Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Here’s Why Baron Asset Fund Likes Veeva Systems (VEEV) Stock

Baron Asset Fund recently published its first-quarter commentary – a copy of which can be downloaded here. During the first quarter of 2020, the Baron Asset Fund returned -16.63% (institutional shares). In comparison, the benchmark S&P 500 Index was down 19.60%, while the Russell Midcap Growth Index was down 20.04%.

In the said letter, Baron Asset Fund highlighted a few stocks and Veeva Systems Inc (NYSE:VEEV) is one of them. Veeva Systems is a cloud-computing company focused on life sciences and pharmaceutical industry applications. Year-to-date, VEEV stock gained 38.8% and on May 4th it had a closing price of $189.14. Its market cap is of $29.16 billion. Here is what Baron Asset Fund said:

“Veeva Systems Inc. provides cloud-based software focused on customer relationship, content, collaboration, and data management solutions tailored mostly to the life sciences industry. Veeva outperformed during the quarter because its revenues are largely subscription-based, and they are, therefore, expected to be well suited to withstand potential economic disruption related to COVID-19. In addition, the health care technology sub-industry is expected to be less impacted by this disruption than many other sub-industries. We believe that Veeva’s software remains best-inclass, while being highly valued by its customers for use in mission critical areas of their businesses. We believe Veeva remains exceptionally well positioned for sustained long-term growth.”

In Q4 2019, the number of bullish hedge fund positions on VEEV stock increased by about 22% from the previous quarter (see the chart here).

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

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.