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NEW YORK (TheStreet) -- Veeva Systems (VEEV) - Get Free Report stock is rising 5.64% to $28.85 on heavy volume Wednesday after the software company's fiscal 2016 third-quarter earnings results missed analysts' expectations.

The Pleasonton, Calif.-based company reported earnings of 12 cents per share. Revenue increased 28% year over year to $106.9 million.  

Analysts surveyed by Zacks Investment Research were expecting earnings of 11 cents per share on revenue of $103.2 million. 

"For the first time, our non-customer relationship management offerings accounted for more than 25% of total revenues in the quarter," CFO Tim Cabral said in a statement. "Our success across the board stems from the reputation we've developed for exceptional quality and consistent delivery. We are executing well and setting up for the tremendous opportunity that lies ahead."

Veeva projected its fiscal 2016 fourth-quarter earnings at 11 cents per share on revenue between $109 million and $111.0 million.

So far today, 2.40 million shares of Veeva have traded, vs. its 30-day average of 685,000 shares.

Separately, 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 several weaknesses, 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. Among the areas we feel are negative, one of the most important has been weak operating cash flow.

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

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Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of Jim Cramer, TheStreet or any of its contributors.