Brown Advisory, an investment management company, released its “Brown Advisory Mid-Cap Growth Strategy” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. The Strategy lagged the Russell Midcap® Growth Index in the fourth quarter due to stock selection. The performance was in line with expectations for the full year. The firm believes that the Strategy underperformed in 2025 because it did not own Palantir Technologies Inc (PLTR). The Strategy focuses on achieving solid risk-a ...

SaaS businesses are engulfed in the dark clouds of “SaaSpocalypse”. Haven’t we seen doom-and-gloom scenarios in other cases that did not come to pass?From the advent of DeepSeek stoking fears about falling demand for leading-edge AI chips, to the fear of ChatGPT killing Google Search, these predictions have been proven wrong over time.We check out some of these SaaSpocalypse-beaten businesses to find out how likely they are to survive.Microsoft (NASDAQ: MSFT) – Enterprise System of Records (SoR)As ‘vibe cod ...

Core Insights - The article discusses the Top 10 Wide Moat Stocks to Buy for Long Term Growth, highlighting a shift in investment focus from US large-cap growth stocks to small and mid-cap equities, international stocks, and commodity producers as of 2025 [1][2] Economic Outlook - Fidelity anticipates a 15% increase in S&P 500 earnings by 2026, with economic expansion expected to manage price increases if oil price shocks are brief [2][3] - Edward Jones also projects a similar 15% growth in S&P 500 earnings for 2026, while international stocks are expected to grow by approximately 17% [3] Investment Strategy - The methodology for selecting the Top 10 Wide Moat Stocks involved analyzing various online rankings and wide-moat ETFs, focusing on companies with at least 10% revenue growth over the past five years [5] - Research indicates that mimicking the top stock picks of leading hedge funds can lead to market outperformance, with a reported return of 498.7% since May 2014 [6] Company Spotlight: Veeva Systems Inc. - Veeva Systems Inc. (NYSE:VEEV) is highlighted as a top wide moat stock, recently acquiring Ostro for approximately $100 million, which will operate as an independent unit [7] - The focus post-acquisition will be on integrating Ostro with Veeva Commercial Cloud applications to enhance customer engagement through seamless workflows [8] - Ostro is recognized as a leading brand engagement platform in life sciences, providing compliant AI-led chat experiences for patients and doctors [9]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________________________________________________________________________ FORM 10-K ____________________________________________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 31, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the ...

TimesSquare Capital Management, an equity investment management company, released its “U.S. Focus Growth Strategy” fourth-quarter 2025 investor letter. A copy of the letter can be downloaded here. The strategy returned -3.55% (gross) and -3.76% (net) in the fourth quarter compared to a -3.70% return for the Russell Midcap Growth Index. In 2025, the strategy returned 14.84% (gross) and 13.88% (net) compared to 8.66% for the index. Global equity markets ended the quarter on a positive note, with Europe leadin ...

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Adobe - Adobe's AI-first annual recurring revenue (ARR) tripled year-on-year in Q4 2025, with management anticipating it to become the next $1 billion business [2][3] - The company is focusing on integrating its products with leading AI platforms like Anthropic, Google, and OpenAI, and collaborating with global system integrators to drive technological transformation [3][5] - AI usage at Adobe is rapidly increasing, with record generative credit consumption and strong enterprise adoption of content automation solutions [6][11] - Adobe's AI-powered applications for business professionals and consumers saw significant growth, with AI Assistant monthly active users (MAU) doubling year-on-year and Express MAU tripling, now used by 99% of U.S. Fortune 500 companies [7][8] - The Firefly ecosystem, which includes Firefly Enterprise, saw ending ARR exceed $250 million in Q4 2025, with a 75% sequential growth in subscription and credit pack ARR [10][12] - Adobe's Experience Platform (AEP) subscription revenue grew 30% year-on-year, with significant traffic increases to retail sites driven by large language models (LLMs) during the 2025 holiday season [13][14] Okta - Okta's management believes the market for securing AI agents is still in its early stages, with 91% of organizations using AI but only 10% having a governance strategy [17][18] - The company is positioning itself to secure AI agents, treating them as a new identity type, and has launched Okta for AI Agents to manage the lifecycle of these agents [19][21] - Okta's management sees the proliferation of AI agents as a potential massive expansion of its total addressable market (TAM), estimating it could grow from $20 billion to $80 billion [27] - The company is working with standards bodies to build solutions for securing AI agents, emphasizing the need for a solid identity infrastructure [28] - Okta's new products, including Auth0 for AI Agents, are still in early stages but are expected to contribute significantly to future growth [22][23] Sea Ltd - Sea's credit business grew in 2025 due to AI-driven improvements in risk underwriting capabilities, utilizing transformer-based AI models for better performance [30] - The company has invested heavily in AI for its Shopee business, focusing on ROI for each AI initiative, including multi-modal search and AI tools for sellers [31][32][33] Tencent - Tencent is leveraging AI to enhance game content development, user engagement, and marketing efficiency, with a 22% revenue growth in 2025, outperforming the global games industry [34][41] - The company is using generative AI to improve ad conversions and user experiences in its marketing services, contributing to a 19% revenue growth in this segment [42] - AI is also being integrated into Tencent's enterprise software products, providing features like AI agents for meeting summaries and customer service history [45]

