Citadel Advisors LLC, the investment management institution headed by Ken Griffin and his affiliates, increased its stake in Veeva Systems Inc (NYSE:VEEV) based on its latest 13G filing with the Securities and Exchange Commission (SEC)
The investment management firm purchased an additional 239,254 shares bringing its stockholding to 812,339 shares or 5.4% of the outstanding shares of in Veeva Systems Inc (NYSE:VEEV).
Veeva Systems, Inc (NYSE:VEEV) provides cloud solutions for the global life sciences industry. It has more than 170 customers ranging from emerging biotech to the largest pharmaceutical companies worldwide. It became a publicly-traded company in October last year.
Veeva Systems’ fourth quarter outlook
Last December, Veeva Systems, Inc (NYSE:VEEV) projected that it will be able to deliver net income in the range of $0.05 to $0.6 per diluted share and between $57 million to $58 million in revenue, an increase of as much as 46% for the fourth quarter. The company estimated that its revenue for the full fiscal year will increase as much as 59% to $205 million. It is scheduled to release its fourth quarter and full year financial results on March 4.
During the previous quarter, Veeva Systems, Inc (NYSE:VEEV) delivered $0.05 earnings per diluted share on $55 million revenue. At the time, its CEO Peter Gassner stated that the company has “tremendous opportunities to move life sciences companies from legacy applications to the cloud.”
Strong industry cloud solutions
“Our results demonstrate strong demand for industry cloud solutions and are a result of our focus on customer success. The combination of these factors drove top-line revenue growth and strong profitability,” added Gassner.
Veeva Systems CFO Tim Cabral also said the company’s subscription services increased 95% year-over-year while it is making significant investments during the third quarter. He said, “We demonstrated the leverage in our business.”
The shares of Veeva Systems, Inc (NYSE:VEEV) climbed from its offering price of $20 to as much as $49 per share on October 21. The stock is currently trading around $35.19 per share. The company has a market cap of $4.38 billion.