Multiple Headwinds Affected Veeva Systems (VEEV) in Q3

TimesSquare Capital Management, an equity investment management company, released its “U.S. FOCUS Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy returned -2.78% (net), compared to -0.65% return for the Russell Midcap Growth Index. Macroeconomic pressures led the strategy to underperform relative to the benchmark in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

TimesSquare Capital 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 27, 2022, Veeva Systems Inc. (NYSE:VEEV) stock closed at $158.85 per share. One-month return of Veeva Systems Inc. (NYSE:VEEV) was -16.90%, and its shares lost 39.57% of their value over the last 52 weeks. Veeva Systems Inc. (NYSE:VEEV) has a market capitalization of $24.731 billion.

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

Veeva Systems Inc. (NYSE:VEEV) supplies cloud solutions to the global life sciences industry. The company reported an inline fiscal second quarter but lowered fiscal year guidance. We decided to liquidate the position, which had a -17% return for the time it was held in the quarter. Veeva’s reduced outlook came from a combination of foreign currency translations, with the remaining tied to anticipated macroeconomic headwinds.”

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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 best medical technology stocks to buy. 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.