Top 5 Technology Stocks to Buy in 2023 According to Ray Dalio

2. Veeva Systems Inc. (NYSE:VEEV)

Value of Bridgewater Associates’ 13F Position: $77.69 million
Percentage of Bridgewater Associates’ 13F Portfolio: 0.42%
Number of Hedge Fund Shareholders: 43

Veeva Systems Inc. (NYSE:VEEV) offers cloud-based software solutions to the healthcare industry, including customer relationship management, data management, and content management. They also provide consulting, training, and support services with 650 commercial and 860 R&D customers in FY2022. Serving various sectors, they are based in Pleasanton, California.

Truist analyst initiated coverage of Veeva Systems Inc. (NYSE:VEEV) on March 17 and downgraded it from ‘Buy’ to ‘Hold’ with a $195 price target (previously $205). Despite projecting mid-teens revenue growth and EBITDA margins of 34%-36%, Truist believed the shares were fairly valued.

In the fourth quarter, Bridgewater Associates sold 89,915 shares of Veeva Systems Inc. (NYSE:VEEV) stock, reducing its remaining stake by about 16%. At of the end of the quarter, the hedge fund still held 481,385 shares of Veeva, worth about $77.69 million.

At the end of Q4 2022, 43 hedge funds owned a stake in Veeva Systems Inc. (NYSE:VEEV), up from 42 in the preceding quarter. Greg Poole’s Echo Street Capital Management held a significant stake in Veeva Systems Inc. (NYSE:VEEV) at the end of the fourth quarter of 2022.

In its Q3 2022 investor letter, TimesSquare Capital Management made the following observation regarding Veeva Systems Inc. (NYSE:VEEV):

“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.”