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Here’s Why Veeva Systems (VEEV) Declined in Q2

Soumya Eswaran
·2 min read

Artisan Partners, an investment management company, released its “Artisan Developing World Fund” second quarter 2024 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund (Investor Class) returned 4.72% compared to 5.00% for the MSCI Emerging Markets Index. The Artisan Developing World Fund has returned 127.46% cumulatively, since June 30, 2015, compared to 38.81% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Artisan Developing World Fund highlighted stocks like Veeva Systems Inc. (NYSE:VEEV), in the second quarter 2024 investor letter. Veeva Systems Inc. (NYSE:VEEV) offers cloud-based software for the life sciences industry. The one-month return of Veeva Systems Inc. (NYSE:VEEV) was -0.23%, and its shares lost 8.38% of their value over the last 52 weeks. On July 8, 2024, Veeva Systems Inc. (NYSE:VEEV) stock closed at $182.89 per share with a market capitalization of $29.565 billion.

Artisan Developing World Fund stated the following regarding Veeva Systems Inc. (NYSE:VEEV) in its Q2 2024 investor letter:

"Bottom contributors to performance for the quarter included cloud-based health care software provider Veeva Systems Inc. (NYSE:VEEV). Veeva declined as financial results suggested delayed enterprise deal timing, continued small business weakness and some impact from the testing of new AI tools."

A team of IT experts monitoring a network of computers managing the medical content and communications.

Veeva Systems Inc. (NYSE:VEEV) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 46 hedge fund portfolios held Veeva Systems Inc. (NYSE:VEEV) at the end of the first quarter which was 48 in the previous quarter. The first quarter revenue of Veeva Systems Inc. (NYSE:VEEV) was $650 million with non-GAAP operating income of $261 million. While we acknowledge the potential of Veeva Systems Inc. (NYSE:VEEV) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

We discussed Veeva Systems Inc. (NYSE:VEEV) in another article and shared The Brown Capital Management Mid Company Fund’s views on the company. Artisan Developing World Fund trimmed its stake in Veeva Systems Inc. (NYSE:VEEV) in Q1 2024. In addition, please check out our hedge fund investor letters Q2 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

Disclosure: None. This article is originally published at Insider Monkey.