NEW YORK (TheStreet) -- Shares of Veeva Systems (VEEV) - Get Report were falling 9.4% to $29.63 after-hours Tuesday after the cloud software company reported its results for the fourth quarter of fiscal 2015.
Veeva Systems reported earnings of 12 cents a share for the fourth quarter of fiscal 2015, above analysts' estimates of 9 cents a share. Revenue grew 38.5% year over year to $87 million for the quarter, compared to analysts' estimates of $85.41 million.
The company said it expects earnings of 10 cents a share and revenue of $87 million to $88 million for the first quarter of fiscal 2016. Analysts expect earnings of 9 cents a share and revenue of $87.7 million for the quarter.
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Looking to fiscal year 2016, Veeva Systems expects earnings of 43 cents to 45 cents a share and revenue $390 million to $395 million. Analysts expect earnings of 41 cents and revenue of $392.1 million for the fiscal year.
Veeva Systems also announced that it plans to acquire Qforma CrowdLink and other key opinion leader-related assets from Qforma in an all-cash deal. Terms of the transaction were not disclosed, and it is expected to close in early 2015.
TheStreet Ratings team rates VEEVA SYSTEMS INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate VEEVA SYSTEMS INC (VEEV) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself and premium valuation."
You can view the full analysis from the report here: VEEV Ratings Report