance?

TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the fourth quarter, the strategy returned 4.18% (net), compared to 6.90% for the Russell Midcap Growth Index. For the calendar year, the strategy returned -22.13% (net) compared to the benchmark’s return of -26.72%. Weakness in Consumer Staples, Energy, Health Care, Information Technology, and Real Estate holdings led to the underperformance of the portfolio in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

TimesSquare U.S. Mid Cap Growth Strategy highlighted stocks like Veeva Systems Inc. (NYSE:VEEV) in the Q4 2022 investor letter. Headquartered in Pleasanton, California, Veeva Systems Inc. (NYSE:VEEV) is a cloud-based software provider for the life sciences industry. On March 30, 2023, Veeva Systems Inc. (NYSE:VEEV) stock closed at $179.15 per share. One-month return of Veeva Systems Inc. (NYSE:VEEV) was -0.50%, and its shares lost 17.35% of their value over the last 52 weeks. Veeva Systems Inc. (NYSE:VEEV) has a market capitalization of $28.383 billion.

TimesSquare U.S. Mid Cap Growth Strategy made the following comment about Veeva Systems Inc. (NYSE:VEEV) in its Q4 2022 investor letter:

“Veeva Systems Inc. (NYSE:VEEV), a supplier of cloud solutions to the global life sciences industry, declined by -2%. Their fiscal third quarter results were solid and short-term guidance was reiterated. Fiscal 2023 billings guidance was reduced due to foreign exchange translations. The company announced they will not renew their partnership contract with Salesforce.com when it ends in 2025 and instead move to its own platform. This is expected to result in cost savings.”

Veeva Systems Inc. (NYSE:VEEV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 43 hedge fund portfolios held Veeva Systems Inc. (NYSE:VEEV) at the end of the fourth quarter which was 42 in the previous quarter.

We discussed Veeva Systems Inc. (NYSE:VEEV) in another article and shared the list of biggest SaaS companies in the world. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.