Is VEEV a good stock to buy? We came across a bullish thesis on Veeva Systems Inc. on LongTermValue Research’s Substack. In this article, we will summarize the bulls’ thesis on VEEV. Veeva Systems Inc.'s share was trading at $185.28 as of March 16th. VEEV’s trailing and forward P/E were 34.06 and 20.92 respectively according to Yahoo Finance. Scotiabank Sees Datadog (DDOG) as Safe AI Monitoring Play Despite PT Cut Veeva Systems, Inc. (VEEV) represents a rare opportunity to invest in a durable, high-margin ...

Core Viewpoint - Veeva Systems (VEEV) shares have increased by 2.7% recently, closing at $178.88, with analysts suggesting a potential upside of 52.1% based on a mean price target of $272.08 [1] Price Targets and Analyst Estimates - The mean estimate consists of 25 short-term price targets with a standard deviation of $37.83, indicating variability among analysts; the lowest estimate is $190.00 (6.2% increase), while the highest is $340.00 (90.1% increase) [2] - Analysts' price targets can often mislead investors, as empirical research shows they rarely indicate actual stock price movements [7] - A low standard deviation in price targets suggests a high degree of agreement among analysts regarding the stock's price direction, which can be a starting point for further research [9] Earnings Estimates and Market Sentiment - Analysts have shown increasing optimism about VEEV's earnings prospects, with a strong consensus on higher EPS estimates, which correlates with potential stock price increases [11] - Over the past 30 days, the Zacks Consensus Estimate for the current year has risen by 4.4%, with nine estimates moving higher and no negative revisions [12] - VEEV holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates, indicating strong potential for upside [13] Conclusion on Price Movement - While the consensus price target may not be a reliable measure of VEEV's potential gains, the implied direction of price movement appears to be a useful guide for investors [14]

Core Insights - Veeva Systems has demonstrated strong returns since its 2013 IPO, with a compound annual growth rate (CAGR) of 13.6% [1] - The company faces challenges due to significant competition in the cloud market, particularly within its niche [1] Company Overview - Veeva Systems specializes in providing cloud solutions tailored for the life sciences industry, targeting an expanding market driven by increasing demand for innovative drugs and medical devices [3] - The company serves 15 of the top 20 biopharma companies, highlighting its leadership position in the sector [3] Financial Performance - Veeva Systems has a current market capitalization of $29 billion and reported revenue of $3.2 billion over the trailing-12-month period [4][7] - The company's gross margin stands at 76.5%, indicating strong profitability [5] Market Potential - The total addressable market for Veeva Systems is estimated at approximately $20 billion, with expectations for growth alongside the life sciences sector [7] - Despite slowing revenue growth as the company matures, Veeva Systems is positioned to capture a significant share of the remaining market, supporting strong growth in the coming years [7] Investment Considerations - Achieving a CAGR of 11.82% over 30 years could potentially turn a $70,000 investment into $2 million, a target that Veeva Systems has historically approached [8] - The company is expanding into new markets such as cosmetics and consumer packaged goods, which may contribute to future growth [8] - Veeva Systems is recommended for inclusion in a well-diversified portfolio aimed at long-term returns [9]