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Actuate rallies on Goldman Sachs upgrade

Actuate Corp. (Nasdaq: ACTU) shares moved up 2 1/4, or 7 percent, to 34 1/4 Tuesday after Goldman Sachs upgraded it from a "market outperform" rating to its "recommended list."

Actuate, which earlier this year changed its name from Actuate Software, is a provider of enterprise reporting solutions that enable organizations to systematically extract, publish and disseminate information across distributed computing environments.

Last quarter, it posted a profit of $1.1 million, or 8 cents a share, on sales of $9.8 million.

First Call consensus expects it to earn another 7 cents a share in its third quarter and 24 cents a share in the fiscal year.

In the past three years, Actuate's sales have jumped a staggering 722 percent, making it the fastest growing public software company in Silicon Valley.

The stock rallied to an all-time high of 38 7/8 in August after falling to a low of 6 1/4 in October.

All three analysts following the stock maintain either a "buy" or "strong buy" recommendation.