Enterprise cloud software stocks outperform following Veeva IPO

|By:, SA News Editor

Salesforce (CRM +3.8%), NetSuite (N +2.3%), ServiceNow (NOW +4.4%), Marketo (MKTO +2.9%), and Cornerstone OnDemand (CSOD +2.2%) are all outperforming as Veeva Systems books enormous post-IPO gains that have left it trading at sky-high multiples.

The strong showing posted by Veeva, which provides cloud CRM, collaboration, and content management software for life sciences firms, highlights the strong interest growth investors continue to show in enterprise cloud software names. Until Veeva, there hadn't been a major IPO in the space since Workday's Oct. '12 debut.