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NEW YORK (TheStreet) -- Shares of Veeva Systems (VEEV) were jumping 7.78% to $40.55 on heavy trading volume early Wednesday afternoon after the company reported better-than-expected results for the 2017 fiscal second quarter.

Following yesterday's closing bell, the cloud-based software solutions provider posted adjusted earnings of 15 cents per diluted share, above analysts' estimates of 13 cents per share.

Revenue rose 34% to $131.3 million year-over-year and was higher than analysts' projections of $126.6 million.

The Pleasanton, CA-based company also gave upbeat guidance for the third quarter and raised its full-year forecast.

Canaccord Genuity increased its price target on shares to $43 from $35 and maintained its "buy" rating following the quarterly report.

"Veeva had a high bar going into this quarterly print in terms of expectations and the firm decisively cleared it. We rarely see quarters where basically everything was good - print and guide - but this was one of those," the firm wrote in an analyst note.

Pacific Crest Securities upped its price target to $42 from 435 and kept its "overweight" rating on the stock.

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"Veeva delivered another strong quarter, with accelerating subscription growth of 40% that drove upside in revenue, margins and profits," the firm said in a note.

About 7.83 million of the company's shares changed hands so far today vs. its average 30-day volume of 1.07 million shares per day.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C- on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance.

But the team also finds weaknesses including unimpressive growth in net income and disappointing return on equity.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: VEEV

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