Veeva Systems

Veeva (VEEV - Get Report) shares were rising sharply Thursday after the cloud-based software provider for the life sciences industry reported first-quarter results that topped analysts' expectations.

Pleasanton, Calif.-based Veeva reported a fiscal first-quarter profit of $73.4 million, or 50 cents per share on an adjusted basis, on revenue of $244.8 million. Analysts polled by FactSet were expecting the company to report earnings of 45 cents per share on revenue of $238.7 million. 

For the year, the company expects earnings to range between $2.01 and $2.03 per share on revenue of $1.05 billion. FactSet analysts are modeling earnings of $2.03 per share on revenue of $1.05 billion. 

"It was a great start to the year. The team's focus on customer success and product excellence continues to drive Veeva's outstanding results," said CEO Peter Gassner. "We are expanding our position as one of the most trusted partners to the industry by consistently bringing new innovations to market that have the greatest customer impact."

Analysts at Stephens upgraded the stock to overweight from equal weight with a $155 price target, while analysts at SunTrust raised their price target to $150 from $140 and Stifel raised its price target to $155 from $150. 

Veeva was rising 13.3% to $152.57 in trading Thursday.