Here’s Why Veeva Systems (VEEV) Shares Declined in the Third Quarter

Baron Funds, an investment management company, released its “Baron Asset Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund (institutional shares) declined 2.07% compared to a 0.65% decline for the Russell Midcap Growth Index. Differences in sector weights led to the underperformance of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Baron Funds discussed stocks like Veeva Systems Inc. (NYSE:VEEV) in the Q3 2022 investor letter. Headquartered in Pleasanton, California, Veeva Systems Inc. (NYSE:VEEV) is a cloud-based software provider for life science industry. On October 24, 2022, Veeva Systems Inc. (NYSE:VEEV) stock closed at $158.40 per share. One-month return of Veeva Systems Inc. (NYSE:VEEV) was -1.76% and its shares lost 50.96% of their value over the last 52 weeks. Veeva Systems Inc. (NYSE:VEEV) has a market capitalization of $24.477 billion.

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

“Veeva Systems Inc. (NYSE:VEEV) is a cloud software platform that provides various solutions to the life sciences industry. Its shares fell because of softening demand from its small- and medium-sized customers, the negative impact of foreign currency exchange rates, and a deceleration in its marketing related offerings. In addition, a well-communicated reduction in potential users for Veeva’s CRM platform, because of sales headcount reductions among certain life sciences customers, implied a possible deceleration in growth rates. Despite these challenges, we see increasing traction of its newer products among large pharmaceutical customers that we expect to generate significant profitable growth in the coming years.”

Veeva Systems Inc. (NYSE:VEEV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Veeva Systems Inc. (NYSE:VEEV) at the end of the second quarter, which was 41 in the previous quarter.

We discussed Veeva Systems Inc. (NYSE:VEEV) in another article and shared the list of best stocks for long-term growth. 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.