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Shares of cloud-computing Veeva Systems (VEEV) - Get Veeva Systems Inc. Class A Report  were falling Wednesday despite the company's second-quarter earnings beat and a number of analysts' upgrades.

The Pleasanton, California-based company reported second-quarter earnings of 55 cents a share on revenue that rose 27% to $267 million. Analysts were expecting the company to report earnings of 48 cents a share on revenue of $259 million. 

For the full year, the company expects to generate between $1.062 billion and $1.065 billion with earnings between $2.11 and $2.13 a share. Analysts are expecting the company to earn $1.63 this year with revenue of $1.05 billion. 

The company also announced that Chief Financial Officer Tim Cabral will retire next year after a decade with the company. 

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Analysts at DA Davidson maintained a buy rating on Veeva while raising theirprice target to $200. Needham maintained its buy rating and raised its price target on Veeva to $187 from $150. J.P. Morgan lifted raised its price target to $183, and KeyCorp raised its price target to $190.

Despite all the bullish notes, the stock was down 3% to $158.44 in trading Wednesday.

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