Veeva Systems Inc (VEEV)’s Stock Trading Higher on Better-Than-Expected Q1 Results

Due to the fact that Veeva Systems Inc (NYSE:VEEV) has faced bearish sentiment from the entirety of the hedge funds we track, it’s safe to say that there is a sect of money managers that elected to cut their positions entirely in the fourth quarter. It’s worth mentioning that Michael Platt and William Reeves’s BlueCrest Capital Mgmt. said goodbye to the largest investment of the “upper crust” of funds followed by Insider Monkey, worth about $8.8 million in stock, and Solomon Kumin’s Folger Hill Asset Management was right behind this move, as the fund dropped about $5 million worth. These moves are intriguing to say the least, as total hedge fund interest fell by 3 funds in the fourth quarter.

Let’s also examine hedge fund activity in other stocks similar to Veeva Systems Inc (NYSE:VEEV). These stocks are Cedar Fair, L.P. (NYSE:FUN), Fair Isaac Corporation (NYSE:FICO), Transocean LTD (NYSE:RIG), and Catalent Inc (NYSE:CTLT). This group of stocks’ market values resemble VEEV’s market value.

As you can see these stocks had an average of 18 hedge funds with bullish positions and the average amount invested in these stocks was $309 million. That figure was $144 million in VEEV’s case. Transocean LTD (NYSE:RIG) is the most popular stock in this table. On the other hand Cedar Fair, L.P. (NYSE:FUN) is the least popular one with only 6 bullish hedge fund positions. Veeva Systems Inc (NYSE:VEEV) is not the least popular stock in this group, but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard RIG might be a better candidate to consider a long position.

Disclosure: None