Here’s Why Veeva Systems (VEEV) Declined in Q3

Conestoga Capital Advisors, an asset management company, released its “Conestoga Mid Cap Growth Fund” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the Mid Cap composite returned -4.84% net of fees compared to a -0.65% return for the Russell Mid Cap Growth Index. Negative stock selection and allocation effects led to the fund’s underperformance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Conestoga Capital Advisors highlighted stocks like Veeva Systems Inc. (NYSE:VEEV) in its Q3 2022 investor letter. Headquartered in Pleasanton, California, Veeva Systems Inc. (NYSE:VEEV) is a cloud-based software provider for the life sciences industry. On December 16, 2022, Veeva Systems Inc. (NYSE:VEEV) stock closed at $168.26 per share. One-month return of Veeva Systems Inc. (NYSE:VEEV) was -7.39%, and its shares lost 32.89% of their value over the last 52 weeks. Veeva Systems Inc. (NYSE:VEEV) has a market capitalization of $26.196 billion.

Conestoga Capital Advisors made the following comment about Veeva Systems Inc. (NYSE:VEEV) in its Q3 2022 investor letter:

Veeva Systems Inc. (NYSE:VEEV): VEEV serves the life sciences industry with a wide range of integrated software applications and services. VEEV reported a solid quarter with revenue $4 million above expectations and at the high end of guidance. The results were driven by continued strong momentum in the R&D business with record new logo wins. However, despite the relative outperformance in the quarter, management called out slightly lower full-year revenue and billings guidance. The revenue guidance reduction was split evenly between incremental foreign currency headwinds and macroeconomic factors.”

Veeva Systems Inc. (NYSE:VEEV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 42 hedge fund portfolios held Veeva Systems Inc. (NYSE:VEEV) at the end of the second quarter, which was 45 in the previous quarter.

We discussed Veeva Systems Inc. (NYSE:VEEV) in another article and shared the list of stocks that recently received revised price targets from analysts after their recent earnings. In addition, please check out our hedge fund investor letters Q3 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.